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As a general rule, when a person dies in California holding real or personal property outside of a trust or without properly designated beneficiaries, the deceased person’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 [...]
Tony J Tyre is extremely proud to announce that his law firm has been chosen by the readers of Pasadena Star-News, San Gabriel Valley Tribune, and Whittier Daily News as FAVORITE LEGAL SERVICES and FAVORITE LIVING TRUST ATTORNEY. He sincerely thanks his team for their continued dedication, enthusiasm, & hard work, and our clients for [...]
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, [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
