Executor and Commissions
On behalf of David Whitlock at Whitlock Canter LLC
Size of Estate Influences Commission
In New Jersey, an Executor is entitled to commissions based upon the size of the estate. The commissions are 5% of the first $200,000, 3.5% of the next $800,000 and 2% on the amount greater than $1 million. If there is more than one Executor, the commissions are increased — but have to be shared among the Executors.
In New York an Executor is entitled to commissions based upon the size of the estate according to the following schedule:
- 5% of the first $100,000
- 4% for the next $200,000
- 3 for the next $700,000
- 2.5% for the next $4,000,000
- 2% for all amounts over $5,000,000
Executor commissions must be included as earned income on the Executor’s personal income tax return in the year received. Executors may waive their commissions if they choose to. If Executor commissions are taken, they are deductible by the Estate either as an estate tax deduction or an income tax deduction.