Your Estate Plan: Value-Based Versus Cost-Based Estate Planning

The time to put together an estate plan is now.

With the start of a new year, many people who may have put off asset protection have made it a resolution to get their estate plan done this year.

For those people, I say, “congratulations!” This is an important decision and one that deserves careful consideration when selecting an attorney to make it happen.

For starters, there are several different types of estate planning, some of which do not include asset protection. And there are many different types of attorneys. Some attorneys will merely help you with the filling out and filing of documents. Others will spend the time to get to know you and your values and desires. This latter type of attorney is going to cost more initially but will be well worth it when you or your loved ones are not met with surprises down the line.

Four Types Of Estate Planning

For those who are just beginning to explore the world of estate and asset protection planning, there are actually four different types. I’ll explain briefly here. (For a more in-depth discussion you might want to listen to my podcast at https://elderlawgeorgia.com/podcasts/four-types-of-estate-planning/)

Will-Based Estate Plan

This is the most common type of estate plan that a majority of people use. Unfortunately most people who use this plan think that is all they need and simply hire an attorney to create a will. This is the least expensive method of estate planning however it does not offer any form of asset protection. In our office we refer to this as the “I’m going to go through probate plan.”

In the will-base plan, you will get a will, you’ll designate a financial Power of Attorney and create a health care Advanced Directive. None of these legal documents will protect any assets that you might have. If you have multiple beneficiaries, things can get very complicated upon your death.

The will-based plan is the least expensive type of estate plan, however it provides the least amount (read none) of protection.

Revocable Living Trust Plan

This is the plan for you if your objective is to make it as simple as possible for your loved ones upon your death or if you should become incapacitated cognitively or physically. In this plan assets are retitled into the name of the trust. Your loved ones will avoid probate and you will still be in charge and able to make changes as long as you are cognitively able.

Government Benefits Planning

This type of planning protects assets while also providing access to certain VA benefits for wartime Veterans and also Medicaid Benefits for people who need nursing home level of care. Regarding VA benefits, a tax-free income benefits is available to those members of the military who were in active duty during wartime and for widows/widowers of those who have served during wartime. Many programs exist to provide for long-term care for our Veterans that many attorneys who do not specialize in VA benefits or are not accredited by the VA are not aware of. As a Veteran, a Certified Elder Law Attorney, author, and the nation’s leader at teaching other attorneys nationwide on VA benefits, I have a depth of experience with VA benefits. The in-depth nature of this type of plan is deserving of the greater cost. When it comes to your long-term care and/or that of your surviving spouse, the initial cost may be greater, but so will the value.

Asset Protection Planning

This type of plan is for anyone who has greater assets in terms of actual money and/or a business that provides for the family and loved ones. It is the most comprehensive plan and includes estate tax planning as well as creditor protection.

Whatever type of plan you ultimately end up with, it’s important that the attorney you choose to work with spend time with you getting to know your values and objectives. You do not want someone who simply provides documents. This type of planning is designed to protect what you have worked for. A well-wrought estate and asset protection plan will provide protection for you, your loved ones, your children and the organizations you value. This is not the place to skimp. The old adage is true in this area: you get what you pay for.

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!

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Stacy McKenzie

21:58 07 Feb 24

Shannon and her team were great. Went in for a consultation and got my money worth. She explained and made sure we understood. I will be using them in the future.

Diane J

23:10 24 Jan 24

Waheed Hamid

18:55 17 Dec 23

We had excellent service from Shannon and her team, they are true professionals and helped us and explained every step in the process. We highly recommend The Estate and Asset Protection Law Firm.

Virgil Price Young

20:16 18 Jul 23

Stephanie Deal

15:22 07 Jul 23

My father and I recently used the estate, an asset protection, law, firm for new wheels, new, power of attorney’s, and a creation of a trust. Brooke and her entire team could not have been more helpful and more professional! We loved working with them, and they took everything seriously therefore I didn’t have to worry about a thing. I highly recommend everyone at the law firm.

Barry Amos

01:22 01 Jul 23

Great firm. Had answers to all our questions and explained everything clearly. Never felt rushed to make a decision Could not ask for a better experience. Every one we dealt with was professional and knowledgeable. We highly recommend this firm for estate planning.

Lee Jay

21:30 28 Jun 23

Shannon provided invaluable information regarding a family estate matter. Although her firm did not quite fit our immediate needs, the consultation was informative and extremely HELPFUL! Shannon clearly explained what our next steps should be and offered to assist if we had any questions along the way. Her expertise and willingness to help puts her in a league of her own!

Alice Guppy

02:01 23 Jan 23

Shannon and everyone at The Estate and Asset Protection Law Firm are professional, very knowledgeable, and a pleasure to work with. They answered all our questions in great detail and the plan they developed for us is exactly what we need to protect our assets and estate as we age especially with my husband's health issues.

Lynn McKibbin-Moore

23:09 24 Feb 22

My husband has dementia. This firm has been patient, kind and professional while we went through a move from a house of 37 years in to a condo to be closer to my daughter and her husband. (Miami to Atlanta). There was also a wedding. All in 6 months.We now have a trust, power of attorney. Wills for my daughter and her husband and more. All at a fair price. I could not recommend higher.

Tammy Lee

22:03 29 Jan 22

Shannon Pawley and her team are exceptional at helping families navigate tough situations. We began working with her upon finding out my father had Stage 4 kidney cancer. His decline was more rapid than expected.Attorney Pawley and her entire team expedited paperwork that allowed me to focus on my father’s care, make decisions that suddenly needed to be made for him medically and financially, and has allowed me the ability to focus more on grieving and less on legal matters upon his passing.It is obvious she is knowledgeable about the best ways to navigate estates to protect the assets for the owners and their loved ones. It is just as obvious that she is passionate and has true heart for what her clients go through.We will be using her for own estate needs, and I recommend her expertise to everybody I can.This service is worth every penny we paid as it has saved us more money and time than I could imagine.

H Jessie Brewer

18:26 18 Nov 21

Attorney Shannon Pawley and paralegal Alexis McCoy are legal professionals that my wife and I highly recommend. Their grasp of the Georgia law pertaining to Medicaid assistance and the interworking's of the State department is exceptional. Additionally, their client-attorney relationship skills are excellent. We wouldn't hesitate to use this law firm again should the need arise.

Dawn Hardy

15:06 13 Nov 21

Shannon and her team are the best! They listened to my needs and provided the best advice. They are patient and professional as well as personable, they didn't make me feel like I was just another client. Highly recommend!