Teach your clients well
“Helpless”
Lesson: Review tax liabilities
Song on Crosby Stills Nash & Young’s 1970 album, “Déjà Vu”
“Both heirs and beneficiaries, as well as trustees, executors, and other fiduciaries, incur liabilities under various provisions of the Internal Revenue Code. Specifically applicable to unpaid income taxes is the concept of transferee liability, which will ensnare heirs, legatees and beneficiaries of an estate.”
— Robert Barnett, partner, trusts and estates and taxation practice, Capell Barnett Matalon & Schoenfeld