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.
The executor is not personally responsible for the debts. However if they misuse the funds they can be held liable.
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.
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
They are not personally responsible. However, they could be held liable for violation of fiduciary duties.
The estate is responsible for paying all taxes. The executor is responsible for making sure that the estate does so.
Inheritance Tax is paid by the deceased individual's estate. To the degree that an estate's assets are reduced by the payment of inheritance taxes it can be said that heirs "pay" the tax but they are not liable for payment of the tax. An executor/executrix is responsible for determining if taxes are owed, for filing the appropriate tax returns and for making the necessary tax payments. An executor/executix is personally liable should taxes that are owed fail to be paid.
Yes, they can sue the executor. They breached their duty if they did not resolve the taxes before closing the estate.
Yes!
If there is an estate, there are tax forms to be submitted. They may not result in any estate taxes, but they have to be filled out and sent in. That is one of the responsibilities of the executor.
The fee paid to the executor is considered taxable income.
That will depend on the value of the estate. The executor will have to file a tax return with the IRS for the estate.
Where I live the executor of your estate will have to file your Federal taxes after you die.
Yes, the executor must file taxes. That is one of their responsibilities to the estate.