The Tyra Law Firm, LLC

Helping our neighbors plan for their family’s future and avoid painful issues.

  • The Tyra Law Firm, LLC
  • Neil W. Tyra, Esq.
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What Estate Tax Will I have to Pay?

October 13, 2020
Neil Tyra

Man Fanning Out Currency Bills

One of the most frequent questions asked by potential clients is “how much tax am I going to have to pay on my estate”? While tax mitigation is certainly a consideration, the vast majority of people worry about this issue far too much in my opinion when it comes to estate planning. And notice how I used the phrase tax mitigation as opposed to tax avoidance. Most of us want to reduce the amount of taxes we pay. We Read More

Filed Under: Trusts & Estates, Estate Tax

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Hiring a Professional Pays

March 25, 2019
Neil Tyra

In the United States, the majority of individuals don’t have any estate planning documents in place. Why is that? For some, it is difficult and uncomfortable to confront their own mortality. For others, there is a perception that the estate planning process is expensive or only meant for people who are already “successful.” To address this phenomenon, there have been a wave of “budget” and “DIY” estate planning Read More

Filed Under: Advanced Health Care Directive, Power of Attorney, Probate, Trusts & Estates, Wills, Estate Tax

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A Clear and Compassionate Plan Can Help Avoid Hurt

March 18, 2019
Neil Tyra

On March 4, 2019, America lost one of its favorite heartthrobs. Luke Perry (Coy Luther Perry, III) passed away after a tragic and unexpected illness. At the age of 52, he suffered a stroke, was hospitalized, and five days later, when it was clear he would not recover, his family made the decision to remove life support. In this devastating time, it seems that Luke Perry’s family was able to take swift and decisive Read More

Filed Under: Trusts & Estates, Wills, Estate Tax, Estate Planning

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What Every New Parent Needs to Know About Estate Planning

March 12, 2019
Neil Tyra

New parents contemplating their estate plan

As a parent and an estate planning attorney, I spend quite a lot of time thinking about how to protect my children and provide for their futures using estate planning tools. But, my children are grown. For new parents, I know that estate planning may be the furthest thing from your mind. As a parent (or grandparent!), there are a thousand things to worry about. Having children in your life creates responsibility, Read More

Filed Under: Power of Attorney, Probate, Funeral Planning, Trusts & Estates, Wills, Estate Tax, Inheritance Tax, Estate Planning, Advanced Health Care Directive

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Will Maryland’s Inheritance Tax Force You to Relocate?

March 13, 2015
NWT Owner/Admin

Locked chest containing valuables

Only two states - Maryland and New Jersey - impose an inheritance tax as well as an estate tax on top of the Federal estate tax. Many states are eliminating or have eliminated death taxes altogether. But only these two impose both additional state level death taxes on top of the federal tax. Recently, Maryland signed into law legislation that gradually brings the state estate tax in line with the federal tax. Read More

Filed Under: Elder Law, Trusts & Estates, Wills, Estate Tax, Inheritance Tax

Recent Posts

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  • Update Beneficiary Designations to Avoid a Disaster
  • Pet Trust: Will the Dog Inherit More Than Me?

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199 East Montgomery Ave.
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