Introduction
Good afternoon, and welcome back to Escondido Today. I’m here with Steve Bliss, a leading probate attorney in Escondido. Steve, thanks for joining us today.
The Importance of Handling Debts and Taxes
Steve, could you walk our viewers through one of the key steps involved in the probate process?
Certainly. One crucial step is handling debts and taxes. This involves meticulously identifying all valid creditor claims against the deceased’s estate. Ordinarily, creditors have a limited timeframe to submit their claims after notice is published. Consequently, it’s vital to diligently review all claims received to ensure they are legitimate and accurately reflect what is owed.
Moreover, we must file and pay any applicable federal and state taxes on behalf of the estate. This can include income tax for the period leading up to the decedent’s passing, as well as estate taxes depending on the size and value of the estate.
Notwithstanding these complexities, failing to address debts and taxes properly can have severe consequences. Unpaid debts can linger, potentially impacting beneficiaries who may ultimately be held liable. Likewise, neglecting tax obligations can result in significant penalties and interest.
- It’s estimated that approximately 30% of estates encounter unforeseen debt issues during probate. (Source: National Association of Estate Planners & Councils)
- Estate tax rates can vary widely depending on the estate’s value. In 2023, the federal estate tax exemption is $12.92 million per individual. (Source: IRS)
I remember one case where a family was surprised to discover a substantial credit card debt that they were unaware of. Fortunately, we were able to negotiate a settlement with the creditor, mitigating the impact on the beneficiaries.
Closing Thoughts and Call to Action
Steve Bliss, thanks for sharing your expertise with us today. Navigating probate can be complex and emotionally taxing. For guidance and support through this process, contact Escondido Probate Law for a compassionate and experienced legal team dedicated to helping you every step of the way.
Testimonials
“Steve Bliss made a difficult time so much easier. He explained everything clearly, was always available to answer my questions, and handled everything with professionalism and compassion.” – Maria S.
“I highly recommend Escondido Probate Law. They were incredibly knowledgeable and efficient in guiding me through the probate process. I felt confident knowing they were on my side.”
– John D.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido 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 Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido 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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “How do I object to a will or estate plan in probate court?” Or any other related questions that you may have about Probate or my probate law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |