Flynn, Py & Kruse
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Know if it may be time to contest the administration of an estate

Generally speaking, a last will or estate plan allows someone with assets to determine how those assets end up divided once he or she dies. For many people, carefully planning this distribution process is part of their final legacy. It can have a profound impact on their loved ones, from children and grandchildren to siblings, friends and even charitable organizations.

Know your value: Calculating your estate

To know what estate taxes your estate might end up owing, it's important to be aware of the overall value of your estate. There are two dates which may be able to be used for setting estate value when it comes to the federal estate tax, either the time of your death or (if it would lower estate value) an alternate valuation date. The first is the actual date of death of the individual, while the second is six months following the date of death.

When circumstances change, you should update your estate plan

Planning an estate or creating a legally sound last will is a process. Although some people put it off for years, it is wise for anyone who has substantial assets, a dependent spouse or children to create an estate plan and last will as soon as possible. Doing so helps ensure that your loved ones and dependents will have access to resources after your passing. It also safeguards your possessions to go to the people you'd like to have them.

Estate planning can protect your family

Estate planning is typically not something anyone looks forward to doing, however, it is a necessary process in order to protect your legacy. Since none of us know exactly how long we have, it is important to start the process early. By having your financial affairs in order, you will be able to alleviate stress and a possible financial burden for your loved ones.

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Sandusky Office
165 East Washington Row
Sandusky, OH 44870

Phone: 419-625-8324
Fax: 419-625-9007
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115 West Perry Street
Port Clinton, OH 43452

Phone: 419-734-3174
Fax: 419-734-3175
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165 East Washington Row Sandusky OH 44870
115 West Perry Street Port Clinton OH 43452
To schedule a consultation with a lawyer regarding your legal matter, call Flynn, Py & Kruse at 419-625-8324 or contact the firm using the contact form below.

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