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can the executor be liable for estate tax
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∙ 6y ago
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Can the executor of estate be held liable for taxes owed if estate is insolvent?
No, the executor is not personally responsible. It is their duty to value the estate, resolves debts based on the assets. If there is not enough money, it is reported to the court with the distribution plan and some people do not get paid.
How do you sign a credit application for a business with out being held personally liable?
Its possible to do it and its not......
How do you collect expenses from siblings after sale of inherited house?
The estate of the owner must be probated in order for title to the real estate to pass to the heirs, or, for an estate representative to convey legal title to any buyer. When the estate is probated the court will appoint an Executor if there is a will or an Administrator if there is no will. The court will issue Letters Testamentary or Letters of Administration. Those letters give the estate representative the authority to settle the estate according to the provisions in the will or/and the state probate laws, under the supervision of the court. The debts of the estate must be paid before any property or proceeds from a sale can be distributed to the heirs. In the case of an Executor, the real estate can be sold only if that power was granted in the will or by a license issued by the court. An Administrator must obtain a license to sell from the court. Since the estate representative has the power and authority to sell the real estate, and the authority over the estate, there should be no question regarding how to 'collect expenses' after the sale of the property. The expenses should be deducted before the proceeds are distributed. If the Executor or Administrator has distributed the proceeds prematurely, they must get funds back to pay the expenses or they will be personally responsible for paying those expenses due to their mishandling of the estate. Remember, the debts of the estate must, by law, be paid before any property can be distributed. If the house was sold by the heirs after the estate had been settled in probate, the proceeds should not have been distributed by the sibling who represented the family in the sale until the expenses were deducted. The person who handled the sale will be held personally responsible for paying the expenses incurred by the sale and they may have to sue their siblings for reimbursement.
Is a child liable for a parents failure to file taxes?
No. A child cannot be held responsible for the actions of their parents.Exception to the rule: If the children are heirs of an estate (both parents are deceased) and taxes are outstanding, then the taxes must be paid out of the estate proceeds before the child(ren) could be awarded the residuals.
Is an estate accounting required even if assets were held in joint tenancy and spouse is only heir?
If all property was jointly owned then ownership automatically passed to the surviving spouse. There is no need to open an estate proceeding.
Can the executor of estate be held liable for taxes owed if estate is solvent?
The executor is responsible for paying any debts, including taxes, owed by the decedent before any assets can be distributed. If the debts are not paid and assets are distributed the executor can be held personally responsible.
Is the executor personally responsible for delinquent federal taxes of the estate?
They are not personally responsible. However, they could be held liable for violation of fiduciary duties.
How do you become an executor of an estate and not a will?
An executor is the person who carries out the provisions in a person's will. An estate is the property owned by a person at the time of their death. If a person who died left a will the person appointed by the court to carry out the provisions of the will is the executor of the estate.When a person dies without a will (intestate) the court will appoint an administrator of the estate.
Can the executor of estate be held liable for taxes owed if estate is insolvent?
No, the executor is not personally responsible. It is their duty to value the estate, resolves debts based on the assets. If there is not enough money, it is reported to the court with the distribution plan and some people do not get paid.
Can you request that executor not be paid because of exhibiting favoritism in the managing of the estate?
No. If you think the executor has misused their authority it should be reported to the court that made the appointment. The court will review the matter and issue a decision. An executor can be held personally liable for mismanaging the estate.
Can executor be and be held liable for theft of estate in KY?
Yes, they can be held liable for theft. It is a breach of fiduciary duty and is a crime.
Can you take out executor compensation before calculating what is left of an estate to pay creditors?
That issue is governed by your state laws. You should consult with the attorney who is handling the estate. If the creditors aren't paid according to the statutory provisions in your state you could be held personally liable.
In Ontario Canada estate law under what conditions can the heir of an estate be held personally liable for the debts of the deceased if the will was never probated?
If they took possession of estate assets, they can be held liable. Taking the estate through probate is done to cut off these sorts of claims.
Can my brother as executor give to another person something that has been left to me in the will?
Absolutely not. Remember that an executor has no poweruntil they have been appointed by the court. Then they are obligated to settle the estate according to the provisions in the will and the state probate laws under the supervision of the probate court. An executor who abuses their power should be reported to the court immediately and can be held personally liable for their abuse.
What happens if an estate is inherited but another bill comes in?
Once the estate has been properly distributed, late creditors are out of luck. They would have to prove the probate was improper, e.g., failure to post notice and wait the statutory periods, etc, at which point the executor/administrator can be held personally liable for payment of the bill that the estate properly owed.
Can the executor of a property raise the rent while still in probate?
There is no reason that they can't. They are responsible to maintain the estate. If the rent was below market value, they could actually be held liable for reducing the value of the estate.
Does the expenses of the home of the deceased get paid before medicaid lien?
You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.
