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  • Home
  • About Us
    • Gratia Schoemakers
      • Community Outreach Program
    • Testimonials
  • Virtual Services
  • Estate Planning
    • Estate Planning Basics
    • Last Will and Testament
    • Revocable Living Trusts
    • Durable Power of Attorney
    • Medical Power of Attorney
    • Living Will
    • Family Estate Planning
    • LGBTQ Estate Planning & Asset Protection
    • Kids Safety Plan™
    • Business Succession Planning
    • Guardianship
      • Guardianship Planning
    • Special Needs Planning
    • Legacy Preservation Planning
    • Asset Protection
    • Trusts
    • Pet Trusts
    • Gun Trusts
  • Probate
    • Texas Probate Guide
    • Probate of a Will
    • Texas Affidavit of Heirship
    • Texas Small Estate Affidavit
    • Texas Heirship Determination
    • Texas Muniment of Title
    • Trust Administration
  • Family Law
    • Divorce
    • Collaborative Divorce
    • Mediation
    • Custody / Visitation
  • Blog
  • FAQs
    • FAQs – Videos
    • FAQs – Estate Planning
    • FAQs – Beyond Money in Estate Planning
    • FAQs – Divorce and Estate Planning FAQs and Myths
    • FAQs – Estate Planning for Newlyweds Myths and FAQs
    • FAQs – Estate Planning for Young Adults
    • FAQs – The Estate Planning Cast of Characters
    • FAQs – Expecting an Inheritance
    • FAQs – Myths and FAQs – Planning for Conflict Prone Families
    • FAQs – New and Expanding Families
    • FAQs – Pet Trusts
    • FAQs – Probate
    • FAQs – Standalone Retirement Trust Myths and FAQs
    • FAQs – Trust Modifications
    • FAQs – Unwinding Obsolete Planning
    • FAQs – Why You Want to Avoid Probate
    • FAQs – Year-End Planning Myths and FAQs
  • Contact
    • Virtual Estate Planning Login
    • Client Portal

Creditors

Warning: Don’t Let Creditors Inherit from You

February 18, 2022 By Gratia P. Schoemakers, Esq.

Creditors inherit from you

Shocking to most people, the retirement account you leave for your spouse can be seized in a divorce, lawsuit, or bankruptcy. 3 Options Available To Surviving Spouses When your surviving spouse inherits your IRA, he or she generally has three options: Cash-out the inherited IRA and pay the income tax.   WARNING! The cashed-out IRA will […]

Filed Under: Divorce, Estate Planning, Retirement, Trusts Tagged With: Bankruptcy, Creditors

What is an Inheritor’s Trust?

May 28, 2019 By Gratia P. Schoemakers, Esq.

secure for loved ones

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 […]

Filed Under: Divorce, Estate Planning, Trusts Tagged With: Creditors, Inheritance, Spendthrift Trust, Taxes

Why a Spendthrift Trust Can Be a Great Solution for Your Heirs

July 16, 2018 By Gratia P. Schoemakers, Esq.

There are many tools that can be used when putting together your estate plan.  One such tool is a trust. A trust is a fiduciary arrangement, established by a grantor or trustmaker, which gives a third party (known as a trustee) the authority to manage assets on behalf of one or more persons (known as […]

Filed Under: Estate Planning Tagged With: Creditors, Inheritance, Spendthrift Trust, Taxes, Trust, Will

Isn’t There Already a Law That Leaves Everything to My Spouse and Kids?

May 14, 2018 By Gratia P. Schoemakers, Esq.

Many people think that if they die while they are married, everything they own automatically goes to their spouse or children. They’re actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as “intestate.” In that case, the specifics will vary depending on each state’s […]

Filed Under: Estate Planning Tagged With: Children, Creditors, Minor Children, No Will, Probate, Spouse

How You Can Build an Estate Plan That Includes Asset Protection

March 21, 2017 By Gratia P. Schoemakers, Esq.

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. […]

Filed Under: Divorce, Estate Planning Tagged With: Asset Protection, Bankruptcy, Creditors, LLC

Discretionary Trusts – How to Protect Your Beneficiaries from Bad Decisions and Outside Influences

July 21, 2014 By Gratia P. Schoemakers, Esq.

Leaving your hard-earned assets outright to your children, grandchildren or other beneficiaries after you die will make their inheritance easy prey for creditors, predators, and divorcing spouses.  Instead, consider using discretionary trusts for the benefit of each of your beneficiaries. What is a Discretionary Trust? A discretionary trust is a type of irrevocable trust that […]

Filed Under: Divorce, Estate Planning Tagged With: Beneficiaries, Creditors, Discretionary Trust, Trust

U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors

July 7, 2014 By Gratia P. Schoemakers, Esq.

On June 12, 2014, the U.S. Supreme Court—in a unanimous decision—ruled that Individual Retirement Accounts (IRAs) inherited by anyone other than a spouse are not retirement funds and therefore are not protected from the beneficiary’s creditors in bankruptcy. The reasoning is, because the beneficiary cannot make additional contributions or delay distributions until retirement, it is […]

Filed Under: Estate Planning Tagged With: Creditors, Inheritance, IRA

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