Legal Question in Wills and Trusts in Illinois

An estate in Illinois,Christian County less than $100,000 all to be paid to one person. No compensation mentioned for the executor which is also handling the lawsuit that resulted from car accident and demise of person. House has been transferred and property and all but final bills. Lawsuit will probably end with $25-$30k after final bills paid. Executor fee? Will he owe taxes


Asked on 12/24/10, 9:05 pm

1 Answer from Attorneys
Cyndi Perez Trostin

It is unclear from your posting whether you are asking anything other than about the executor's fee.

A fee paid to an executor is taxable to the person receiving it. However, if the executor is also the beneficiary, he/she may be able to receive the distribution as a beneficiary instead, and have no taxes due.

Please be advised that this answer does not constitute legal advice. Without knowing the specific facts of your situation, I cannot provide such advice. You should consult with an attorney or other tax professional to discuss the taxable nature of the distributions from the estate.

Good luck to you.

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Answered on 12/30/10, 12:57 pm


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