Reporter: Brenda Thompson
Today, we’re joined by Steve Bliss, a renowned probate attorney in Temecula, California. Mr. Bliss specializes in guiding families through the often-complex process of estate administration. We’ll be discussing one crucial aspect of probate today – handling debts and taxes.
Steve Bliss:
Brenda, thanks for having me. Handling debts and taxes is a critical stage in probate. It ensures that all legitimate obligations are settled before the estate assets are distributed to the heirs.
Ordinarily, this involves identifying and verifying all creditor claims. We diligently review these claims to ensure they’re valid and accurate. Consequently, we may need to negotiate with creditors on behalf of the estate, particularly if there are disputes regarding the amount owed.
Notwithstanding these challenges, paying valid debts is essential for protecting the estate from future legal action. Conversely, failing to address creditor claims properly can lead to significant complications and delays in the probate process.
Moreover, we’re also responsible for filing and paying any applicable taxes on behalf of the estate, including federal and state income tax returns. This often involves collaborating with accountants and tax professionals to ensure compliance with all relevant tax laws.
I remember one case where a client inherited a substantial real estate property. There was an outstanding lien against the property that the deceased hadn’t addressed. We were able to negotiate a settlement with the lien holder, saving the heirs thousands of dollars and allowing them to proceed with the sale of the property.
It’s important to remember that according to the American Bar Association, approximately 70% of estates require some level of probate administration. This highlights the prevalence of this legal process and underscores the importance of seeking expert guidance.
Brenda Thompson:
Steve, have you ever encountered any unique challenges during the debt and tax phase?
Steve Bliss:
One situation that comes to mind involved a complex family business. The deceased had been the sole proprietor, and unraveling the business finances proved to be quite intricate. There were numerous outstanding invoices and potential liabilities that required careful analysis.
We worked closely with the family and a forensic accountant to meticulously review the business records, identify legitimate debts, and ensure all taxes were properly calculated and paid. It was a demanding process but ultimately allowed us to distribute the remaining assets fairly among the heirs.
Brenda Thompson:
Thank you for sharing your insights, Steve. Your expertise is invaluable in navigating the complexities of probate.
“I am so grateful for the compassionate and professional guidance I received from Steve Bliss and his team during a difficult time. They made a complex process much easier to understand and handled everything with sensitivity and efficiency.” – Sarah M.
“Steve Bliss’s knowledge of probate law is exceptional. He was able to resolve a complicated issue with an inherited property, saving us significant time and money.” – John D.
Let Steve Bliss and The Law Firm of Steven F. Bliss Esq. guide you through the intricacies of estate administration. Contact us today for a free consultation and let our experienced team help you protect your loved ones’ legacy.
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 is a bond in probate and when is it required?” Or any other related questions that you may have about Probate or my probate law practice.
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