Estate Planning: An Act Of Love

September 10th, 2020

Most people who come to see us at French Law Group have a preconceived notion about estate planning. They’ll say “Oh, I just want to make a will” or “I just need a power of attorney.” They believe they don’t have an estate or that they don’t need to plan because they don’t have anything of value.

What they don’t realize is that estate planning is simply the act of thinking about who in your life is important to you, what you have that you want to protect, preserve, or pass on to someone else and how we put those two together. If you want to help your loved ones after your death, you need to plan properly. That is why estate planning is an act of love.

It doesn’t matter if you don’t have much money, or if you’re a multimillionaire, everyone needs an estate plan. If you don’t make a plan, the State of Georgia has a plan they will use for you. And most of the time, Georgia’s plan will not line up with your wishes.

When we work with our clients, we break down estate planning into 4 main categories.

1. Will-Based Planning

This is a Last Will & Testament. Anything you own individually will be subject to probate court. If you have a will leaving your assets to your spouse, children, or even charities, it is subject to probate court supervision.

2. Trust-Based Planning

This is where you set up your own ball game. You set up the structure and make the rules. This includes any rules to protect you during your lifetime and rules that will protect your loved ones after you die. This document will help you avoid probate and minimize estate taxes.

3. Protection Planning
This type of plan will protect your house, money, or other assets from unknown creditors. You can also separate your business endeavors from personal endeavors through this plan. Long-term care is also addressed in this plan. This includes medicaid planning, and VA planning.

4. Powers of Attorney
This includes your financial power of attorney and your Advanced Health Care Directive. If you don’y have these things in place and you become incapacitated, the probate court will be responsible for appointing someone to take care of your medical needs and your finances.

The time to plan is now. Don’t put it off.  Show your loved ones you care by calling our offices today to start planning your legacy.  706.991.1701