Taxes Archives - GP Schoemakers, PLLC

What is an Inheritor’s Trust?

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 help protect it: an inheritor’s trust. Purpose of an Inheritor’s Trust An inheritor’s trust is a trust that has been established for the purpose of receiving a beneficiary’s inheritance in a way that is protected legally and financially. In order to fulfill its intended purpose, [...]

By Gratia P. Schoemakers, Esq.|2021-01-27T11:26:58+00:00May 28th, 2019|Categories: Estate Planning, Trusts|Tags: Creditors, Divorce, Inheritance, Spendthrift, Taxes|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

How to Fix 5 Common Estate Planning Problems

Not surprisingly, most people loathe reviewing their estate plan because it can be both confusing and daunting. Others do not want to think about death and avoid the topic altogether. If you already have put an estate plan together, you are ahead of the curve as many people do not have one. If you do not yet have an estate plan, there is no better time than now to sit down and get one in place. In either scenario, below are five common estate planning mistakes and how to fix them so that you are fully protecting your family. You [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T17:53:18+00:00August 23rd, 2018|Categories: Estate Planning|Tags: Common Mistakes, Estate Plan, Life Insurance, Mistakes, Retirement Accounts, Taxes|0 Comments

The Biggest Threats to Successful Estate Planning

Poor estate planning is a recipe for disaster. Look no further than Dickens’ Bleak House — or a telenovela — to witness the tragedy and melodrama inadequate estate planning can cause. While having your estate planning documents prepared is the first hurdle to overcoming these types of disasters, there are several threats that lurk around the corner that might derail your wishes. Family Conflict According to a TF Wealth survey of over 100 estate planning professionals, family conflict is the number one risk to a peaceful inheritance. If children are treated differently under the estate plan, there is often an [...]

By Gratia P. Schoemakers, Esq.|2021-09-21T18:22:14+00:00August 23rd, 2018|Categories: Estate Planning, wwPROBATE|Tags: Executor, Guardian, Inheritance, Mistakes, Representative, Taxes, Tips|0 Comments