According to About.com, the executor of an estate is paid a percentage fee based on the laws of the state of residence and the amount of money in the estate. Bankrate lists the industry standard at approximately 3 percent of the estate's value.
A flat rate, bequest or percentage amount may be written into the will of the deceased to cover the executor fees, notes About.com. The will should be consulted first. If no provisions exist, the probate court generally decides the percentage amount based on state law and the value of the estate. In addition to the executor's fee, he may also be entitled to reimbursement for out of pocket expenses and additional fees for extraordinary services, such as liquidation of the estate for disbursement.Learn More
The 401K tax penalty for early cash out is 10 percent of the amount of the distribution, which is in addition to the full amount of the regular income tax on the cash out. However, there are a number of exceptions that preclude the collection of the 10 percent penalty.Full Answer >
It is a legal requirement for account holders to withdraw money from their individual retirement account when they turn 70 1/2 years old. The minimum withdrawal required is determined by dividing the account balance by the life expectancy of the account holder or the applicable distribution period.Full Answer >
To get rid of credit card debt, the first step is to stop using your credit cards, notes Bankrate. Next, list your debts, make a budget, and create a savings plan. Look for ways to reduce monthly spending, and pay more than the minimum payments whenever possible.Full Answer >
A revocable living trust is an estate planning tool that is used to avoid probate and decide how a property is split up after the owner's death. It can be changed later by the person who set it up, as long as he is still mentally competent.Full Answer >