Dear Clients & Friends, There has been a major change in retirement planning, which may affect your estate plan. The Setting Every Community Up for Retirement Enhancement (SECURE) Act was officially signed into law on December 20. The major changes of the Act include: Most inherited retirement plans are now subject to a 10-year mandatory…
Southern California estate planning attorney Tony J. Tyre, the founder of The Law Offices of Tony J. Tyre, Esq., APC, appears on “So, What’s Your Problem?” radio show. “So, What’s Your Problem?,” on 790 KABC, is hosted by Stan Katzer. The show features guest professionals, such as Tyre, who offer intelligent advice and have a…
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…
Being a Successor Trustee What is a Successor Trustee? A successor trustee is a person who takes over the management of a trust after the initial trustee dies or is unable to fulfill their responsibilities. The successor trustee is responsible for executing the trust and managing it until the assets of the trust are distributed…
The simple answer is no. Most trusts drafted by estate planning attorneys are amendable and revocable. The main idea behind having a trust drafted is protection. A trust protects your beneficiaries in a two major ways. First, a trust allows you to leave your assets to the people you choose in the manner you desire….
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…
Two Major Reasons Why You Need a Living Trust What is a Living Trust? A “Living Trust”, or a revocable trust, is a trust created by an individual during their lifetime to store their assets until they die. After they die, their assets are transferred to their beneficiaries by a “successor trustee” appointed by them….
“Planning is bringing the future into the present so that you can do something about it now.” We plan to go on vacation. We plan to have dinner with friends. But when it comes to planning for how we will be taken care of as we advance in age, many of us prefer not to…