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.
  • Practice Areas
    • Estate Planning
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Your Adult Child’s Estate Plan: Why It’s Important?

April 6, 2021
NWT Owner/Admin

College kid pondering his estate plan

My adult children were home for the Easter holiday and I took the time to have that important conversation with them about their estate plans. Wait? You are an estate planning attorney. Why haven’t you had that conversation with them before? Haven’t you said before that an adult child's estate plan is an important aspect of your overall estate planning function? Why, yes. Yes, I did. But we as parents had to do some Read More

Filed Under: Trusts & Estates, Wills, Advanced Health Care Directive, Power of Attorney, Living Will

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Marital Separation and Estate Planning – Avoiding the Elective Marital Share Problem

January 29, 2021
NWT Owner/Admin

couple fighting

Just because you are separated and going through a divorce does not mean that you shouldn’t pay attention to your estate plan. In fact, there are a set of circumstances in which the law might create a result that you expressly wanted to avoid if you do not take measures to protect yourself. I am talking about the “elective marital share”. Separated But Not Divorced This issue keeps coming up with clients of mine Read More

Filed Under: Marital Property, Trusts & Estates, Wills, Pre-nuptial Agreements, Family Law

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Where Do I Store My Estate Planning Documents?

November 3, 2020
Neil Tyra

Locked chest containing valuables

“Now what do I do with these?” says almost every estate planning client upon final execution or signing of their documents. Where do you store them for safekeeping and who do you tell of their existence? The short answer is that you store them in a very safe and secure location. And you tell those people who need to know where that is and how they can gain access. Well, what does that mean and how do I do Read More

Filed Under: Trusts & Estates, Wills

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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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When is the Best Time for My Kids to Get Their Inheritance?

September 21, 2020
Neil Tyra

Woman with Daughter Blowing Bubbles

If you are like most parents, you want your estate to be evenly divided and given to your children if your spouse pre-deceases you. That is not necessarily set in stone; you can divide it up any way you see fit. But most people do follow the first scheme - by dividing their estate into even shares to give to their kids as their inheritance. But what does that mean if your kids are minors and how does that affect Read More

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

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How Much of My Estate Does My Spouse Get?

September 8, 2020
Neil Tyra

Couple of color embracing

The portion of your estate that passes to your spouse is called the marital share. Typically, you would provide for your spouse by indicating in your Will how much of your estate is to go to them upon your death. We often refer to an “I Love You Dearly Will” as being one that leaves everything to my spouse if they outlive me or everything to my children if my spouse pre-deceases me. For the vast majority of married Read More

Filed Under: Estate Planning, Trusts & Estates, Pre-nuptial Agreements

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How Do I Change My Will?

August 24, 2020
Neil Tyra

Is it ever too early to create a Will? The short answer is NO. Better to create a Will too early than too late. A properly constructed Will can serve you for many years before you need to update or revise it. But if circumstances arise that necessitate changing your Will, it does not have to be difficult. So, how do you change your Will? Why Change your Will? Your Will should be amended or changed anytime a major Read More

Filed Under: Trusts & Estates, Wills

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Testamentary Trusts? Another Kind of Trust?

August 11, 2020
Neil Tyra

Mother Hugging Her Young Daughter

Last week we discussed pour-over Wills in the context of a revocable living trust. This week I want to talk about testamentary trusts. These types of trusts are what we might call springing or contingent trusts. They are created by your Last Will and Testament - hence the description testamentary trust. What do we mean by springing or contingent trust?  Normally a trust is created by a stand-alone trust document. A Read More

Filed Under: Trusts & Estates, Trusts

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Pour-Over Will? What the Heck is That?

August 4, 2020
Neil Tyra

I know what a Last Will and Testament is; but, what the heck is a Pour-Over Will? It’s a great question that we often get asked. It’s also one around which a great deal of confusion exists. Let’s sort it out. Pour-Over Wills Work with Trusts Pour-Over Wills work in conjunction with a Trust - be they Revocable Living Trusts (the most common) or Irrevocable Trusts. Does that mean that you need both a Trust and a Read More

Filed Under: Trusts & Estates, Estate Planning, Living Will

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How Much Does a Will Cost?

July 31, 2020
Neil Tyra

How much does a Will cost? It is perhaps our most frequently asked questions. At The Tyra Law Firm, we get this question a lot. Of course, it makes sense to want to know what you are getting into and to budget accordingly. As you begin thinking about your estate plan, take some time to shop around, and find the right attorney for you. While the price may be a factor, finding an attorney whose process and philosophy Read More

Filed Under: Trusts & Estates, Estate Planning

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Recent Posts

  • Your Adult Child’s Estate Plan: Why It’s Important?
  • What If You Fail to Name a Beneficiary?
  • Marital Separation and Estate Planning – Avoiding the Elective Marital Share Problem
  • Update Beneficiary Designations to Avoid a Disaster
  • Pet Trust: Will the Dog Inherit More Than Me?

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