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? [...]
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? [...]
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 [...]
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 [...]
Question: I’m the trustee of a rental property worth $120,000 and brings in $1,400 a month. Do I charge a fee based only on the value or also the income and what percent? Response: In your [...]
Question: My mom and dad’s trust states that the only way trustees can be compensated is if all beneficiaries agree with doing so. Is that binding? Response: That’s an interesting [...]
Question: As a named trustee, I believe my duties will be to liquidate property and other assets, file final taxes, and distribute the estates funds to the beneficiaries. If so, I am looking for [...]
Question: Our firm has been attorney for a Credit Shelter Trust for a deceased client over 30 years ago. A member of the firm had always been a co-trustee until last year. Client’s widow [...]
Question: My sister is trustee of my mother’s trust. There were assets of approximately $16 million gross. My sister has taken trustee fees totaling $175,000. She initially told all the [...]
Yes, trustees are entitled to be paid. After all, they perform important services with a high degree of responsibility and potential liability. Nevertheless, when family members serve as trustees [...]