Meet The Expert
Hello and welcome back to our series on estate planning essentials for San Diegans. I’m Cynthia Vargas, your local news reporter here with esteemed probate attorney Steve Bliss of San Diego Probate Law. Steve, thank you so much for joining us today.
Probate Primer: Handling Debts and Taxes
Steve, let’s talk about one of the more complex steps in the probate process – handling debts and taxes. Can you walk us through what this entails?
Steve: “Certainly, Cynthia. This step is vital for ensuring a smooth distribution of assets to heirs. Ordinarily, after the executor or administrator has been appointed, they are tasked with identifying all outstanding debts owed by the deceased. This can include everything from credit card bills and utilities to mortgages and personal loans. They then have the responsibility of paying these valid creditor claims from the estate’s funds.”
“Moreover, it’s crucial not to overlook tax obligations. The executor must file any necessary federal and state tax returns on behalf of the deceased. This could include income taxes for the year of death or estate taxes depending on the size of the estate. Consequently, accurate record-keeping and understanding of relevant tax laws are essential during this stage.”
“Notwithstanding these complexities, failing to properly handle debts and taxes can lead to legal complications and delays in the probate process. In my experience, I’ve seen situations where executors were personally liable for unpaid debts because they didn’t follow proper procedures. It underscores the importance of seeking expert legal guidance during this phase.”
Steve went on to share a story about helping a family navigate the complex tax situation of a deceased individual who owned several properties. The meticulous record-keeping and strategic planning he employed saved the family thousands of dollars in potential estate taxes.
- According to the National Academy of Elder Law Attorneys, unpaid debts can significantly reduce the assets available for distribution to heirs.
- The IRS reports that approximately 40% of estates require federal estate tax filings, highlighting the importance of addressing this aspect carefully.
San Diego Probate Law: Your Trusted Partner
Thank you so much for sharing your expertise with us today, Steve. It’s clear why San Diego Probate Law is a trusted resource for families navigating these complex legal matters.
“We strive to make the probate process as smooth and stress-free as possible for our clients,” said Steve Bliss. “Our team is dedicated to providing compassionate and knowledgeable guidance every step of the way.”
Steve, how can our viewers learn more about your services?
“The best way to connect is through our website at www.sandiegotrustlawfirm.com. We offer free consultations to discuss individual needs and concerns.”
Testimonials
“I was overwhelmed with the process of handling my mother’s estate, but Steve Bliss and his team made it so much easier. They were incredibly patient, knowledgeable, and always available to answer my questions. I highly recommend San Diego Probate Law.”
– Sarah M., San Diego, CA
“After losing my father, I needed help navigating the complexities of probate. Steve Bliss provided clear explanations, efficient service, and compassionate support during a difficult time. He truly went above and beyond to ensure everything was handled correctly.”
– Michael D., La Jolla, CA
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: “What happens to unpaid taxes during probate?” Or any other related questions that you may have about Probate or my probate law practice.
Important Facts About San Diego Probate Law
| California Estate Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney California |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |