GP Schoemakers Blog

GP Schoemakers Blog2019-04-10T17:20:19+00:00

The Top 2 Ways the Court Gets Involved in Your Estate, and How to Avoid Them

No one wants unnecessary court involvement in their life. But without careful and proactive estate planning, chances are that some aspect of your estate will end up being decided there. Here are two of the most common ways court proceedings can make their way into the management and distribution of your assets, along with the estate planning measures you can take to avoid them. Guardianship and conservatorship If you experience an inability to make decisions on your own behalf, also known as legal incapacity, and you don’t have provisions for what to do in this situation clearly outlined in your [...]

By |January 28th, 2020|Categories: ESTATE PLANNING, GUARDIANSHIP, PROBATE|0 Comments

There’s Never A Better Time Than Now To Get Your Affairs in Order

The idea of getting your financial and legal house in order is likely the last thing on your mind during the busy holiday season. But, getting started is much easier than you think. In fact, the end of the year is a good time to reflect upon the year that has passed and focus on your aspirations for the future. Don’t hold this task off for later. Some careful thought and a little bit of work now can go a long way to help you feel 100% confident about moving forward in the new year. In preparation for the upcoming [...]

By |January 21st, 2020|Categories: ESTATE PLANNING, GUARDIANSHIP, POA, Wills|0 Comments

Estate Planning That Expresses Who You Are – 5 Things to Talk About with Your Family

You intend to pass along your wealth through your estate plan, but what about your wisdom? Ensuring you accomplish both calls for a family meeting to have a conversation about your money, your legacy, and your core principles. Most families lead far-flung and busy lives, meaning the only time they see one another face-to-face is around the dinner table during a handful of major holidays. The estate planning process is a perfect opportunity to bring everyone together outside of those scheduled occasions — even if a child or grandchild has to attend via video chat. happy family having fun [...]

By |January 14th, 2020|Categories: ESTATE PLANNING, POA, Trusts, Wills|0 Comments

Why Your Estate Planning Project Must Morph into a Process

Many people put their estate plan on their to-do list as a one-time project: “Create estate plan” or “Meeting with lawyer 10:30 a.m. Thursday for estate plan.” Thinking of your estate plan as a single project or task to complete and move off your list is a common approach – but it’s also an approach that can land you in considerable hot water. Here’s why it’s essential to view your estate plan as a process, rather than a project. Process vs. Project: What’s the Difference? A project that takes several steps to complete – like an estate plan – can [...]

By |January 7th, 2020|Categories: ESTATE PLANNING, POA, Trusts, Wills|0 Comments

‘Till Death Do Us Part, Too: Estate Planning Tips for Commitment Without Marriage

Advice columnist Ann Landers once observed that “love is friendship that has caught fire.” If that’s true, there are thousands of ways for that blaze to unfold. For many Americans, such devotion and passion do not need to be neatly formalized as marriage. Tonight being New Years Eve, I am sure some people will change their "status" from single to engaged, dating, or visa versa. I wanted to stop there for a minute and see how our romantic choices affect our estate planning. It is no secret, our cultural norms are shifting, and quickly. Consider the following: Per the U.S. [...]

By |December 31st, 2019|Categories: ESTATE PLANNING, Trusts, Wills|0 Comments

Caution:  Your Traditional Asset Protection Plan is Set Up to Fail

You may be surprised to learn that not only has asset protection planning been around for a long time, but you have already engaged in it at some point during your life.  In fact, you probably have one or more types of traditional asset protection planning in place at this very moment.  The problem is in many cases the type of planning you have right now won’t be enough to protect you and your family. What is Asset Protection Planning? Asset protection planning is done to preserve and protect your property in advance of a claim, or the threat of [...]

By |December 23rd, 2019|Categories: BUSINESS PLANNING, ESTATE PLANNING, RETIREMENT|0 Comments

Can You Bequeath Your Frequent Flyer Miles?

If you’re a frequent airline traveler, one of your estate planning concerns may be what will happen to your accumulated miles once you’re gone. They could be worth thousands of dollars, so you probably don’t want them to just disappear, but some airline policies say that’s exactly what will happen. The law doesn’t consider airline miles assets that can be bequeathed directly to heirs, but there are still some steps you can take to help ensure your miles live on. It all starts with examining the airline policies in question. Airline Policies Regarding the Transfer of Frequent Flyer Miles Some [...]

By |December 17th, 2019|Categories: Uncategorized|0 Comments

How Does an IRA Fit Into Your Estate Plan?

When you think of IRAs, you probably think of retirement. But what happens to your IRA money after you’re gone? The answer depends on how you go about creating your estate plan and selecting beneficiaries, and you might be surprised to find out that your money could end up with the wrong people or cause an unexpected tax bill if you don’t take action ahead of time. What your IRA means for your estate plan Individual retirement accounts (IRAs) are often one of the biggest financial accounts you invest in over the course of your lifetime. When you’re working on [...]

By |December 10th, 2019|Categories: ESTATE PLANNING, RETIREMENT|0 Comments

How Does My Annuity Fit Into My Estate Plan?

Selecting the right type of annuity for yourself is no small feat. Of course, you’ve put in the research and planned with your financial advisors. But, you might still be wondering what happens to those annuity payments upon your death. In addition to their benefits as a financial tool for your goals, annuities can have a positive impact on your beneficiaries after you’re gone — but only if you take smart estate planning steps to make sure your wealth ends up in the right hands. Types of annuities Your annuity type affects how things pan out after your death. In [...]

By |December 3rd, 2019|Categories: Uncategorized|0 Comments

Dispelling the Top 3 Estate Planning Myths

Like any other complex subject, estate planning has its share of myths and misconceptions.  Understanding the top three estate planning myths will help you to create and maintain a plan that will work the way you expect it to work when it’s needed. Estate Planning Myth #1 – You Don’t Need an Estate Plan Because Your Spouse Will Inherit Everything A common belief is that if you’re married and you don’t have a will or a trust, your spouse will still inherit everything.  Unfortunately this is not always the case.  Who will inherit your estate even if you’re married depends [...]

By |November 26th, 2019|Categories: ESTATE PLANNING, PROBATE, Wills|0 Comments