Legacy Archives - GP Schoemakers, PLLC

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

What to Do with Your Beloved Collection

Whether your beloved collection consists of artwork, books, cars, music, or other significant items, you should not forget about this valuable asset when estate planning. You have likely spent quite some time — whether years or your entire life — building your collection; you should not leave its fate to the whims of the court. Estate planning is a great way to share the value and meaning of these much-loved items with those you leave behind. Through your estate plan, you can explain to your loved ones why you collected these items in the first place as well as the [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T21:52:19+00:00August 23rd, 2018|Categories: Estate Planning|Tags: Assets, Inventory, Legacy, Tips|0 Comments

What to Expect from Estate Planning in 2018

2017 is now fading into the rearview mirror. As we all look ahead to 2018, let’s consider a few things to watch regarding estate planning, so you and your family can be completely protected. The death tax. The death tax has been in a state of flux ever since the early 2000s when the Bush administration’s first tax cuts changed the exemption and tax rates. The recently-passed Tax Cuts and Jobs Act is the latest significant change. Starting January 1, 2018, the estate tax exemption amount will double to $11.2 million per person (married couples have $22.4 million of combined [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T21:47:51+00:00July 16th, 2018|Categories: Estate Planning|Tags: 2018, Inheritance, IRA, Legacy, Tax, Trust|0 Comments

An Estate Planning Checklist to Facilitate Wealth Transfer

Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third. Help your loved ones avoid becoming one of these statistics. You need to educate and update your heirs about your wealth transfer goals and the plan you have put in place to achieve these goals. What Must You Communicate to Future Generations to Facilitate Transfer of Your Wealth? You must communicate the following information to your family to ensure that they will have the information they need during a difficult time: Net worth statement, or [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:18:36+00:00June 11th, 2018|Categories: Estate Planning|Tags: Inheritance, Legacy, POA|0 Comments

How to Protect Your Child’s Inheritance from His or Her Untrustworthy Spouse

Parents who develop an estate plan often do so to provide for their heirs financially. Many want to make sure hard-earned assets, family heirlooms, or closely held businesses stay within the family. Indeed, a common question is what cost effective options are available to protect one’s children’s inheritance from a spouse in the event of untrustworthiness or divorce. Thankfully, there are many ways to structure your child’s inheritance to help ensure it will remain in the family for future generations. Let’s look at a few of the options now. Create a Trust A trust involves three parties: (1) the person creating [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:24:46+00:00June 6th, 2017|Categories: Estate Planning|Tags: Divorce, Inheritance, Legacy, Prenuptial, Trust|0 Comments

How Your Trust Can Help a Loved One Who Struggles with Addiction

Substance addiction is by no means rare, impacting as many as one in seven Americans. Because of its prevalence, navigating a loved one’s addiction is actually a relatively common topic in everyday life. But you should also consider it when working on your estate planning. Whether the addiction is alcoholism, drug abuse, or behavioral like gambling, we all want our loved ones to be safe and experience a successful recovery. A properly created estate plan can help. The idea that money from a trust could end up fueling those addictive behaviors can be a particularly troubling one. Luckily, it’s possible to frame [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:27:04+00:00May 2nd, 2017|Categories: Estate Planning|Tags: Funding, Legacy, Trust|0 Comments

Three Estate Planning Mistakes Farmers and Ranchers Make and How to Avoid Them

Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers fail to make an estate plan. The farm or ranch that has been passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending the family’s unique lifestyle choice. Sadly, farmers and ranchers are not the only ones who avoid making or updating an estate plan – many others, including business owners and parents, also avoid planning, which can cut their legacy short. Below are [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T19:44:04+00:00May 7th, 2015|Categories: Estate Planning|Tags: Legacy, Mistakes|0 Comments