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Originally Posted by firebug
I'm sure your Certified Executor Advisor touched upon this with you ;-)
The issue to be clear on is that executor's fees are taxable income and if the executor has a significant share of the estate's they end up trading tax free inheritance and turning it into taxable income. Best to talk to your tax advisor to see if it makes sense.
Now if the other beneficiaries decide to give the executor a really nice birthday present... well that is awfully thoughtful of them.
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That's very interesting.
I'm the executor of my (still living) parents' wills. There is a fee specified in the will. Am I allowed to waive that?
It seems like a situation where say $30,000 fee might be better divided 3 ways as residual with an understanding that the other two gift me $7500 each later or something like that.