Is the executor’s fee NYS based on the gross or the net of the estate?
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Is the executor’s fee NYS based on the gross or the net of the estate?
There is a will. The executor is named in the will. Fee is not specified. Estate
consists of 4-story brownstone building some mutual funds. Will directs
building to be sold and beneficiaries and percentages of net estate for each
clearly indicated. Real estate sells for 2.6M, mutual funds 150K, total 2.75M.
Expenses are reverse mortgage repayment 300K Real estate transfer taxes 81K
Realtor’s commission 130K miscellaneous expenses Lawyer, title, etc. 50K.
Net of estate 2.189M. Is the fee for the executor of the will in NYS caculated
on the gross of 2.75M or on the net of 2.189M. Thank you.
Asked on September 6, 2018 under Estate Planning, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Executor fees are paid on the gross value of the estate, not on the net value, in a manner analogous to how realtor commissions are calculated on the gross sale price of the house, not on what is realized from it after paying off mortgage or paying costs incurred during the sale.
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