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Spendthrift Trusts in Maryland

Posted by Neil Tyra | Oct 10, 2022 | 0 Comments

Not all of us are good with money. Some of us are just poor managers of it while others just spend it on gambling, other addictions, or whatever the case may be. If this describes someone whom you love and might want to help out financially through a trust, you may not want to risk them spendin...

Estate Taxes in Maryland

Posted by Neil Tyra | Sep 21, 2022 | 0 Comments

Estate taxes are paid by a decedent’s estate, which means heirs to the estate lose out on benefits. There are ways to reduce or avoid estate taxes, but they do not always apply. Speaking to an experienced estate planning attorney in Maryland is the best way to create a plan that benefits you today and protects your loved ones tomorrow. Estate law can get pretty complex and undergoes changes relatively often, making it hard for clients to stay current. At The Tyra Law Firm, LLC, our estate planning lawyer will thoroughly review your estate and advise you accordingly. We know that informed clients make the best decisions about their finances. Contact us today either online or at (301)315-0811 to schedule a free consultation.

What is a DNR?

Posted by Neil Tyra | Sep 13, 2022 | 0 Comments

A DNR order, or a do-not-resuscitate order, is a pre-written healthcare directive made by a patient concerning life-saving medical interventions. As the name implies, DNRs tell doctors not to resuscitate the patient in certain circumstances.

Power of Attorney: Who Can Make Legal Decisions for Me?

Posted by Neil Tyra | Jan 20, 2022 | 0 Comments

The folks at Caring.com do a wonderful job of providing information regarding the care of an elderly loved one. They provide expert guidance and assistance in researching and selecting the best care facility and services to meet your eldercare needs. I refer all of my clients that need such g...

Saying Goodbye Puts Things In Perspective

Posted by Neil Tyra | Dec 07, 2021 | 0 Comments

Estate planning brings order to an otherwise chaotic process. A properly designed estate plan affords a level of comfort and peace of mind knowing that your family and loved ones are taken care of exactly as you intended.

Exactly What Steps Are Involved in the Probate Process?

Posted by Neil Tyra | Sep 07, 2021 | 0 Comments

Usually when someone asks “What is probate?” the response is something like “it is the court-mandated and controlled process to distribute a person's assets upon their death.” But what the heck does that actually mean? What follows is a broad outline of the major steps involved in probate here ...

5 Reasons a DIY Will is a Bad Idea - Revisited!

Posted by Neil Tyra | Aug 18, 2021 | 0 Comments

A client of mine recently realized that he cost himself and his family a huge amount of money when he did his father's Will using an online tool. He was not aware or didn't understand some of the ramifications of the answers that he provided to the tool. As a result, the end product did not ref...

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...

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