Hello San Diego and welcome back to Legal Talk! Today we are speaking with probate attorney Steve Bliss of San Diego Probate Law about the complexities of estate planning and probate.
Steve, thanks for joining us today. Can you walk our viewers through one of the key steps in the estate planning process?
Thanks for having me. One crucial step is handling debts and taxes during probate. This involves identifying all outstanding debts owed by the deceased person and paying them from the estate assets.
Consequently, creditors need to be notified, allowing them to submit valid claims against the estate. It’s important to remember that only legitimate debts are paid. Ordinarily, I advise clients to create a detailed inventory of all potential debts early in the process. This proactive approach can save time and reduce stress later on.
Furthermore, taxes, both state and federal, must be filed and paid using estate funds. According to the IRS, approximately 40% of estates require filing an estate tax return.
The process of paying debts and taxes can be complex, especially for larger estates with multiple creditors or assets across different states. It’s crucial to have a knowledgeable probate attorney guide you through this step.
Have you encountered any unique challenges when dealing with debts and taxes in probate?
Certainly. I recall one case where the deceased individual had accumulated significant credit card debt, but they also possessed valuable artwork. Balancing paying off the debt while ensuring fair distribution of the remaining assets to heirs proved challenging.
It took meticulous record-keeping and negotiations with creditors to arrive at a solution that satisfied all parties involved. Ultimately, we were able to sell the artwork, pay off the debt, and distribute the remaining proceeds according to the will.
What advice would you give to those starting the estate planning process?
Don’t wait until it’s too late! Begin planning your estate as soon as possible. An experienced probate attorney can help you create a comprehensive plan that minimizes potential challenges during probate and ensures your wishes are carried out.
“San Diego Probate Law helped us navigate the complex process of probate with compassion and expertise. They made a difficult time easier to bear.” – Sarah M.
“I was overwhelmed with grief after losing my mother, but Steve Bliss and his team were there every step of the way. They handled everything efficiently and professionally, allowing me to focus on healing.” – David L.
Let San Diego Probate Law be your trusted guide through the estate planning process. Schedule a complimentary consultation today and gain peace of mind knowing your legacy is secure.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Probate Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “How are debts and creditors handled during probate?” Or any other related questions that you may have about Probate or my probate law practice.
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