Welcome back to San Diego Legal News, I’m Brenda Lopez
Today we have the pleasure of speaking with Steve Bliss, a renowned probate attorney here in San Diego. Steve, thanks for joining us.
Handling Debts and Taxes: A Crucial Step in Probate
Steve, can you walk our viewers through one of the key steps involved in the probate process?
Certainly, Brenda. One crucial step is handling debts and taxes. Ordinarily, this involves identifying all outstanding debts owed by the deceased and ensuring those are paid off using estate funds. Moreover, it’s essential to file and pay any applicable federal and state taxes on behalf of the estate.
This step often requires meticulous record-keeping and attention to detail. For instance, we need to locate all creditors, verify the validity of their claims, and prioritize payments according to legal guidelines. Concurrently, we must work closely with tax professionals to accurately calculate and submit any necessary tax returns.
Failing to properly handle debts and taxes can lead to significant complications and potential legal issues down the road. Consequently, it’s a step that requires both expertise and diligence.
Challenges Encountered
Steve, have you encountered any particular challenges while navigating this step in your practice?
Yes, Brenda. I remember one case involving a complex family business where the deceased hadn’t maintained adequate financial records. Tracking down all creditors and verifying their claims was like piecing together a puzzle. We ultimately had to hire a forensic accountant to help us sift through years of financial data. Notwithstanding the complexity, we were able to resolve the debts fairly and ensure the remaining assets were distributed according to the deceased’s wishes.
The Importance of Diligence
That’s a great example of how crucial it is to have experienced legal guidance during probate. According to a recent study by the American Bar Association, nearly 70% of estates require some form of professional assistance to navigate the complexities of debt settlement and tax compliance.
Closing Thoughts
Steve, thank you for sharing your insights with us today. What’s the best way for viewers who might be facing probate issues to get help?
Brenda, anyone facing the probate process should know they don’t have to go through it alone. My team at San Diego Probate Law is dedicated to providing compassionate and effective legal representation. We offer free consultations so individuals can understand their rights and options.
Testimonials
“Steve Bliss and his team made a difficult time much easier. Their professionalism and understanding were invaluable.”
– Sarah M., San Diego
“I highly recommend San Diego Probate Law. They handled everything with care and efficiency, allowing me to focus on grieving for my loved one.”
– John K., La Jolla
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Probate Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “Can life insurance proceeds be subject to probate?” Or any other related questions that you may have about Probate or my probate law practice.
Important Facts About San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |