GP Schoemakers Blog2021-01-21T14:59:17+00:00

4 Tips for Avoiding a Will or Trust Contest

A will or trust contest can derail your final wishes, rapidly deplete your estate, and tear your loved ones apart. But with proper planning, you can help your family avoid a potentially disastrous will or trust contest.  If you are concerned about challenges to your estate plan, consider the following: Do not attempt “do it yourself” solutions. If you are concerned about an heir contesting your estate plan, the last thing you want to do is attempt to write or update your will or trust on your own. Only an experienced estate planning attorney can help you put together and [...]

By |March 10th, 2021|Categories: ESTATE PLANNING, POA, Trusts, Wills, wwPROBATE|0 Comments

Three Liability Planning Tips for Physicians Anyone Can Use

Whether you are a physician or not, you probably know that the practice of medicine is a profession fraught with liability.  It’s not just medical malpractice claims either – employment related issues, careless business partners and employees, contractual obligations, and personal liabilities add to the risk assumed by a physician in private practice.  Unfortunately, in our litigious society, these liability risks are not unique to physicians.  Business owners, board members, real estate investors, and retirees need to protect themselves from a variety of liabilities too.  Below are three liability planning tips anyone – physicians and non-physicians alike – can use [...]

By |March 3rd, 2021|Categories: BUSINESS PLANNING, ESTATE PLANNING|0 Comments

What to Bring to Your First Meeting with the Estate Planning Attorney

If you are thinking about putting together an estate plan, it is important to consult with an attorney who is knowledgeable and experienced in this area of law. Your initial meeting with an estate planning attorney is a good opportunity to discuss your family’s financial situation as well as your concerns and goals. If you are able to prepare ahead of time for this meeting, there are several items you should bring with you to benefit the most from the consultation. Helpful Information to Bring With You Before meeting with the attorney, consider writing down your goals and wishes for [...]

By |February 24th, 2021|Categories: wwPROBATE|0 Comments

Estate Planning for Rental Property Owners

In all parts of the country, services such as Airbnb have grown in popularity over the past few years. Indeed, these alternatives to hotel stays are popular among homeowners and vacationers alike. If you have a home or other rental property that is generating income, you should understand the following asset protection and estate planning considerations. Protecting Owners from Liability Just like any rental relationship, there is risk for the property owner. If anyone is hurt on the premises during their stay – no matter how short – a property owner could be held legally and financially liable for injuries [...]

Organizing for Tax (and Estate Planning) Season

It’s the start of a new year, which means tax season—and this year’s April 15th IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways. This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone. Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan. [...]

By |February 11th, 2021|Categories: ESTATE PLANNING, HOME/PROPERTY OWNERSHIP, RETIREMENT|0 Comments

Financial Firms Roll Out Form Aimed at Stopping Financial Elder Abuse

With cases of financial exploitation of the elderly on the rise, advisors who work with older clients are looking for ways to head off the abuse before it happens.  Enter the “Emergency Contact Authorization Form,” a document in which clients can list a trusted person who should be contacted if an advisor suspects a client is starting to lose their mental capacity or, worse yet, being financially abused or scammed. How Does an Emergency Contact Authorization Form Work? The Emergency Contact Authorization Form is a document which allows you to identify someone your financial advisor can contact if your advisor [...]

By |February 4th, 2021|Categories: ESTATE PLANNING, POA, RETIREMENT|0 Comments

Stress Test Your Estate Plan

So you have done the hard work of establishing an estate plan. Good for you! However, you still have serious work to do to ensure that the strategy you have selected will maximize your peace of mind and protect your legacy. Estate plans should be like living, breathing creations that reflect the changes in your life. Your life can and will change due to new births, children getting older, and other shifts in the family; changes to your investment portfolio, career and business; and changes to your health, where you live, and your core values. Likewise, external events, such as [...]

By |January 14th, 2021|Categories: Design, ESTATE PLANNING, Trusts, Wills|0 Comments

Four Types of Gifts Under A Will

Many people believe making a will is something that can be done with ease, and although most estate plans do not need to be complicated, most situations will call for something more than just a simple will. We have set out the legal requirements for making a will in one of our previous blog, which you can read up on here: "Anatomy of a Will". "Simple Wills" refer to a document where someone leaves all their assets to their spouse, that's it, nothing else, nothing fancy. It's like a "here you go" transaction. If however, this is not what you [...]

By |January 11th, 2021|Categories: Design, ESTATE PLANNING|0 Comments

The Harmonious Family that Won’t Fight? The Outcome May Surprise You

Most families are happy families. They get together for the holidays, share laughs, and tell stories. Everyone gets along and enjoys each other’s company. Then, the matriarch or patriarch dies. Suddenly, years of pent-up resentment and hurt feelings bubble to the surface, and the once-happy family is now embroiled in litigation over the decedent’s estate. When everyone is alive and happy, it is easy to think that nothing will break a family apart. Many people think that since everyone is getting along, estate planning is not needed because everyone will look out for one another and do what is fair. [...]

By |January 7th, 2021|Categories: ESTATE PLANNING, Wills, wwPROBATE|0 Comments

Loan, Gift, or Advancement: Why the Classification Matters

While we all want to provide financial help to our loved ones—whether they are family or close friends—it is important to understand that how the money is classified will directly affect your estate planning. Accordingly, the intent behind the transfer of the money is key when determining if it will be considered a loan, gift, or advancement. Understanding the Differences Loan If there is a mutual understanding that the money you gave to a loved one is to be paid back, this is considered a loan—whether the so-called loan was documented or not. If the money lent is not paid [...]

By |January 4th, 2021|Categories: ESTATE PLANNING|0 Comments
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