Handling Debts and Taxes in the Probate Process
Good morning, Mr. Bliss. I’m Brenda Sanchez with Temecula News Now.
Steve, thanks for taking the time to speak with me today about probate. We often hear about this process being complicated and lengthy. Could you shed some light on one of the key steps involved?
Steve Bliss:
Brenda, it’s a pleasure to be here. Probate can indeed seem daunting, but breaking it down into manageable steps makes it less intimidating. One crucial stage is handling debts and taxes. Ordinarily, this 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 notifying known creditors of the decedent’s passing. A formal notice, Form DE-157, must be mailed to them. Subsequently, the executor reviews all claims submitted and determines their validity. Legitimate debts are then paid from the estate assets.
Paying taxes is another critical aspect of this step. Both state and federal taxes may be due on the estate’s income or on the decedent’s assets that pass through probate. Consequently, it’s essential to consult with a qualified tax professional to ensure accurate and timely filing. Remember, failure to address tax obligations can lead to significant penalties and complications.
I recall one instance where an executor was unaware of a substantial outstanding credit card debt. It surfaced late in the probate process, creating a considerable financial strain on the estate. Notwithstanding this challenge, we were able to negotiate a settlement with the creditor, minimizing the impact on the beneficiaries. This highlights the importance of thorough due diligence when identifying and addressing debts.
Moreover, according to the American Bar Association, approximately 30% of estates face tax liabilities during probate. This underscores the necessity for careful planning and professional guidance to navigate this complex area effectively.
Brenda Sanchez:
That’s valuable insight, Steve. It sounds like having a knowledgeable probate attorney on your side is crucial.
Steve Bliss:
Absolutely, Brenda. Probate involves intricate legal and financial considerations. An experienced attorney can guide you through each step, ensuring compliance with all applicable laws and minimizing potential risks.
“We are incredibly grateful to Steve Bliss and his team for navigating the complexities of our mother’s estate with such professionalism and compassion. They made a difficult time bearable.” – The Miller Family
“Steve Bliss provided clear and concise legal advice throughout the probate process. His expertise and dedication gave us peace of mind knowing our loved one’s wishes were being honored.” – The Johnson Family
Let our experience guide you through the probate process. Contact us today for a personalized consultation to protect your legacy and ensure a smooth transition for your loved ones.
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: “Can I contest a will based on undue influence?” Or any other related questions that you may have about Probate or my probate law practice.
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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 |
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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 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |