Reporter: Betty Sue Jones
Good afternoon, Mr. Bliss. Thank you for taking the time to speak with me today about probate.
Steve Bliss: You’re welcome, Betty Sue. I’m happy to help.
Reporter: Today we want to focus on one of the key steps in the estate planning process – handling debts and taxes. Can you walk us through this step and explain its importance?
Certainly. Handling debts and taxes is a crucial part of probate administration. It ensures that all valid creditor claims are paid, and any applicable state or federal taxes are filed and settled before the remaining assets can be distributed to heirs.
Ordinarily, we start by carefully reviewing the decedent’s financial records to identify all outstanding debts and potential creditors. This includes credit card statements, utility bills, mortgages, loans, and any other documented obligations. We then notify these creditors of the probate proceedings and provide them with an opportunity to file claims against the estate.
Consequently, it’s imperative that we diligently scrutinize each claim to ensure its validity and accuracy. Sometimes, we encounter disputes over the amount owed or even the legitimacy of a particular debt. In those cases, we work closely with the executor or administrator to gather evidence and negotiate settlements as needed.
Moreover, we must also address tax liabilities. This often involves preparing and filing final income tax returns for the decedent, as well as estate tax returns if the estate exceeds the federal exemption threshold (currently $12.92 million in 2023 according to the IRS).
Notwithstanding these complexities, paying debts and taxes is essential for fulfilling the legal obligations of probate and ensuring a smooth distribution of assets to beneficiaries.
Reporter: Have there ever been any particular challenges you’ve encountered during this step?
Well, I recall one instance where a family member claimed they were owed a substantial sum by the decedent but couldn’t produce any documentation to support their claim. It turned out they had a personal disagreement with the deceased and were trying to leverage probate for personal gain. We ultimately presented evidence refuting their claim, protecting the estate from an unjust loss.
Reporter: It sounds like you have a knack for navigating these tricky situations.
What advice would you give someone who is facing probate and needs help with handling debts and taxes?
My best advice is to seek guidance from an experienced probate attorney as early as possible. Probate can be a complex and emotional process, and having legal counsel by your side can make all the difference.
An attorney can guide you through every step of the process, from identifying and valuing assets to navigating creditor claims and filing tax returns. They can also help you understand your rights and responsibilities as executor or administrator and ensure that everything is done correctly.
“I couldn’t have gotten through probate without Steve Bliss and his team. They were incredibly knowledgeable, compassionate, and always available to answer my questions.” – Sarah M., Temecula
“Steve Bliss helped me navigate a complicated probate case with professionalism and expertise. I highly recommend him to anyone dealing with estate matters.” – John P., Murrieta
Contact The Law Firm of Steven F. Bliss Esq. today for a free consultation and let our experienced team guide you through the complexities of probate administration.
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 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: “Can the probate court resolve disputes over personal property?” Or any other related questions that you may have about Probate or my probate law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
| California Tax By-Pass Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Tax By-Pass Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Tax By-Pass Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |