Tag: liability

Beneficiaries and Trustees May Face Personal Liability for Unpaid Estate Taxes

Cases, Estate Administration, Estate and Gift Tax, Tax Controversy, Tax Court

A recent federal district court decision[1] highlights the significant risk that beneficiaries and fiduciaries may face when estate assets are distributed before federal estate tax liabilities have been fully satisfied.[2] In United States v. Karst, the court granted summary judgment in favor of the government and held that the decedent’s sons, who were named as…
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Executor Liability for Decedent’s Tax Obligations

Cases, Estate Administration, Estate and Gift Tax, Fiduciaries, Tax, Tax Controversy, Tax Court

A recent Tax Court opinion[1] highlights one of the risks of serving as executor or administrator of an estate, potential liability for a decedent’s tax obligations. The case involves application of the federal priority statute[2] applicable to fiduciaries.[3] That statute provides, in relevant part, that “a representative of a person or an estate (except a…
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