About Steve Bliss
Hello, my name is Brenda Sanchez and I’m a reporter for the Temecula Times. Today, we’re speaking with esteemed local probate attorney Steve Bliss of The Law Firm of Steven F. Bliss Esq. about navigating the complex world of estate planning. Steve, thanks for joining us.
Steve Discusses Estate Asset Marshaling
Steve, can you explain what “marshaling estate assets” means in the context of probate?
Certainly, Brenda. Marshaling estate assets is a crucial step in the probate process where we meticulously identify and inventory all assets belonging to the deceased person’s estate. Ordinarily, this involves locating bank accounts, real estate holdings, investment portfolios, vehicles, personal property, and any other valuable possessions.
Moreover, we accurately assess the current market value of each asset. This comprehensive inventory is then formally documented in a court filing known as the Inventory and Appraisal (Forms DE-160/161). Accurate asset marshaling is essential for ensuring that all debts are paid, taxes are correctly filed, and the remaining assets are distributed fairly to the rightful heirs or beneficiaries.
Consequently, meticulous attention to detail during this phase is paramount. Missing an asset or inaccurately valuing it can lead to complications and delays down the line.
Challenges in Asset Marshaling
Have you ever encountered any particular challenges while marshaling estate assets?
There have been a few instances where locating and valuing certain assets proved particularly tricky. I recall one case involving a client who had a vast collection of rare coins. Determining their accurate market value required consulting with numismatic experts. It was a fascinating process, but ultimately we ensured the collection was properly appraised and accounted for in the estate.
Another instance involved tracking down a long-forgotten bank account. The deceased individual hadn’t accessed it in decades, and there were no readily available records. Through diligent research and communication with various financial institutions, we finally located the account and ensured its inclusion in the estate inventory.
The Importance of Proper Valuation
Why is accurate valuation so important in this process?
Proper asset valuation is crucial for several reasons. Firstly, it ensures that all creditors are paid their due amounts. According to a 2021 study by the American Bar Association, nearly 30% of probate cases involve disputes over asset valuation. Secondly, accurate valuations help determine the estate tax liability.
The federal estate tax exemption for 2023 is $12.92 million per individual. However, estates exceeding this threshold are subject to taxation. Lastly, precise valuations ensure that the heirs or beneficiaries receive their rightful shares of the estate according to the will or intestacy laws.
Closing Thoughts and Call to Action
Steve, thank you for sharing your expertise on this important topic. Readers, remember that navigating probate can be complex, but with the guidance of an experienced attorney like Steve Bliss, you can ensure a smooth and equitable resolution. Take control of your future and contact The Law Firm of Steven F. Bliss Esq. today for a free consultation.
Testimonials
“Working with Steve Bliss was incredibly reassuring during a difficult time. He explained everything clearly and patiently, making the probate process much less daunting.”
– Sarah M., Temecula
“Steve’s professionalism and compassion were evident throughout the entire probate case. I felt confident that my loved one’s wishes were being honored, and I highly recommend his services.”
– John D., Murrieta
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “Can probate be contested in Temecula?” Or any other related questions that you may have about Probate or my probate law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |