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GP Schoemakers Blog

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

Your Vacation Checklist

You’ve packed sunblock and a beach novel. You’ve planned your itinerary and bought plane tickets. But have you ensured that your estate plan is up to date? Don’t leave home without making sure your financial health and the future of your loved ones is provided for. It’s even more crucial than getting a pet sitter and locking the front door. Creating an Estate Plan If you don’t have an estate plan yet, don’t panic. Now is a great time to connect with a qualified estate planning attorney who can sit down with you and get you started with an appropriate [...]

The Silent Threat to Your Estate Plan

It is common knowledge that everyone needs to have an estate plan in place. Commonly, the focus is on assets, taxes, and any changes to legislation that may affect the security of your loved ones in the event of your incapacity or death. What many often forget, however, is that changes in family dynamics and circumstances can threaten even the most well thought out estate plan. This silent threat can easily keep your estate plan from actually working when it is truly needed. Below are several situations where updating an existing estate plan or creating a plan for the first [...]

By |June 11th, 2019|Categories: ESTATE PLANNING|0 Comments

Wills, Trusts & Dying Intestate: How They Differ

Most people understand that having some sort of an estate plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen if you die, intestate (without a will or trust), with a will, and with a trust. For this example, we’re assuming you have children, but no spouse: If you should die intestate, your estate will go through probate and all the world will know what you owned, what you owed, and [...]

By |June 4th, 2019|Categories: Design, ESTATE PLANNING, PROBATE, Trusts|Tags: , |0 Comments

What is an Inheritor’s Trust?

When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to help protect it: an inheritor’s trust. Purpose of an Inheritor’s Trust An inheritor’s trust is a trust that has been established for the purpose of receiving a beneficiary’s inheritance in a way that is protected legally and financially. In order to fulfill its intended purpose, [...]

By |May 28th, 2019|Categories: ESTATE PLANNING, Trusts|Tags: , , , , |0 Comments

The More You Know: Reverse Mortgages & Estate Planning

You have likely seen several advertisements for reverse mortgages if you have spent any time watching television or surfing on the internet. The concept and sell is a simple one: as long as you own and live in your home, you can supplement your retirement income with a loan that you do not need to pay off. The trade-off when it comes to a reverse mortgage is that you are using your home’s equity to receive that extra retirement income. Even if a reverse mortgage is right for your circumstances, entering into a reverse mortgage is something that should be [...]

Do your parents have an estate plan?

Happy family watching television on sofa at home If you find yourself in the “sandwich generation” (someone who is caring for both your children as well as your parents simultaneously), you need to know whether or not your parents have put together an estate plan. While it is still your parent’s choice to make estate planning decisions, having a plan -- no matter how late in life it is created -- is an absolute must. The thought of speaking with your parents about their finances and estate planning probably makes you want to run as fast as you [...]

How to Choose a Guardian for Yourself

Every day we make hundreds of decisions from what to eat for breakfast to where we go on vacation.  With each passing day, there are more choices to be made.  But, what will happen if you can’t make decisions for yourself?  Before that time comes, there is one important decision you need to make. Who do you want to serve as your guardian? For those of you who have had your estate planning recently done or reviewed, you probably discussed and executed a Financial Power of Attorney. For those of you on the fence about having your estate planning completed, [...]

By |April 30th, 2019|Categories: ESTATE PLANNING, GUARDIANSHIP, POA|Tags: |0 Comments

Four Reasons Why Estate Planning Isn’t Just for the Top 1 Percent

There is a common misconception that estate plans are only for the ultra-rich - the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money.  In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat down to put their legal house in order. According to a 2016 Gallup News Poll more than half of all Americans do not have a will, let alone a comprehensive estate plan. These same results were identified by WealthCounsel in its Estate Planning Awareness [...]

By |April 23rd, 2019|Categories: Design, ESTATE PLANNING, PROBATE, Trusts|Tags: |0 Comments

DO IT NOW: NAME A GUARDIAN FOR YOUR MINOR CHILD(REN)

We know it’s hard. Thinking about someone else raising your children can stop you in your tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you – your children’s guardian could be a relative you despise or even a stranger you’ve never met. No one will ever be you or parent exactly like you, but more than likely, there is someone you know that could do a decent job providing for your children’s general welfare, education, and medical needs if you are [...]

By |April 5th, 2019|Categories: ESTATE PLANNING, GUARDIANSHIP|Tags: , , |0 Comments

WHAT EVERYONE SHOULD KNOW ABOUT MEDIATION

What Is Mediation? The goal of mediation is to use the assistance of a neutral third party to reach an agreement that is acceptable to both the parties. It helps both parties walk away with a satisfactory outcome, without the financial and emotional cost of a court case. The mediation process consists of a mutual endeavor. Unlike in negotiations (where parties are often entrenched in their positions), parties to a mediation usually seek out mediation because they are ready to work toward a resolution to their dispute. The mere fact that parties are willing to mediate in most circumstances means [...]

By |April 2nd, 2019|Categories: DIVORCE|Tags: , |0 Comments