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Court Discusses Final Accounting of Estate

This matter deals with the accounting done by Daniel D’Amico as the Executor of the estate of Andrew Peter D’Amico, deceased. The case is being heard in the Surrogates Court of the State of New York located in the county of Nassau.

A New York Probate Lawyer said the accounting done by Daniel D’Amico as the executor of the estate of Andrew Peter D’Amico has been submitted to the court for review. The executor is seeking approval of his final accounting regarding the estate. This includes the computation and payment of his commissions as the executor of the estate and the commissions of Andrew D’Amico as trustee. In addition, the executor seeks approval of the allowance of fees and expenses for the attorney and accountant and approval to repay a loan made by Gloria Maria D’Amico.

Case Background

The decedent passed away as a resident of Nassau County on the 2nd of February, 2008. As filed the account of the estate shows total charges of $421,603.87 and total credits of $41,258.94 which leaves a balance of $382,121.44 on hand as of the first of February, 2010.

There have been waivers of citation and consent filed on behalf of all of the necessary parties including Andrew, Gloria, Eben, Gabel, Nathaniel, Richard, and Daniel D’Amico (father), and all of the infants and grandchildren. Each of the grandchildren is to receive a bequest of $10,000 as there are sufficient funds to meet these bequests.

Case Discussion and Decisions

The will of the decedent provides that specific bequests be made to the infant grandchildren should be held in trust with Andrew D’Amico as the trustee. There has been no trust accounting provided to the court and for this reason no commissions can be awarded to the trustee during this proceeding. The request for these commissions to be paid is denied for this reason.

In respect to the counsel fees, the legal services to the estate were provided by Kim Goldstein. According to a Nassau County Probate Lawyers, she has billed the estate for 40 hours worth of work. The amount requested is $12,000. None of this has been paid and the counsel expects to accrue another thousand dollars in legal time through the issuance of the decree and the distribution of the assets of the estate. However, the counsel has agreed to reduce their fees to the amount of $4000. The court will set the legal fees to be paid in the amount of $4000 from the estate.

The accountant’s fees are not normally compensable from the estate assets unless there are unusual circumstances where the assistance of an accountant is required. In this case, the services provided by the accountant were requested by the counsel. The accountant, Howard Leibowitz has requested payment in the amount of $875. He has offered a supporting affidavit showing that he prepared various state and federal tax documents in regard to the estate. These fees are approved in the amount requested by the court.

The repayment of the loan to Gloria Maria D’Amico in the amount of $50,000 is approved as well. The overall accounting of the estate is approved and subject to audit. The decree will provide the release of the executor.

Probate litigation can become quite confusing. Contact Stephen Bilkis & Associates to discuss any probate issue that you may be involved in. Our offices are located in New York City. You may call to speak with one our experienced probate lawyers at any time. A free consultation will be provided on your first visit to our office.

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