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Popular author and Senior Wills and Estate Planner Lynne Butler offers her latest in an ongoing series of estate planning advice. In this title, Ms. Butler tackles the rarely discussed personal liability of appointed executors. Personal liability is the biggest risk that estate executors and administrators can face, sometimes resulting in long drawn out dissolution of estates that can even trump the value of the initial estate. Understanding how to avoid the pitfalls through this process means that you can enjoy the benefits of being a benefactor exactly as intended in the will. Beneficiaries will also find this book useful, when they want to understand better what an executor can and cannot do.
Federal law imposes personal liability on fiduciaries who make distributions to beneficiaries and certain creditors with knowledge that tax liabilities are owing to the government. This article discusses the fiduciary liability provisions of the Internal Revenue Code and explores the particular situation of the potential liability for executors who discover that a decent had an unreported foreign bank account.
Includes decisions of the Supreme Court and various intermediate and lower courts of record; May/Aug. 1888-Sept../Dec. 1895, Superior Court of New York City; Mar./Apr. 1926-Dec. 1937/Jan. 1938, Court of Appeals.
"Cases argued and determined in the Court of Appeals, Supreme and lower courts of record of New York State, with key number annotations." (varies)