Who pays estate tax?
An example of an AI chatbot conversation about estate tax responsibilities.
Who is responsible for paying estate tax?
The estate tax is typically paid by the estate itself before assets are distributed to heirs.
Are there any exemptions or thresholds for estate tax?
Yes, there are exemptions. For 2023, estates valued under $12.92 million are exempt from federal estate tax.
What happens if the estate can't pay the tax?
If the estate can't pay the tax, the IRS may place a lien on the estate's assets or require the sale of assets to cover the tax.
Can beneficiaries be held liable for unpaid estate taxes?
Generally, beneficiaries are not personally liable for unpaid estate taxes, but the estate must settle its debts before distributions.
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