Executor surcharged for interest and penalties resulting from failing to file income tax returns for the estate for four years (and interest was added to that surcharge), for legal fees paid at hourly rates above prevailing rates in the county, … Continue reading
Tag Archives: surcharge
When a trustee engages in an act of self-dealing by using trust assets as collateral for loans taken out for the benefit of the trustee and his family, the court may impose a surcharge based on the benefit to the … Continue reading
When a trustee engages in an act of self-dealing by using trust assets as collateral for loans taken out for the benefit of the trustee and his family, the court may impose a surcharge based on the benefit to the … Continue reading
The failure of the executor to find bonds that were in joint names with one of the beneficiaries of the estate did not result in any loss to the beneficiary because the bonds had not matured and continued to accrue … Continue reading
When the court order settling a wrongful death action directs the payment of the proceeds to settlement “to the Administratrix on behalf of the Estate,” the funds were part of the estate and were to be distributed in accordance with … Continue reading
Executor is required to reimburse estate for estate funds used to pay taxes and expenses of decedent’s business. Sale of property to decedent’s daughter for less than the value reported on the inheritance tax return was approved due to the … Continue reading
When objections are made to expenses claimed by an executor, the burden is on the executor to provide receipts or other evidence of the purpose and payment of the expenses, and the Orphans’ Court properly surcharged the executor for undocumented … Continue reading
The compensation of the trustees of a revocable trust following the death of the settlor was found to be reasonable, objection to valuation of rare musical instruments was overruled because the actual values could only be determined by sales of … Continue reading
Testimony and evidence showed that the decedent was strong willed and made his own financial decisions, and that the gifts to the decedent’s agent were the decisions of the decedent and not the agent. Various objections to expenses of the … Continue reading
Trustee was not in contempt for preparing and filing an account that did not comply with the Rules of Orphans’ Court Procedure, but a surcharge was imposed “to uphold the authority of the Court,” although the fees of the CPA … Continue reading