Legal Question in Wills and Trusts in New York

Re: Co-Executor Fees In New York

Each one of the two executors is entitled to a full commission.

The commission on a $5,000,000 estate is slightly higher than 2% because higher percentage rates apply to the first $1,000,000.

Re: Co-Executor Fees In New York

Excecutors split the fees, but there may be an additional allowance for more than one executor.

Re: Co-Executor Fees In New York

Yes. The SCPA permits the payment of a

full commission to two executors. This is

pro-rated only where there are more than two

This is also a good tax dodge, and a tax

planning tool. The maximum individual

income tax rate is less than the estate tax

rate at the size of this estate. The

commissions are deductible against the estate

tax, thus resulting in more money to the

beneficiaries.

The tax planning ability is quite good with

estates of this size, and the attorney for

the estate should be verse in these income/

estate tax choices. These should not

be delegated to an accountant, but should

be handled by an attorney with tax expertise