QUESTION
Does my deceased mom's estate get taxed?
Asked on Sep 23rd, 2014 on Estate Litigation - California
More details to this question:
My mom passed in Calif. and my brotherand, who is trustee who resides in the state of Hawaii says his local attorney told him that he needs to charge her estate 4% to pay the state of Hawaii. Being a trustee is NOT his career. Is this correct that he pays his state tax? Also how much can a trustee charge the estate to be trustee in California. He is charging 120.00 per hour and this seems over the top. Thank you so much for helping me.
1 ANSWER
4 Awards
Hawaii may have an estate tax even though California does not. So, check with a CPA in Hawaii to see how much estate tax may be due. As for fees, $120/hr may or may not be reasonable depending on the complexity of the services provided; places like Bank of America may charge about 1.5% of the value of the property it administers plus other fees.
Answered on Sep 24th, 2014 at 1:09 PM
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