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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...

Estate Planning Can’t Wait Until Your Separation Is Over

Posted by Neil Tyra | Jun 01, 2020 | 0 Comments

Going through a separation is confusing, stressful, and often overwhelming. Estate planning is not a subject that comes up frequently. Very often, as couples make the decision to get separated and then divorced, they are concerned with the most pressing things: making sure the children are cared ...

Why Hire a Lawyer When I Can Do a DIY Will Online?

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

In the coming months, things are still looking uncertain. It seems it will be quite a while until life gets “back to normal” after the coronavirus pandemic. It's a long road ahead. For many of us, this uncertainty about the future makes commitments and expenditures seem unwise. We are looking for...

Resources for Supporting a Loved One With a Terminal Diagnosis

Posted by Neil Tyra | May 20, 2020 | 0 Comments

Some Great Articles to Read — Harvard Health, “When a Loved One is Terminally Ill” Mayo Clinic, “Supporting a Terminally Ill Loved One” MD Anderson Cancer Center, “Making Memories Last: The Art of Legacy Work” Maryland Healthcare Commission's Consumer Guide to Longterm Care Hospice and Palliative...

What if My Partner and I Don’t Agree on Guardianship?

Posted by Neil Tyra | May 12, 2020 | 0 Comments

Choosing the right person to care for your children if you are unable to do so is, of course, an important decision. For some lucky couples, it's also an easy one. However, it's not a given that you and your partner will agree on the right person or people to nominate for guardianship. In fact, d...

Using Your Estate Plan to Organize Your Online Accounts

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

Even before the pandemic, The Tyra Law Firm was a mostly virtual law practice. Sure, we still have an office downtown, but we like to use technology to keep our practice versatile. That way, we are able to serve families that are too busy to come downtown in the middle of a workday. By using a va...

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