Indiana Maximum Fee Guidelines for Supervised Estates (LR29-PR00-711.60) — Form PR 00-7 (PDF)OpenWindowowoIsiIsisis a form that outlines the maximum allowable fees for a supervised estate in Indiana. The form outlines two types of fees — statutory fees and non-statutory fees. Statutory fees are fees that are paid for handling an estate, such as filing a will, filing an inventory, or filing an estate tax return. Non-statutory fees are fees that are paid for services provided to the estate, such as legal or accounting services, or for the sale of estate assets. The form also provides information on the maximum fees allowed for each type of service, and a list of documents that must be submitted with the application for the fees.
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A fee paid to an executor is taxed as ordinary income, but a bequest given to a beneficiary isn't taxable. The exception is if the estate is large enough to be subject to the federal estate tax. For 2022, the federal estate tax exemption is $12.06 million for individuals and $24.12 million for couples.
Is Probate Required in Indiana? Any estate worth more than $50,000 is subject to probate in Indiana. Estates worth less than $50,000 transfer ownership to heirs through the small estate administration with a written statement proving entitlement to the assets.
Executor Fees in Indiana For example, if in the last year, executor fees were typically 1.5%, then 1.5% would be considered reasonable and 3% may be unreasonable. But the court can take into account other factors such as how complicated the estate is to administer and may increase or decrease the amount from there.
If you are in the trade or business of being an executor, report fees received from the estate as self-employment income on Schedule C (Form 1040), Profit or Loss From Business.
Executors and beneficiaries generally do not have personal liability for estate taxes although the IRS can come after the assets held by the executor and beneficiaries if the taxes are left paid. Under IRS regulations, the executor or administrator of the estate has the duty to pay the taxes.
Trusts and estates are generally not treated as a ?trade or business? and nonprofessional trustees are serving in a capacity that does not qualify as a ?trade or business? activity for that individual. Therefore, we generally do not issue 1099s for executor or trustee fees.
An executor is entitled to a 6% commission on any income that the estate earns.