GP Schoemakers Blog

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GP Schoemakers Blog 2019-04-10T17:20:19+00:00

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: ESTATE PLANNING|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|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|0 Comments

PARENTAL WARNING: IF YOU OWN YOUR PROPERTY THIS WAY, YOU MAY ACCIDENTALLY DISINHERIT YOUR OWN CHILDREN

Owning property as Joint Tenants with Right of Survivorship is easy, common, and often disastrous.  Sadly, children – both minor and adult – are often disinherited. While there are several forms of joint ownership, the one most people use (and the one considered in this discussion) is called “Joint Ownership with Right of Survivorship.” When one owner dies, the jointly owned asset automatically, by operation of law, transfers to the surviving owner. Joint ownership is a very common way for married people to own their assets. Joint ownership is also commonly used by aging parents and their adult children. Joint [...]

CRYPTOCURRENCY AND ESTATE PLANNING: WHAT YOU NEED TO KNOW

Cryptocurrencies have been making headlines as of late, with more and more investors wanting in on this digital currency. Cryptocurrencies are attractive because they are unregulated, decentralized, and anonymous. While secrecy is useful in some areas of life, when it comes to estate planning it can lead to disaster. Indeed, your entire cryptocurrency investment can essentially disappear into thin air the moment you pass away or become incapacitated. If you have not taken the proper steps to plan and protect these assets, your loved ones left behind have no way of accessing or recovering them. Cryptocurrencies Explained Cryptocurrency is a form [...]

By | March 7th, 2019|Categories: ESTATE PLANNING|Tags: , , , |0 Comments

5 TRAGIC MISTAKES PEOPLE MAKE WHEN LEAVING ASSETS TO THEIR PETS

5 Tragic Mistakes People Make When Leaving Assets to Their Pets A pet trust is an excellent way to make sure your beloved pet will receive proper care after you pass on. The problem, of course, is that you won’t actually be there to see that your wishes are carried out. It’s critical to set up a pet trust correctly to ensure there are no loopholes or unforeseen situations that could make your plans go awry. Here are 5 tragic mistakes people often make when leaving their assets to their pets. 1. Appropriating more than the pet could ever need. [...]

By | March 6th, 2019|Categories: ESTATE PLANNING|Tags: |0 Comments

What Estate Planning Awareness Means For You

The third week of October is National Estate Planning Awareness Week (Oct. 15-21, 2018). Estate planning is important for everyone regardless of wealth or family status because if you become incapacity or pass away without an estate plan, you are leaving the distribution of your assets subject to state law – and the results may not be what you want or expect. Estate Planning Explained Estate planning includes the growth, protection, and transfer of a person’s wealth through the creation and maintenance of an estate plan. The concept of estate planning is important and twofold: (1) to have a strategy [...]

By | October 15th, 2018|Categories: ESTATE PLANNING|0 Comments

RETIREMENT PLANNING FOR BUSINESS OWNERS

For many employees, saving for retirement is usually a matter of simply participating in their employer’s 401(k) plan and perhaps opening an IRA for some extra savings.   But, when you’re the owner of a business, planning for retirement requires proactivity and strategy. It’s not just the dizzying array of choices for retirement accounts, there’s also planning for the business itself. Who will run the business after your retirement? Additionally, your estate plan must integrate into your retirement and business transition strategy.   Owners of businesses (like employees and everyone else) want to make sure they will have enough money [...]

By | August 23rd, 2018|Categories: BUSINESS PLANNING, RETIREMENT|0 Comments

REWARDING YOUR EMPLOYEES BY GIVING THEM THE BUSINESS

Retiring from your business can a tough decision.  To ensure that what you have built continues on, there needs to be a plan for succession.  For some people, they have spent years grooming a child or other family member to take over, wanting the business to stay in the family.  Others look to sell to a third party for a quick way out that will also give them a nest egg for their next phase of life.  However, there is a third option–transferring the business to your employees.  If you like the idea of transferring your business to long-time faithful [...]

By | August 23rd, 2018|Categories: BUSINESS PLANNING, ESTATE PLANNING|0 Comments

A TRUST FOR FLUFFY OR FIDO? WHY EVERY PET PARENT NEEDS TO CONSIDER A PET TRUST TODAY

Estate planning is about protecting what’s important to you. Although much of the traditional estate planning conversation focus on surviving spouses, children, grandchildren, many pet parents wonder about what could happen to their “furry children” after their death or if they become incapacitated and unable to care for the pets. Read on if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” “What if I’m incapacitated and unable to care for them?” Enter the pet trust. This tool is something that can be easily incorporated into a new or existing estate plan [...]

By | August 23rd, 2018|Categories: ESTATE PLANNING|0 Comments