R.E.S.P.E.C.T. That’s What Estate Planning And Asset Protection Plan Spells

Unfortunately, too many people today don’t have or even think about estate planning and having an asset protection plan…

So many celebrities who die unexpectedly don’t have their affairs in order. They don’t have an asset protection plan.

Recently, we learned that the Queen of Soul, Aretha Franklin, fell into this group. Her estate was used to pay her outstanding tax debt. She owed nearly $8 million. That the iconic singer owed back taxes and did not have an estate and asset protection plan isn’t really surprising. It is tragic for Franklin’s family though. Since 2018, they haven’t received any of her estate.

It is so true that unexpected deaths, celebrity or not, can make the rest of us think…

We realize we need to think about the documents we need to have in place to benefit our loved ones. You certainly do not have to have the kind of estate Franklin had, or any other celebrities for that matter, to show your family you love and respect them enough to keep them from having to go through probate. The tax and financial hassle of probate can be huge, even for normal sized estates.

The hundreds of thousands of unexpected deaths due to the pandemic have also brought discussion of estate planning and having an asset protection plan to the foreground for many families.

It doesn’t take long to create legal documents like an asset protection plan, that allows you to make sure your affairs are in order.

But keep this in mind: you’ll need to update any legal documents if things change.

For instance, a common change that may affect your priorly drafted estate plan is a divorce or the birth of a child. This is clear in the case of the actor, Heath Ledger, who had a will, but unfortunately it was five years old and had never been updated. It gave his parents and sisters his $20 million estate and failed to mention Michelle Williams or their child.

Respect is shown in many ways. One of the most important ways we have of showing love and respect to our family and loved ones is sparing them from having to go through probate upon our deaths, however expected or unexpected they may be. Having an estate plan and asset protection plan is part of that.

If you do not have a will or an asset and protection plan and would like to discuss which direction would be best for you in your current circumstances, give our office a call at 404-370-0696. Having these important documents in place gives everyone a sense of safety and relief.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!