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Over a year after the “Stay at Home” order went into effect, many people still feel overwhelmed and helpless, which is why now, more than ever, it is important to ensure that you and your loved ones are adequately equipped to handle whatever challenges may arise. Although having a living trust or will, directing the [...]
It’s that time of year...tax season. When most of us think of tax season, we think of our individual and business tax returns since these are the most common tax forms. Most of us do not think of the tax obligations relating to trusts—but many of us should. Many of my clients are surviving widows [...]
As we approach a new year and await the transition to a new presidential administration, questions have emerged regarding President-elect Biden’s proposed tax plan with respect to estate and gift tax laws. Although currently few details are known about Biden’s tax proposals, here is a summary of two of the most notable proposed changes: Decrease [...]
Proposition 19 passed in the recent election by receiving approximately 51% of votes and will take effect in California on February 16, 2021. Under current law (pre-Prop 19), there are great benefits for parents who want to transfer property to their children yet avoid property tax reassessment. For example, a married couple can pass property [...]
This is something I hear almost weekly in my office. Most clients are surprised to hear that the general answer is “the government will not take your money.” Estates will usually pay little-to-no money to the government through taxes unless there are debts owed to governmental agencies such as Medi-Cal. There are two types of [...]
As Seen On Yahoo Finance! Tony J. Tyre Certified as Specialist in Estate Planning by State Bar of California Board of Legal Specialization. As Seen On Los Angeles Herald & Orange County Sun! Southern California estate planning firm, The Law Offices of Tony J. Tyre, Esq., APC, is pleased to announce that the State Bar [...]
Most of the time, clients become unclear about using the proper legal terms in estate planning, and for good reason—the terms are confusing. The most common example I hear is when people talk about wanting to name an “Executor of My Will.” However, this is not quite the proper term that should be used. The [...]
In a pandemic, ensuring your health care affairs are in order is more important than ever. Those who do have properly drafted estate planning documents are likely non-compliant with privacy rules established by the Health Insurance Portability and Accountability Act (HIPAA). As a result, their successor trustees, executors, and financial & healthcare agents often run [...]
In a world where many of us have Coronavirus-related fears, a power of attorney is more important than ever, especially if a person becomes incapacitated. A power of attorney allows the principal to delegate authority to the agent, sometimes referred to as the “attorney in- fact,” to act on the principal’s behalf in managing the [...]
As we slowly and tentatively begin the process of emerging from lockdown and embracing the new normal in this time of uncertainty, it may be a good time for you to revisit your estate plan. In my practice, I encounter many clients who had estate planning documents drafted some fifteen or twenty years ago and [...]
