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Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself.
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Trustee

Home / Probate /
 Can Brother Charge $119,000 Trustee Fee on Trust Holding $190,000?
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By Harry Margolis
In Probate, Trustee
Posted March 4, 2021

Can Brother Charge $119,000 Trustee Fee on Trust Holding $190,000?

Question: One brother and I were both appointed as POAs and healthcare advocates in a trust for our mother. My brother assumed financial and healthcare decisions as he lived closer. There are 7 [...]

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 How are Trustee Fees Paid from a Special Needs Trust?
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By Harry Margolis
In Special Needs Planning, Trustee
Posted February 16, 2021

How are Trustee Fees Paid from a Special Needs Trust?

Question: How exactly does the trustee of a SNT get paid? Does any serving trustee have direct access to the trust account and withdraw funds to pay him or her self? Response: That’s right. [...]

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 Are Family Members Overcharging for Serving as Trustees of $30 Million Trust?
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By Harry Margolis
In Trustee
Posted January 9, 2021

Are Family Members Overcharging for Serving as Trustees of $30 Million Trust?

Question: There are 4 brother and sisters – 2 of them are the trustees of a $30 million estate. They are paying themselves $175,000 each per year, but pay others to do all the work around [...]

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 When Do Trustee-Beneficiaries Take Their Trustee Fees?
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By Harry Margolis
In Trustee
Posted November 25, 2020

When Do Trustee-Beneficiaries Take Their Trustee Fees?

Question: My sister and I are co-trustees of our parents’ trust, who are both now deceased. Are the administrative fees, which we both want to collect, considered separate from the trust? [...]

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 Should You Name a Bank as your Durable Power of Attorney Agent?
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By Harry Margolis
In Durable Powers of Attorney, Trustee
Posted November 8, 2020

Should You Name a Bank as your Durable Power of Attorney Agent?

Question: Should your trustees on your revocable trust be the same people as those named on your durable power of attorney? Do you recommend bank trust departments for powers of attorney? [...]

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 How Should Trustee Fees be Reported on Trust Income Tax Returns?
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By Harry Margolis
In Trustee
Posted November 2, 2020

How Should Trustee Fees be Reported on Trust Income Tax Returns?

Question: When issuing a K-1 to a trustee of a decedent’s irrevocable trust for trustee fees, how should this be reported? Should it be reported as Other Portfolio and non-business income? [...]

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 Does Spouse Who Acts as Trustee Have to Report Her Trustee Fee?
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By Harry Margolis
In Trustee
Posted October 30, 2020

Does Spouse Who Acts as Trustee Have to Report Her Trustee Fee?

Question: Is a trustee fee paid to the wife from her husband’s Revocable Trust taxable income to be reported on a married filing jointly federal tax return? Response: Arguably yes, but I [...]

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 Can My Trustee Charge for Phone Calls and Emails?
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By Harry Margolis
In Trustee
Posted October 27, 2020

Can My Trustee Charge for Phone Calls and Emails?

Question: My trustee charges me for phone calls and responding to my emails – is this legal? Response: Yes, unless it adds up so much that a court would find the total charges unreasonable. [...]

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 Does the Dissolution of a Small Irrevocable Trust Cause Any Taxes?
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By Harry Margolis
In Irrevocable Trusts, Trustee
Posted October 26, 2020

Does the Dissolution of a Small Irrevocable Trust Cause Any Taxes?

Question: I am trustee of an irrevocable trust holding $25,000. I now want to cash out the trust — half to my brother, the other half to me. What kind of tax do I have to pay in New York? [...]

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 What is “Reasonable” Compensation for Filling Multiple Roles: Trustee, Power of Attorney, Animal Caregiver
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By Harry Margolis
In Trustee
Posted October 24, 2020

What is “Reasonable” Compensation for Filling Multiple Roles: Trustee, Power of Attorney, Animal Caregiver

Question: I served as trustee and POA for a friend who was ill for over 4 years. The estimated assets were approximately $2 million at the time I assumed responsibilities for her 12 registered [...]

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  • Asset Protection (33)
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  • Durable Powers of Attorney (34)
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  • Guardianship and Conservatorship (2)
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  • Irrevocable Trusts (8)
  • Long-Term Care Planning (136)
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  • Revocable Trusts (64)
  • Second Marriages (9)
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