Vermont Statutes Title 32 Sec. 7304
Terms Used In Vermont Statutes Title 32 Sec. 7304
- Decedent: A deceased person.
- Estate: means the gross estate of a decedent as determined for the purpose of federal estate tax and the estate tax payable to this State. See
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means executor, administrator of any description, and trustee. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means any individual, partnership, association, joint stock company, corporation, government, political subdivision, governmental agency, or local governmental agency. See
- Person interested in the estate: means any person entitled to receive, or who has received, from a decedent or by reason of the death of a decedent any property or interest therein included in the decedent's estate. See
- Probate: Proving a will
- Tax: means the federal estate tax and the estate tax payable to this State and interest and penalties imposed in addition to the tax. See
§ 7304. Method of proration
(a) The fiduciary or other person in possession of the property of the decedent required to pay the tax may withhold from any property distributable to any person interested in the estate, upon its distribution to him or her, the amount of tax attributable to his or her interest. If the property in possession of the fiduciary or other person required to pay the tax and distributable to any person interested in the estate is insufficient to satisfy the proportionate amount of the tax determined to be due from the person, the fiduciary or other person required to pay the tax may recover the deficiency from the person interested in the estate. If the property is not in the possession of the fiduciary or other person required to pay the tax, the fiduciary or the other person required to pay the tax may recover from any person interested in the estate the amount of the tax apportioned to the person in accordance with this chapter.
(b) If property held by the fiduciary is distributed prior to final apportionment of the tax, the distributee shall provide a bond or other security for the apportionment liability in the form and amount prescribed by the fiduciary, with the approval of the Probate Division of the Superior Court having jurisdiction of the administration of the estate. (Added 1975, No. 240 (Adj. Sess.), § 11; amended 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011.)