A legal battle in New York over Leona Helmsley’s estate highlights an aspect of estate planning that often gets little attention from people writing wills or agreeing to help settle an estate: the fees for the executors.
MWE Partner Amy Joyce is quoted in The Wall Street Journal article, and highlights the intricacies of such fees and what happens when wills don’t specify payment terms for executors.
“Many wills are silent on executor fees, says Amy Joyce, a partner at Margolin, Winer & Evens LLP, an accounting firm in Garden City, N.Y.; In the absence of a specific provision, state law will determine the fee, she says. Many states base the fee, or “commission” as it is called in some states, on a sliding percentage of the assets of the estate. In New York, the commission starts at 5% of the first $100,000 and declines to 2% on amounts above $5 million.” Read more>>
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