Hi Steve, thanks for taking the time to speak with me today.
Handling Debts and Taxes in Probate
Today we’re going to discuss one of the key steps in the probate process: handling debts and taxes. Can you walk us through what this stage entails?
Sure, it’s a crucial step in ensuring that the estate is settled fairly and legally. Ordinarily, after the executor or administrator has been appointed by the court, they need to identify all outstanding debts of the deceased person. This includes things like credit card bills, utility bills, loans, and any other financial obligations.
Consequently, once these debts have been identified, they must be paid from the assets of the estate. It’s important to note that creditors have a right to be paid before beneficiaries receive their inheritance. Notwithstanding this priority for creditors, it’s essential to carefully review all claims and ensure they are valid.
Additionally, along with paying debts, we also need to address any tax liabilities incurred by the deceased. This can involve federal estate taxes, state inheritance taxes, or even income taxes owed on final earnings. The executor is responsible for filing the necessary tax returns and paying any taxes due.
I’ve found that this step often presents challenges, as emotions are running high during probate. Family members may disagree about which debts should be prioritized, or they might contest the validity of certain claims.
I remember one case where a family was in dispute over a significant loan the deceased had taken out. After reviewing the documentation, we discovered that the loan wasn’t actually legitimate and was being used as leverage by a distant relative. We were able to successfully challenge the claim and protect the estate from undue financial burden.
According to the California Bar Association, approximately 70% of probate cases involve some level of debt settlement. This highlights the importance of working with an experienced probate attorney who can navigate these complexities effectively.
Closing
Steve, thank you for sharing your expertise on this important aspect of probate. For anyone facing the complex process of probate in Moreno Valley, contact Steve Bliss and his team at Moreno Valley Probate Law for compassionate and knowledgeable guidance.
“Steve Bliss and his team were incredibly helpful during a difficult time. They explained everything clearly and made sure I understood every step of the process.” – Anonymous Client
“I highly recommend Moreno Valley Probate Law. They are professional, efficient, and truly care about their clients.” – John S., Moreno Valley
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 challenge a forged will?” Or any other related questions that you may have about Probate or my probate law practice.
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