executors

[jjdirect123]

if you are an executor
are you personally responsible for the interest on late estate tax or is the estate?

can you be held financially responsible for someone else's personal tax delays because you filed the estate late?

if the beneficiarys don't pay the estate tax, does the executor have to pay them?

There was zero responsibility other than the tax as the estate was all through beneficiarys. Now I have to get the money from the beneficiaries or will I have to pay or will the taxing authorities seek repayment from the ones who received the estate?

 

[BlondiePB]

if you are an executor
are you personally responsible for the interest on late estate tax or is the estate?

can you be held financially responsible for someone else's personal tax delays because you filed the estate late?

if the beneficiarys don't pay the estate tax, does the executor have to pay them?

There was zero responsibility other than the tax as the estate was all through beneficiarys. Now I have to get the money from the beneficiaries or will I have to pay or will the taxing authorities seek repayment from the ones who received the estate?

You deleted the question "What is the name of your state" at the top of the thread.

What is the name of your state?

 

[jjdirect123]

sorry about that; IL

 

[BlondiePB]

The final taxes for the deceased and the deceased's estate, including late fees, interest, etc. are to be paid from the Estate Account prior to distribution of the estate to the beneficiaries.

 

[jjdirect123]

There was no "estate account". Everything had beneficiaries or payable on death to...

 

[BlondiePB]

There was no "estate account". Everything had beneficiaries or payable on death to...

Geez, that was important information you omitted.

The beneficiaries are responsible for their own taxes, fees, late charges, etc.