Reporter: Sarah Jones
Today we’re joined by Steve Bliss, a prominent probate attorney serving the Temecula community. Steve, thanks for taking the time to speak with us today.
Steve Bliss: My pleasure, Sarah. Always happy to discuss estate planning and probate matters.
Steve, let’s dive into one of the crucial steps in the probate process: Handling Debts and Taxes. Can you walk us through what this stage entails?
Steve Bliss:
Certainly. Handling debts and taxes is a vital part of ensuring that an estate is properly settled. Ordinarily, it occurs after the executor or administrator has been appointed by the court and has marshaled all the estate assets. The process begins with identifying and verifying all valid creditor claims against the deceased.
This often involves reviewing financial records, contacting creditors directly, and publishing notices to potential claimants. It’s important to remember that only debts proven to be legitimate are paid from the estate funds. Consequently, if a claim is disputed, the executor may need to present evidence in court to challenge its validity.
Once all valid claims have been identified, they are prioritized and paid according to state law. In California, certain types of debts, such as funeral expenses and medical bills, often receive priority. Moreover, after paying debts, the executor or administrator must file and pay any applicable federal and state taxes on behalf of the estate.
This can include income tax for the period during which the deceased was alive, as well as estate taxes if the estate’s value exceeds a certain threshold. I remember one case where a family was surprised to learn about a significant outstanding debt that they weren’t aware of. It turned out the deceased had co-signed on a loan years ago.
Thankfully, we were able to negotiate a settlement with the creditor and minimize the impact on the estate’s beneficiaries. The experience highlighted the importance of thorough due diligence when it comes to identifying and verifying debts.
Reporter: Sarah Jones
That’s an insightful example, Steve. Have you encountered any other challenges during this step?
Steve Bliss:
Yes, another common challenge is dealing with complex tax situations. For instance, estates that include significant investments or business interests may require specialized knowledge to accurately determine and pay the necessary taxes.
It’s not uncommon for us to consult with tax professionals who specialize in estate matters. According to a 2021 study by the American College of Trust and Estate Counsel, nearly 40% of probate cases involve some level of complexity related to tax planning and compliance.
Reporter: Sarah Jones
Thank you for sharing your expertise, Steve. Your insights are invaluable. For anyone looking for legal guidance on estate matters, what’s the best way to reach out?
Steve Bliss:
Let us guide you through the intricacies of probate and ensure your loved ones are protected.
Testimonials:
“Working with Steve Bliss was a game-changer during a difficult time. He patiently explained each step of the probate process and made sure I understood my options.” – Mary S.
“I highly recommend Steve Bliss and his team. They were professional, compassionate, and always responsive to my concerns.” – John P.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Probate Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Map To The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “Are probate court hearings required in every case?” Or any other related questions that you may have about Probate or my probate law practice.
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