Asset Protection Archives - GP Schoemakers, PLLC

3 Asset Protection Tips You Can Use Now

3 Asset Protection Tips You Can Use Now A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan. But in reality, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that will decimate your finances. Below are three tips that you can use right now to protect your assets from creditors, predators and lawsuits. What Exactly is Asset Protection Planning? Before getting to the tips, you need to understand what asset protection planning is all about. [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:16:56+00:00July 16th, 2018|Categories: Estate Planning|Tags: Asset Protection, Planning|0 Comments

Wills vs. Trusts: A Quick & Simple Reference Guide

Confused about the differences between wills and trusts? If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference guide: What Revocable Living Trusts Can Do – That Wills Can’t Avoid a conservatorship and guardianship. A revocable living trust allows you to authorize your spouse, partner, child, or other trusted person to manage your assets should you become incapacitated and unable to manage your own affairs. Wills only become effective when you die, so they are useless in avoiding conservatorship and guardianship proceedings during your life. Bypass probate. Property in [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:30:45+00:00June 3rd, 2018|Categories: Estate Planning|Tags: Asset Protection, Privacy, Probate, Will vs Trust|0 Comments

How You Can Build an Estate Plan That Includes Asset Protection

Much of estate planning has to do with the way a person’s assets will be distributed upon their death. But that’s only the tip of the iceberg. From smart incapacity planning to diligent probate avoidance, there is a lot that goes into crafting a comprehensive estate plan. One important factor to consider is asset protection. One of the most important things to understand about asset protection is that not much good can come from trying to protect your assets reactively when surprised by situations like bankruptcy or divorce. The best way to take full advantage of estate planning in regards to asset [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:28:48+00:00March 21st, 2017|Categories: Estate Planning|Tags: Asset Protection, Bankruptcy, Creditors, Divorce, LLC|0 Comments

Michael Jackson’s Estate Pulled Into Seemingly Endless Probate Court Battles

Michael Jackson, the “King of Pop,” had always been a controversial superstar. Over the years, he became the father of three children, Prince Michael Jackson II, Paris-Michael Katherine Jackson, and Michael Joseph Jackson, Jr. While Jackson created a trust to care for his children and other family and friends, he never actually funded it. The result? Embarrassing and seemingly endless probate court battles between family members, the executors, and the IRS. 4 Essential Purposes of a Trust A trust is a fiduciary arrangement which allows a third party (known as a trustee) to hold assets on behalf of beneficiaries. There are four [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:31:16+00:00August 18th, 2016|Categories: Estate Planning|Tags: Asset Protection, Mistakes, Privacy, Probate, Trust|0 Comments

Financial Smarts Peak At 50, Here’s How to Protect Your Older Self

A recent study conducted by Texas Tech University concluded that the ability to make smart financial decisions peaks at age 50. This decline was observed in both men and women, making both sexes equally vulnerable to financial fraud as they age. 4 Tips for Protecting Your Finances From Scams, Shams and Schemes as You Age In “4 Ways to Protect Your Retirement Money From Scammers (and Your Future Self)” (Time.com), Liz Weston points out that fraud victims age 65 and older lost an average of $30,000, and one in ten lost more than $100,000. Now that I have your attention, [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:32:21+00:00November 16th, 2015|Categories: Estate Planning, Retirement|Tags: Asset Protection|0 Comments