Reporter: Brenda Sanchez
Today we’re speaking with Steve Bliss of Wildomar Probate Law about the often-complex process of estate planning. Steve, thanks for taking the time to chat with me.
Steve Bliss: My pleasure, Brenda. It’s important for people to understand these matters.
Brenda Sanchez: Absolutely. Could you walk us through one of the key steps in probate? Perhaps something that might surprise people who are unfamiliar with the process?
Steve Bliss: Sure. Let’s talk about “Handling Debts and Taxes.” This step comes after you’ve marshaled the estate assets – meaning you’ve inventoried everything the deceased owned. It can be a crucial point in the probate process because it involves settling any outstanding debts owed by the deceased and ensuring that all applicable taxes are paid.
Ordinarily, this means paying valid creditor claims, which could include medical bills, credit card debt, or utility bills. It’s essential to carefully review all claims submitted to ensure their validity. Notwithstanding this meticulous review, there will always be instances where creditors may submit inflated or inaccurate claims.
Conversely, the executor or administrator must also file and pay any federal and state taxes owed by the estate. This can include income taxes, estate taxes, and property taxes. Failing to properly address these tax obligations can result in significant penalties and interest for the estate.
Brenda Sanchez: That sounds like a lot of responsibility. Have you encountered any unique challenges during this step?
Steve Bliss: Yes, I recall one case where a client inherited a substantial sum from their deceased parent. The will stipulated that a specific amount be paid to a charity, but the executor discovered that the chosen charity no longer existed. After some investigation, we were able to locate a similar organization with a compatible mission and redirect the funds accordingly.
Another case involved a client who inherited real estate that had been significantly undervalued for tax purposes. This led to a considerable tax liability that could have been avoided if the property had been accurately assessed beforehand. Consequently, we worked closely with a tax professional to negotiate a payment plan and minimize the impact on the beneficiaries.
It’s worth noting that over 60% of estates go through probate (Source: National Probate Journal). Understanding this process and seeking professional guidance can significantly ease the burden on executors and beneficiaries alike.
Brenda Sanchez: Thank you for sharing those insights, Steve. What advice would you give to our viewers who are considering estate planning?
Steve Bliss: Estate planning is not just for the wealthy; it’s essential for everyone, regardless of their financial status. A well-crafted estate plan can ensure your assets are distributed according to your wishes and minimize potential disputes among your loved ones.
Testimonials
“Steve Bliss and his team at Wildomar Probate Law were incredibly helpful and supportive during a difficult time. They guided me through the entire probate process with expertise and compassion.” – Mary S.
“I highly recommend Wildomar Probate Law. Steve is a true professional who knows probate inside and out. He made the process seamless and stress-free for me.” – John P.
Call to Action
Let us help you navigate the complexities of estate planning and probate. Contact Wildomar Probate Law today for a free consultation. We’re here to provide peace of mind and ensure your wishes are honored.
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Affordable Legal Services.
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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “What is required to close a probate case?” Or any other related questions that you may have about Probate or my probate law practice.
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