EP Update Archives - GP Schoemakers, PLLC

How to Minimize Legal Fees After Death

Death is a costly business. Aside from funeral expenses, legal fees can take a big chunk out of how much is left for your loved ones after you’re gone. But it doesn’t have to be this way. Careful planning can minimize the legal fees your loved ones will pay after you die. Here’s how: Make an estate plan – The cost of creating an estate plan will be far less than the legal fees your loved ones will have to pay if you don’t have one. But be careful – don’t try to write your own will or revocable living trust. [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:20:04+00:00June 1st, 2018|Categories: Estate Planning|Tags: EP Update, Probate Cost, Tax|0 Comments

Which Life Events Require an Immediate Estate Plan Update?

Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must also name someone who will make medical and financial decisions for you if you cannot make decisions for yourself. You also need to consider how to leave your property and assets while considering your family’s circumstances and needs. Since your family’s needs and circumstances are constantly [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:22:34+00:00May 31st, 2018|Categories: Estate Planning|Tags: Assets, Death, Divorce, EP Update, Marriage, Moving|0 Comments

Is Your Estate Plan As Stale As Last Week’s Ham Sandwich? 5 Reasons to Update Your Estate Plan

Estate plans are almost magical: they allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes, stress, and time delays. Estate plans can even keep your family and financial affairs private. But one thing estate plans can’t do is update themselves. Estate plans are written to reflect your situation at a specific point in time. While they have some flexibility, the bottom line is that our lives continually change and unfold in ways we might not have ever anticipated. [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:23:21+00:00April 13th, 2018|Categories: Estate Planning|Tags: EP Update|0 Comments

Dennis Hopper Saves Heirs with Last Minute Estate Plan Changes

Dennis Hopper, known for his role in Easy Rider, wanted to leave his fortune to his family. Well, not everyone in his family. Hopper made numerous estate planning changes in the last months of his life. His goal? To make sure his heirs shared his approximately $40 million in wealth and that his fifth, and current wife, Victoria, did not. The 5th Marriage Isn’t Always the Charm… At least that was the case between Hopper and his fifth wife, Victoria Duffy-Hopper, who was six years younger than Hopper’s oldest daughter from a previous marriage. It’s a long and rather ugly story, so let’s just touch [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:27:28+00:00October 16th, 2017|Categories: Estate Planning|Tags: EP Update, Mistakes|0 Comments