The Estate & Asset Protection Law Firm Managing Partner, Shannon Pawley, Offers Learning By Way Of Famous People Who Made Big Estate Planning Faux Pas.
Estate & Asset Protection Attorney and Managing Partner, Shannon talks about the importance and urgency of creating well-thought out estate and asset protection plans and offers examples of fairly common mistakes made by famous celebrities and how to avoid them.
DECATUR, GA, September 30, 2020: Shannon Pawley, Managing Partner of The Estate & Asset Protection Law Firm, has posted a new article on the law firm’s website entitled “Estate And Asset Protection Planning Mistakes Hurt The Rich And The Not So Rich,” in which Ms. Pawley relieves readers of the notion that only the uber wealthy require estate and asset protection plans.
“Once upon a time,” Pawley writes, “it was thought that only the very wealthy required estate and asset protection planning services. However, as our country has become more litigious and many people have company sponsored 401k retirement plans, a well thought out estate and asset protection plan has become integral for most people, though far too many people haven’t come to that understanding yet.”
As Pawley points out, “Unfortunately the COVID-19 pandemic has created urgency around this topic, especially for anyone who has lost loved ones to COVID-19 without having any kind of will or plan in place.” She adds, “The hardships loved ones will have to endure because of lack of planning or poor planning can be devastating. But it doesn’t have to be that way.”
According to Pawley, “It’s fairly easy to understand how important a well thought out estate plan is when you look at the mistakes very wealthy people have made” She elaborates, “This is particularly true of many celebrities whose unexpected deaths have placed enormous tax burdens and other hardships on the beneficiaries of their estates. In some cases celebrities have died without having a will or any plan or designated beneficiaries. Some have died without letting anyone know where their will or legal papers are. So, you see,” Pawley emphasizes, “even people with enormous wealth make mistakes that could have easily been avoided.”
“Most people are not dealing with the kind of wealth that celebrities leave behind,” Pawley says. “But,” she adds, “remember, it’s not always the amount of your estate that’s most important, it’s how you want it to be distributed and to whom, no matter what the value. You want to make sure that things go to the people you want them to go to. And you want to make sure the person you designate as the executor of your estate knows where your documents are.”
Pawley gives examples with include Michael Jackson, Heath Ledger, FloJo and others. She goes on to say that, “You don’t have to be famous or ultra-wealthy to benefit from an estate and asset protection plan. You just need to have assets that someone would be willing to attempt to get through a lawsuit and/or loved ones or charitable organizations that you want to be sure will get whatever assets you have upon your death without having to pay taxes or lawyers’ fees or get tied up in a lengthy probate process.”
The entire article can be read at https://www.elderlawgeorgia.com/articles/estate-and-asset-protection-planning-mistakes-hurt-the-rich-and-the-not-so-rich/
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.
About Victoria Collier
Victoria L. Collier, CELA founded The Estate & Asset Protection Law Firm to serve the legal needs of retiring individuals. Victoria is also Co-Founder of Red Feather Financial. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability. We also believe that privacy and protection are the keys to personal peace.
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney (CELA) through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About Shannon M. Pawley, J.D., LL.M
Shannon is the firm’s Managing Partner. Born and raised in the Tidewater area of Virginia to a tightknit family with strong military service roots, Shannon learned from an early age the value of hard work and the importance of social awareness to ensure you always leave a situation in a better place than how you entered it. In her junior year of high school, Shannon served as U.S. House of Representatives Page during the 101st United States Congressional Session in Washington, D.C. This experience exposed her to numerous new cultures and worldly issues. Walking away from her experience as a U.S. House of Representative Page, Shannon knew that she wanted to pursue legal studies and be able to assist others in obtaining the best results available in difficult situations.
Shannon earned her undergraduate degree at North Carolina Wesleyan College and pursued a law degree from Michigan State University College of Law. After obtaining her law degree and becoming a licensed attorney in Michigan, she continued her educational pursuit by acquiring a LL.M. (Master of Law) in Taxation from Wayne State University.
In her professional tenure, Shannon has represented the full spectrum of clients from international blue-chip companies to single parents. While she prospered as a litigator, Shannon began to realize her natural talent was as a mentor by developing others in their practice and procedures. That led her to focusing more on the operational aspect of the legal practice. Prior to joining The Estate & Asset Protection Law Firm, Shannon was the Vice President of Litigation Operations with a national law firm overseeing the litigation offices across the United States.
Through her partnership with Victoria Collier, Shannon has found a professional peer who shares her passion to assist others to age with dignity, grace, and independence. Together, they strive to improve the life of each client they interact with while preparing both the client and their family for the difficulties that come with aging. Shannon is licensed to practice law in both Georgia and Michigan. In addition, she is a VA Accredited Attorney.