"I have lots of friends who have one-year-olds so I've been asking them all: Should I get animals or clowns or what?" the Czech model, 35, told PEOPLE. George is her son with Italian businessman Gregorio Marsiaj.
"But they're like, 'Well, don't do too much because he's still not old enough to really enjoy it," Herzigova said. "So probably some friends and some balloons. Definitely balloons."
Herzigova – sporting a bracelet with "George" spelled out in diamonds – proudly revealed her son's first word.
"He says, 'mama, mama,'" she said at the AmfAR fundraiser at Cannes. "I speak to him in my language [Czech] but that word is international. He says grandma, too."
"This is a long time to be away from him," Herzigova said, playing with the George bracelet on her left wrist. "I miss him."