Today TaxMama hears from Phil in South Carolina who tells us. “I manage my parents’ Trust and hold the Power Of Attorney for their estate. The Trust states that I am to be compensated for these services. Is there a general rule of thumb for compensation for these services?”
That’s a good question – and one that’s often a sensitive issue among families.
Families often expect you to do all that work for nothing. So the laws do provide guidelines.
The guidelines can be found in each state’s laws. Often, they will be part of the Probate Law codes – not the tax codes.
There’s a decent explanation of the concept here by Phil Craig:
In found you a link to the South Carolina Probate Code. See if you can find the information here, https://www.scstatehouse.net/CODE/t62c007.htm
I hope all this works smoothly for you and your parents.
And remember, you’ll find answers to lots of questions, about estates and trusts and other tax information, free. Where? At TaxMama.com[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips. Please click on the subscribe link and join us.]
- Ask TaxMama :: Where taxes are fun and answers are free
- TaxQuips :: The number ONE tax podcast online
- Article by attorney Phil Craig :: https://www.LivingTrustSecrets.com
- South Caroline Code of Laws :: Probate Code
File Download (0:00 min / 0 MB)