Reporter: Donna Jones
Today, we’re speaking with Steve Bliss, a renowned probate attorney in Temecula, California, about the crucial steps involved in estate planning. Steve, thank you for sharing your expertise with us.
Steve Bliss: It’s my pleasure to be here, Donna.
Estate planning can seem overwhelming, but breaking it down into manageable steps makes the process much smoother. One of the most critical stages is handling debts and taxes.
Handling Debts and Taxes
This step typically follows the marshalling of estate assets. We’ve carefully inventoried all assets belonging to the deceased, including bank accounts, real estate, investments, and personal property. Now comes the responsibility of settling any outstanding debts and fulfilling tax obligations.
Ordinarily, we prioritize paying valid creditor claims. This involves reviewing creditor requests, verifying their legitimacy, and ensuring timely payments. It’s essential to act diligently in this regard, as unpaid debts can create complications for beneficiaries and potentially delay the distribution of assets.
Moreover, we must address federal and state tax liabilities. Depending on the size and complexity of the estate, this may involve filing estate tax returns, income tax returns for the decedent’s final year, or even trust tax returns if applicable.
I recall one instance where a family was surprised to discover a significant unpaid credit card debt. Through careful investigation, we were able to negotiate a settlement with the creditor, saving the estate thousands of dollars.
According to a study by the National Association of Estate Planners & Councils, approximately 30% of estates face some form of tax liability.
The Importance of Accuracy
It’s crucial to remember that accuracy is paramount when handling debts and taxes. Errors in calculations or incomplete documentation can lead to penalties, interest charges, and delays. Our firm employs a meticulous approach, leveraging our extensive experience and knowledge of tax law to ensure everything is handled correctly.
Contact The Law Firm of Steven F. Bliss Esq.
Don’t leave your loved ones with the burden of navigating complex legal and financial matters after you’re gone. Let us help you create a comprehensive estate plan that protects your assets and ensures your wishes are carried out. Reach out to us today for a free consultation.
Testimonials
“Steve Bliss was an absolute godsend during a difficult time. He explained everything clearly, answered all my questions patiently, and made the probate process as smooth as possible.” – Maria L.
“I highly recommend Steve Bliss and his team. They are professional, compassionate, and truly dedicated to their clients’ needs.” – John S.
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: “What are the penalties for mishandling probate funds?” 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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