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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 [...]
Many estate planning firms have seen an increase in clients due to the world reopening and people feeling comfortable meeting in person. Everyone, at some point in life, should plan for their wishes, family, and estate. Now is the time to get your legal affairs in order. Peace of mind is worth the effort of having [...]
LOS ANGELES, CA / ACCESSWIRE / May 18, 2021 / Southern California estate planning firm, The Law Offices of Tony J. Tyre, Esq., APC, examines the new estate tax law changes and what people need to know moving forward. As detailed recently on their website, estate taxes are being discussed much more these days with [...]
There has been a lot of talk in the media recently about estate tax. Estate tax, often called “inheritance tax,” is different than income tax – it is a value based tax. Your estate only pays estate tax if your estate is worth more than the estate tax exemption. The current exemption is $11.7 million, [...]
