Perspective
Jun. 21, 2012
IRS: trustees and donees personally liable for estate and gift taxes
In two recent estate and gift tax cases, what could go wrong, did go wrong. By Bruce Givner and Owen Kaye of Givner & Kaye PC
Normally, when parents leave an estate to their children, the estate tax, if any is imposed, is paid out of the parents' estate. If the assets are in a "family" (revocable) trust, it is the duty of the trustee to pay the estate taxes, and the trustee's liability is limited to the trust assets. Likewise, when a parent makes a gift to a child, the gift tax, if any, is paid by the donor. If the parent dies, the child&#...
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