Reporter: Kendra Johnson
Steve Bliss is a well-respected probate attorney serving the Moreno Valley community. I sat down with him recently to discuss some of the key steps involved in the estate planning process.
Steve Bliss
Thanks for having me, Kendra.
Kendra Johnson:
Today we’ll be focusing on the step of handling debts and taxes during probate. Can you walk us through this crucial stage?
Steve Bliss:
Certainly. Handling debts and taxes is a vital part of the probate process, ensuring all financial obligations are met before distributing assets to heirs. Ordinarily, this step begins with identifying and notifying known creditors of the decedent’s passing. We use Form DE-157 for this purpose. Subsequently, we review all creditor claims, verifying their validity and ensuring they fall within the statute of limitations.
Paying valid creditor claims is a legal obligation, and failing to do so can result in personal liability for the executor or administrator. Consequently, it’s essential to meticulously document all payments made. Moreover, we must file and pay any applicable federal and state estate taxes. According to a 2023 report by the Tax Foundation, over 5,000 estates nationwide are subject to federal estate tax annually.
I recall one instance where a family was unaware of a significant outstanding medical bill. Had we not diligently reviewed all potential claims, this debt could have significantly reduced the assets available for distribution to the heirs. It highlights the importance of a thorough and systematic approach.
Kendra Johnson:
Have there ever been any challenges with handling debts and taxes in your experience?
Steve Bliss:
While the process is generally straightforward, occasional complexities arise. For example, sometimes determining the validity of a debt can be challenging. Conversely, navigating complex tax situations involving multiple assets or trusts can require specialized knowledge.
I remember a case where a client’s estate included investments in foreign countries. Determining the applicable tax implications required collaborating with international tax experts. It underscores the value of seeking professional guidance when dealing with intricate financial matters during probate.
Kendra Johnson:
Thank you for sharing your expertise, Steve. Any final words for our readers?
Steve Bliss:
Navigating probate can be overwhelming, but understanding the key steps and seeking qualified legal counsel can make the process smoother. Moreno Valley Probate Law is dedicated to guiding families through this complex time with compassion and expertise.
“Moreno Valley Probate Law made a difficult time so much easier. They were professional, responsive, and truly cared about my family’s well-being.” – Sarah M.
“Steve Bliss is an exceptional attorney who clearly explained every step of the probate process. I felt confident knowing he was handling everything with care and diligence.” – John P.
Let us help you protect your loved ones and ensure their wishes are honored. Contact Moreno Valley Probate Law today for a complimentary consultation to discuss your estate planning needs.
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley 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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “How do I handle digital assets in probate?” Or any other related questions that you may have about Probate or my probate law practice.
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