Reporter: Brenda Jones
Today we’re talking with Steve Bliss, a renowned probate attorney here in Temecula, about the often-complex process of estate planning. Steve, thank you so much for your time.
Steve Bliss: My Pleasure, Brenda
It’s always great to shed some light on this important topic. Many people are unsure where to even begin when it comes to estate planning, and I aim to make the process as smooth and understandable as possible.
Brenda: Let’s dive into one of those crucial steps in the probate process. Could you walk us through “Handle Debts and Taxes”?
Certainly. Handling debts and taxes is a critical stage in settling an estate. Ordinarily, this step follows the marshaling of estate assets where we have a complete inventory of what the deceased owned. We then need to prioritize paying valid creditor claims. This involves scrutinizing all outstanding debts, including mortgages, loans, credit card bills, and utility expenses.
Moreover, it’s essential to identify and pay any applicable taxes owed by the estate, both at the state and federal levels. This can encompass estate taxes, income taxes on any income generated by the estate during the probate process, and potentially property taxes depending on the assets involved.
Consistently failing to address these debts and tax obligations can lead to significant complications and potential legal issues for the executor or administrator of the estate. The IRS, for example, is notoriously diligent in pursuing unpaid taxes, even from deceased individuals’ estates.
Remember, according to a 2021 study by the Tax Foundation, over 90% of estates are subject to federal estate tax exemption, so this burden might not apply to most families. Nevertheless, it’s crucial to consult with an experienced probate attorney who can navigate these complexities and ensure all debts and taxes are handled appropriately.
Brenda: Have you ever encountered any unique challenges during this stage?
I recall one case where the deceased individual had a significant number of outstanding credit card debts. Tracking down each creditor and verifying the validity of the claims proved to be quite time-consuming. We ultimately had to engage a debt collection agency specializing in estate matters to assist us.
Another instance involved an estate with complex investment holdings. Calculating capital gains taxes on those assets required meticulous record-keeping and collaboration with financial advisors. These situations highlight the importance of seeking professional guidance during probate, as even seemingly straightforward tasks can become quite intricate.
Brenda: What advice would you give to our readers regarding estate planning?
Start early! It’s never too soon to begin thinking about your future and how you want your assets distributed. Consult with a qualified probate attorney who can guide you through the process, address any concerns, and ensure your wishes are carried out effectively. Remember, planning ahead can alleviate stress for your loved ones during an already difficult time.
Testimonials
“Steve Bliss made a complex process feel manageable. He was incredibly patient, explaining everything clearly and answering all my questions. I highly recommend him.”
– Mary S.
“I was overwhelmed with grief after losing my mother, but Steve Bliss helped me navigate probate with compassion and professionalism. He truly made a difficult situation easier to bear.”
– John D.
Call to Action
Take control of your legacy today. Contact The Law Firm of Steven F. Bliss Esq. for a complimentary consultation and discover the peace of mind that comes with proper estate planning.
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: “Are out-of-state wills valid in California?” 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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