Good evening and welcome back to Temecula Tonight. I’m Brenda Jones with a special guest tonight, Attorney Steve Bliss, a renowned Probate Attorney here in Temecula specializing in estate planning. Steve, thanks for joining us.
Steve: Thanks for having me, Brenda.
Let’s talk about probate. Many people don’t realize its importance until they need it. For our viewers who might not be familiar, can you break down one of the key steps in this process?
Handling Debts and Taxes: Navigating Financial Obligations During Probate
Steve: Absolutely. One crucial step is handling debts and taxes during probate. This involves identifying all outstanding debts owed by the deceased and paying them off from estate funds, accordingly. Ordinarily, it includes things like credit card bills, utilities, medical expenses, mortgages – any financial obligations the individual had before passing.
Moreover, we also have to address taxes. This often means filing final income tax returns for the deceased and potentially estate tax returns depending on the size of the estate. Consequently, this step requires meticulous attention to detail and a thorough understanding of both probate law and tax regulations.
It’s important to remember that creditors have certain rights during probate. They can file claims against the estate seeking repayment. Our role is to ensure these claims are valid and prioritize them according to legal precedence. We also work closely with accountants to accurately calculate and pay any taxes due.
Challenges and Experiences
Brenda: Have you encountered any challenges during this step? Any stories that stand out?
Steve: Yes, there was one instance where we discovered a significant unpaid debt on the deceased’s credit card. The family wasn’t aware of it, and understandably, they were very distressed. We worked diligently to negotiate a settlement with the creditor, minimizing the impact on the estate while ensuring fairness for all parties involved.
Another time, we uncovered an unexpected tax liability due to a complex investment strategy the deceased had employed. Navigating those intricacies required specialized knowledge and collaboration with tax experts. Ultimately, we were able to mitigate the liability through careful planning and execution.
The Importance of Professional Guidance
According to a 2021 study by the National Association of Estate Planners & Councils, approximately 70% of Americans don’t have a valid estate plan. This highlights the critical need for professional guidance during probate, especially when it comes to handling debts and taxes.
Closing Thoughts
Steve: Probate can be complex, but with proper planning and experienced legal representation, families can navigate this process smoothly and ensure their loved one’s wishes are respected.
Brenda: That’s great advice. Thank you for sharing your expertise, Steve.
Testimonials
“Steve Bliss and his team were invaluable during a difficult time. They guided us through the probate process with compassion and professionalism, making sure everything was handled correctly.” – The Smith Family
“I highly recommend The Law Firm of Steven F. Bliss Esq. Their knowledge of estate law is impressive, and they truly went above and beyond to protect my interests. ” – Mary Johnson
Ready to Protect Your Legacy?
Start planning for the future today. Contact The Law Firm of Steven F. Bliss Esq. for a comprehensive consultation.
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: “How are charitable gifts handled in 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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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 |