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Will My Heirs Have to Pay Maryland’s Inheritance Tax?

Posted by Neil Tyra | Jul 27, 2021 | 0 Comments

Maryland is one of only six states that impose an inheritance tax as well as an estate tax on top of the Federal estate tax. Many states are eliminating or have eliminated death taxes altogether. But only these six states impose additional state-level death taxes on top of the federal tax.

So I Fainted Last Night...

Posted by Neil Tyra | Jul 20, 2021 | 0 Comments

Having a completed estate plan in place removes all of the anxiety, worry, and work that your loved ones would have to do on your behalf at a time when they are least prepared to do that. So if you are not going to do it for yourself, do it for your family. Get your estate plan in order.

Adult Guardianship is the Saddest, But Avoidable Process

Posted by Neil Tyra | Jul 13, 2021 | 0 Comments

The best solution for caring for an incapacitated individual is for them to have established a Power of Attorney and an Advanced Health Care Directive when they still have the capacity to do so. The alternative to not having these tools in place is a court proceeding to establish guardianship. This process can be time-consuming, expensive, and humiliating.

Your Adult Child’s Estate Plan: Why It’s Important?

Posted by Neil Tyra | Apr 06, 2021 | 0 Comments

My adult children were home for the Easter holiday and I took the time to have that important conversation with them about their estate plans. Wait? You are an estate planning attorney. Why haven't you had that conversation with them before? Haven't you said before that an adult child's estate pl...

What If You Fail to Name a Beneficiary?

Posted by Neil Tyra | Mar 08, 2021 | 0 Comments

What happens if you fail to name a beneficiary on your 401K account? or your investment account? or your life insurance policy? In true legal logic, the answer is “it depends”. Most often, the financial institution that holds the fund's assets has determined a default beneficiary in accordance wi...

Update Beneficiary Designations to Avoid a Disaster

Posted by Neil Tyra | Dec 15, 2020 | 0 Comments

One of the simplest things you can do to protect your hard-earned assets and manage your estate is to review your beneficiary designations statement. If you do not keep them up to date, a variety of disasters can occur. Three Women and a Man in a Coma Let me tell you a quick story. Years ago, lon...

Pet Trust: Will the Dog Inherit More Than Me?

Posted by Neil Tyra | Nov 17, 2020 | 0 Comments

Noel and our dog Rosaline That is a distinct possibility in my house. But seriously, making provisions for our beloved pets or service animals is an important issue and potentially an estate planning consideration. While this is most easily understood in terms of your typical family pet such as ...

Where Do I Store My Estate Planning Documents?

Posted by Neil Tyra | Nov 03, 2020 | 0 Comments

“Now what do I do with these?” says almost every estate planning client upon final execution or signing of their documents. Where do you store them for safekeeping and who do you tell of their existence? The short answer is that you store them in a very safe and secure location. And you tell thos...

What Estate Tax Will I have to Pay?

Posted by Neil Tyra | Oct 13, 2020 | 0 Comments

One of the most frequent questions asked by potential clients is “how much tax am I going to have to pay on my estate”? While tax mitigation is certainly a consideration, the vast majority of people worry about this issue far too much in my opinion when it comes to estate planning. And notice how...

When is the Best Time for My Kids to Get Their Inheritance?

Posted by Neil Tyra | Sep 21, 2020 | 0 Comments

If you are like most parents, you want your estate to be evenly divided and given to your children if your spouse pre-deceases you. That is not necessarily set in stone; you can divide it up any way you see fit. But most people do follow the first scheme – by dividing their estate into even share...

How Much of My Estate Does My Spouse Get?

Posted by Neil Tyra | Sep 08, 2020 | 0 Comments

The portion of your estate that passes to your spouse is called the marital share. Typically, you would provide for your spouse by indicating in your Will how much of your estate is to go to them upon your death. We often refer to an “I Love You Dearly Will” as being one that leaves everything to...

How Do I Change My Will?

Posted by Neil Tyra | Aug 24, 2020 | 0 Comments

Is it ever too early to create a Will? The short answer is NO. Better to create a Will too early than too late. A properly constructed Will can serve you for many years before you need to update or revise it. But if circumstances arise that necessitate changing your Will, it does not have to be d...

Testamentary Trusts? Another Kind of Trust?

Posted by Neil Tyra | Aug 11, 2020 | 0 Comments

Last week we discussed pour-over Wills in the context of a revocable living trust. This week I want to talk about testamentary trusts. These types of trusts are what we might call springing or contingent trusts. They are created by your Last Will and Testament – hence the description testamentary...

Pour-Over Will? What the Heck is That?

Posted by Neil Tyra | Aug 04, 2020 | 0 Comments

I know what a Last Will and Testament is; but, what the heck is a Pour-Over Will? It's a great question that we often get asked. It's also one around which a great deal of confusion exists. Let's sort it out. Pour-Over Wills Work with Trusts Pour-Over Wills work in conjunction with a Trust – be ...

How Much Does a Will Cost?

Posted by Neil Tyra | Jul 31, 2020 | 0 Comments

How much does a Will cost? It is perhaps our most frequently asked questions. At The Tyra Law Firm, we get this question a lot. Of course, it makes sense to want to know what you are getting into and to budget accordingly. As you begin thinking about your estate plan, take some time to shop aroun...

Obtaining Legal Guardianship in Maryland

Posted by Neil Tyra | Jul 21, 2020 | 0 Comments

In the State of Maryland, the process of obtaining legal guardianship is fairly straightforward. However, it can be a long and detailed process. If you have a loved one who is unable to care and make decisions for themselves, you will likely need to go through this process if they do not already ...

How Long Does the Probate Process Take in Maryland?

Posted by Neil Tyra | Jul 10, 2020 | 0 Comments

If you have recently been named a personal representative in a loved one's Maryland probate administration, you are probably wondering, “how long will the probate process take?” You may have heard that the probate process can be long and fairly costly. In fact, there is a lot of variation in how ...

What Happens if You Don’t Have a Will?

Posted by Neil Tyra | Jul 10, 2020 | 0 Comments

Many people don't have a Will, whether intentionally or not. They might know that estate planning is a good idea but, for one reason or another, they end up putting it off or deciding to skip it altogether. I don't mean to call anybody out here, but, if this sounds like you, there is something im...

How Can I Protect My Teen When They Go Away to College?

Posted by Neil Tyra | Jun 28, 2020 | 0 Comments

Every summer, I am reminded of the intense emotions I felt all those years ago when my kids first went away to college. Sure, I was proud of them for graduating from high school. I was excited to watch them embark on the next step in their journeys. I was nostalgic about how quickly time passes, ...

How to Fund a Trust in the State of Maryland

Posted by Neil Tyra | Jun 25, 2020 | 0 Comments

Do you know what's rarely talked about? What comes after you create your estate plan? How do you actually fund your Trust once you've created it? Chances are, you don't even know what I mean when I say “fund a Trust.” Why? Because, in the estate planning conversation, there is so much discussion ...

Do I Need an Estate Plan?

Posted by Neil Tyra | Jun 17, 2020 | 0 Comments

When do you really need to start thinking about your estate plan? When many people think about “estate planning,” they think about it in terms of age. Estate planning is often associated with retirement, prolonged illness, or preparing for passing. For that reason, it's not something that is talk...

Estate Planning for Cross-Border Families

Posted by Neil Tyra | Jun 09, 2020 | 0 Comments

There is no such thing as a “typical family.” At The Tyra Law Firm, we work with families on a daily basis that comes in all shapes and sizes. Many families are blended, meaning that they include children from previous relationships. Many families have separate households, or single parents, or m...

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