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Most living trust beneficiaries receive their inheritance “outright,” meaning it is distributed from the trust directly to them, so that they effectively own the inherited assets. Unfortunately, by “owning” their inheritance, your beneficiaries are then needlessly exposed to the claims of spouses in divorce, creditors, lawsuits, the loss of government needs-based benefits and potential estate [...]
Whether your loved one dies testate (with a will) or intestate (without a will), his or her estate will be subject to the California probate process—the roughly twelve-to-sixteen-month process whereby a court oversees distribution of an estate to its beneficiaries. The personal representative of an estate (the “executor”) is entitled to compensation for services he [...]
Over two years after the “Stay at Home” order went into effect, with Omicron, 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, [...]
https://www.youtube.com/watch?v=9rg_E9Se1ao When a person dies in California with real or personal property held outside of a trust, then the decedent’s assets must be administered under the court’s supervision through a process known as“probate.” Probate proceedings can cost tens of thousands of dollars in statutory fees and administrative costs and can take years to [...]
On November 3, 2020, California voters approved Proposition 19—the Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. Effective February 16, 2021, the provisions of Proposition 19 replaced those established by Propositions 58 and 193 with respect to parent to child and grandparent to grandchild real property transfers. Additionally, [...]
Unknown to many of us, the government does not take money from a person’s estate most of the time. In fact, 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. The two main types of tax to consider are estate tax and [...]
When it comes to estate planning, people tend to have misconceptions about living trusts, many of which stem from secondhand accounts from unreliable sources. Below, I discuss three of the biggest myths about living trusts: Myth #1 “Only rich people need trusts.” By far the most common misconception I hear from clients is that they [...]
COVINA, CA / ACCESSWIRE / September 21, 2021 / Today, The Law Offices of Tony J. Tyre, Esq. APC announced a trend in rising numbers of families seeking estate planning. As more and more people have been coming to grips with their own mortality, due to the COVID-19 pandemic, they are seeking ways to get [...]
If you are a parent, then you should strongly consider having a revocable living trust drafted, in additional to other essential estate planning documents. In the past, I have written about the benefits of having a trust, with the largest benefit being to avoid probate court, due to the time and cost involved. However, on [...]
There has been a lot of press lately regarding Britney Spears’ recent conservatorship hearings. Here is a brief explanation of Ms. Spears’ case. What is a conservatorship? In California, there are two types of conservatorships. A conservatorship of the person allows the conservator to make health care-related decisions on behalf of the conservatee. A conservatorship [...]
