Business Planning Archives - GP Schoemakers, PLLC

5 Tips for Successfully Receiving an Inheritance
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5 Tips for Successfully Receiving an Inheritance
Business Planning, Wills

5 Tips for Successfully Receiving an Inheritance

If you recently received an inheritance, or are expecting to receive one in the near future, it has likely triggered mixed emotions in you. You have lost a loved one and also experienced monetary gain. Studies show that a third of Americans who received an inheritance completely spent it within two years of receipt. Below are five practical steps for you to follow to maximize and protect your inheritance. Take your time. Allow yourself to be emotionally ready. Making decisions on what to do with your inheritance while you are experiencing challenging emotions is not optimal. Be sure to commit [...]

By Gratia P. Schoemakers, Esq.|2021-11-30T22:35:31+00:00November 30th, 2021|Categories: Business Planning, Wills|0 Comments

Three Liability Planning Tips for Physicians Anyone Can Use
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Three Liability Planning Tips for Physicians Anyone Can Use
Business Planning, Estate Planning

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 Gratia P. Schoemakers, Esq.|2021-09-15T16:18:02+00:00March 3rd, 2021|Categories: Business Planning, Estate Planning|Tags: Liability Planning, Physicians|0 Comments

Estate Planning for Rental Property Owners
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Estate Planning for Rental Property Owners
Business Planning, Estate Planning, Home/Property Ownership

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 [...]

By Gratia P. Schoemakers, Esq.|2021-02-05T20:47:02+00:00February 17th, 2021|Categories: Business Planning, Estate Planning, Home/Property Ownership|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 Gratia P. Schoemakers, Esq.|2021-02-05T11:08:28+00:00December 23rd, 2019|Categories: Business Planning, Estate Planning, Retirement|0 Comments

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 [...]

By Gratia P. Schoemakers, Esq.|2021-01-27T11:27:21+00:00June 12th, 2019|Categories: Business Planning, Estate Planning, Trusts|Tags: Assets, Business, Life Insurance, Vacation|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 in retirement. [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T17:49:06+00:00August 23rd, 2018|Categories: Business Planning, Estate Planning, Retirement|Tags: 401k, Business Succession, Estate Plan, IRA, SEP|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 Gratia P. Schoemakers, Esq.|2021-09-21T17:49:41+00:00August 23rd, 2018|Categories: Business Planning, Design, Estate Planning, Retirement|Tags: Business Succession, ESOP, ESOPs, Estate Plan, Tips|0 Comments

Financial Planning. Tax Planning. Legacy Planning. Estate Planning – How Many Plans Do I Need?!

Most folks have at least heard of an estate plan. But fewer realize that a simple will is not enough to prepare for your future. In fact, a combination of plans – financial, tax, legacy, and estate – are vital to your financial well-being and protection of your assets and family. All of these plans are closely linked, affecting one another but also serving different purposes. Different Plans for Life Success Contrary to popular belief, in order to get to where you want to go in life you need multiple plans, each intended for a specific area of your life. [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T17:55:09+00:00August 23rd, 2018|Categories: Business Planning, Estate Planning|Tags: Financial Planning, Legacy, Taxes|0 Comments

Estate Planning When Not All of Your Kids Are In the Family Business

Owning your own business can be a great endeavor that takes a lot of passion and drive. Many small business owners focus on the day-to-day management and growth of the business, rather than thinking about a time when he or she may not be in the business. This is a far too common mistake. Future plans for your enterprise are even more important when one child works in the business but the others do not. Keeping the peace among your children after you are no longer able to participate in the business requires careful balancing of your estate plan. Planning [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T18:21:05+00:00August 23rd, 2018|Categories: Business Planning, Estate Planning|0 Comments