Explain How to Determine the Deductible Portion of Trustee's Fees

question 23

Essay

Explain how to determine the deductible portion of trustee's fees.

---

Definitions:

Scope of Authority

The range or limits of the powers and responsibilities legally granted to a person or organization.

Liable

Subject to being held accountable, usually in a legal or financial context, for fulfilling obligations or compensating for an incurred loss or damage.

Constructive Trust

A legal concept created by a court to rectify a situation where someone has wrongfully gained property at another's expense.

Agency Relationship

An agency relationship occurs when one party, the agent, is authorized to act on behalf of another party, the principal, in dealings with third parties.