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Richard
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Category: Estate Law
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Experience:  29 years of experience practicing law, including tax and estate planning.
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For the purposes of calculating executor fee in NJ, how do

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For the purposes of calculating executor fee in NJ, how do we calculate the value of the estate? Is it determined by using the Federal form 706 which the State utilizes for determining whether an estate is taxable (or not)
Submitted: 3 years ago.
Category: Estate Law
Expert:  Richard replied 3 years ago.

Good afternoon. The executor fee should not necessarily be based on the fair market value used for the Form 706...but that's a decent start. What should be deducted from that amount are any assets which are included in the estate over which the executor has no control and has no duties. For example, many assets, such as insurance policies, retirement assets and annuities, are included in the estate, but have designated beneficiaries..causing those assets to go directly through the designated beneficiaries and not through the estate to be subject to probate. So, the values used for the Form 706 are appropriate, but only those assets that go through probate should really be included.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have different intricacies in their laws and any information given is simply general information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

Customer: replied 3 years ago.
ok, so the house that was owned is basically the only thing that would qualify because everything that was with the deceased's financial advisor had designated beneficiaries. The house had an assessed value of $228,700 but sold recently for only $115,000 due to condition issues. Do I calculate the fee on the assessed value or the value it sold for?
Expert:  Richard replied 3 years ago.

The true value is what it was sold for; but remember, if the percentage is too small, the executor may be entitled to a minimum flat fee or hourly fee based on the amount of time spent.

Richard, Attorney
Category: Estate Law
Satisfied Customers: 46548
Experience: 29 years of experience practicing law, including tax and estate planning.
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