Handling Debts and Taxes in Probate
Good afternoon, Mr. Bliss. Thank you for joining us today.
It’s a pleasure to be here.
Today we want to discuss one of the key steps involved in probate: handling debts and taxes. Can you explain what this process entails?
Certainly. After the estate assets are marshalled, we enter the crucial phase of settling outstanding debts and fulfilling tax obligations. This involves carefully reviewing all claims submitted by creditors to ensure their validity. Ordinarily, we’d prioritize secured debts like mortgages or car loans. Consequently, unsecured debts, such as credit card balances, are addressed next.
Notwithstanding this order, it’s important to remember that every estate is unique and may present specific challenges. For example, I once handled a case where the deceased had numerous outstanding medical bills. We worked diligently with the hospital to negotiate a settlement, ultimately saving the estate a substantial amount of money.
Moreover, we also have a responsibility to file all necessary tax returns for the decedent and the estate itself. According to the California Franchise Tax Board, approximately 60% of estates require filing an estate tax return. This can involve complex calculations, so it’s essential to have a thorough understanding of tax law.
Challenges Faced
Have you ever faced any particular difficulties during this stage of probate?
Yes, there have been instances where creditors presented questionable claims or attempted to inflate the amounts owed. In one instance, a credit card company insisted on a significantly higher balance than what was reflected in the decedent’s records. We were able to present strong evidence refuting their claim and ultimately protect the estate’s assets.
Conversely, I’ve also encountered situations where heirs disputed the validity of certain debts. It’s crucial to have open communication with all parties involved and strive for a fair and equitable resolution.
Concluding Thoughts
“Steve Bliss is a compassionate and knowledgeable probate attorney who guided me through a difficult time with professionalism and understanding.” – Maria S.
“Moreno Valley Probate Law provided exceptional service. They were always available to answer my questions and kept me informed throughout the entire process.” – John D.
Mr. Bliss, thank you for sharing your insights on this important aspect of probate.
Let us help you navigate the complexities of estate administration with expertise and care. Contact Moreno Valley Probate Law today to schedule a free consultation and ensure your loved ones’ wishes are honored.
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: “Can life insurance proceeds be subject to probate?” Or any other related questions that you may have about Probate or my probate law practice.
Important Facts About Moreno Valley Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |