By: Rebecca Jones
Today I had the pleasure of sitting down with Steve Bliss, a renowned probate attorney here in Temecula. We discussed the often-complex process of probate and how his firm helps families navigate this challenging time.
Handling Debts and Taxes: A Crucial Step in Probate
Rebecca Jones: Steve, can you walk us through one of the key steps involved in the probate process?
Steve Bliss: Certainly. One crucial step is handling debts and taxes. This typically occurs after the estate assets have been marshaled and inventoried. Accordingly, it involves identifying all valid creditor claims against the deceased’s estate and paying them off using estate funds.
Conversely, we also need to determine and pay any applicable federal and state taxes owed by the estate. This can include estate taxes, income taxes on any income earned by the estate during probate, and potentially other taxes depending on the specifics of the situation.
It’s important to note that creditors have a limited time frame within which they can file claims against an estate. Consequently, we diligently publish notices to known creditors and may also use public notice methods to ensure everyone has a fair opportunity. Failure to properly handle creditor claims can lead to personal liability for the executor or administrator.
Remember, I recently represented a client whose father passed away unexpectedly. He had accumulated significant credit card debt. We were able to negotiate with creditors and ultimately settle these debts for a fraction of their original amount. This saved the estate a substantial sum of money and alleviated a great deal of stress for our client.
Challenges and Successes in Handling Debts
Rebecca Jones: Have you ever encountered any challenges while handling debts and taxes during probate?
Steve Bliss: Indeed. Sometimes, locating all creditors can be difficult, especially if the deceased didn’t maintain meticulous financial records. We often rely on bank statements, credit reports, and correspondence to identify potential claims. Notwithstanding these challenges, we strive to be thorough and proactive in identifying and addressing all legitimate debts.
Moreover, navigating complex tax laws can also be demanding. The estate tax exemption is currently $12.92 million per individual (Source: IRS), but estates still need to file a federal estate tax return if their gross assets exceed this threshold. Understanding these nuances and ensuring compliance is crucial.
I recall working with a family whose loved one had a sizable investment portfolio. The deceased hadn’t updated their beneficiary designations in years, leading to complications. We worked closely with the family, financial institutions, and tax professionals to resolve these issues and ensure the assets were distributed according to the decedent’s wishes.
A Guiding Hand Through Probate
Rebecca Jones: It sounds like you provide invaluable support to families during a sensitive time. What would you say sets your firm apart?
Steve Bliss: At The Law Firm of Steven F. Bliss Esq., we pride ourselves on our compassion and meticulous attention to detail. We understand that probate can be overwhelming, so we strive to make the process as smooth and transparent as possible for our clients.
Testimonial 1
“I was dreading dealing with my mother’s estate after she passed away. Steve Bliss made the entire process manageable and even helped me find a few important documents I didn’t know existed. He was incredibly patient and understanding throughout.”
– Sarah M., Temecula, CA
Testimonial 2
“I can’t recommend Steve Bliss and his team enough. They handled my father’s probate with professionalism and efficiency. They kept me informed every step of the way and answered all my questions clearly.”
– John P., Murrieta, CA
Don’t hesitate to reach out for a free consultation. We are here to guide you through the complexities of probate and ensure your loved one’s wishes are honored.
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: “What are the common mistakes made during probate?” 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.
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