Can I draw a “salary” if I am selling business inventory frommy father’s estate?
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Can I draw a “salary” if I am selling business inventory frommy father’s estate?
My father passed away 4 months ago. He did not have many assets besides a vehicle and his business inventory. He was a self -mployed salesman. I filed the paperwork for the inventory report with the courts. Since then, I have been working on selling the business inventory. Am I able to draw a “salary” from this work? Shipping costs are coming out of the business but it takes my time, gas, etc. to drive to the storage location, fill orders, etc. How is the business handled in this case?
Asked on December 21, 2010 under Estate Planning, Maryland
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am sorry for you loss. I am assuming that you were appointed as the Personal Representative of the estate, correct? Will the estate draw a profit, so to speak, from the filling of the orders and the selling of the assets? You as the personal representative should be able to draw a fee and to get reimbursed for expenses like the gas. But I would not do so from the business accounts. All the money that you have been receiving should be going in to an estate account. I think that you should speak with an estate attorney at this point in time and see what you need to do and do it properly to close the estate. Good luck.
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