We want to be frank with you: Some demographics are missing out on the many benefits of estate planning. The team here at Solan, Park & Robello wants to change that. We believe estate planning is for everyone.
A recent study shows that African American estate planning, in particular, is lagging behind. There are likely a number of factors at play here. Undeniably, a large part of the issue stems from wealth disparities in the United States and the age-old myth that estate planning is only for the wealthy.
Hundreds of years of adverse laws and practices that have gatekept wealth in white communities are slowly being peeled away. But, we want to play a part in bridging this gap, as well. Regardless of your wealth status, there is an estate plan for you and your family.
Estate Planning Helps Build Generational Wealth
Your estate plan is a vehicle for building generational wealth. Black communities deserve access to the same generational wealth that other communities in America have benefited from for generations.
Through your estate plan, you are able to put aside assets and money for your heirs. Additionally, utilizing certain estate planning tools allows you to save money on the taxes that would otherwise be taken out of what you are planning to leave for the next generation.
Don’t Miss Out on a Historic Transfer of Wealth
Over $68 trillion is projected to change hands in the next 25 years. This is a historic opportunity to take part in a massive shift in the U.S. economy and help set your family up for decades to come. You lose out on this opportunity if you don’t have a proper plan in place.
Estate planning won’t guarantee you a seat at the table when this money is being exchanged, but it sets you and your loved ones up to take advantage of the opportunities that come your way. It’s about time the wealth transfer benefited a diverse group of communities instead of just the same old players exchanging money with each other.
Elements You Need in Your Plan
Something many Americans misunderstand about estate planning is that it’s not just about money and assets. There are other elements in your plan that need to be accounted for to protect your family and preserve your future.
Power of Attorney designations, health care proxies, conservatorships, guardianships, etc. These are all elements that put a plan in place for when things go wrong. One of the biggest growth opportunities in Black communities comes in the form of emergency planning through your estate.
We don’t always get to plan the twists and turns in life but we can plan for them. Be prepared when you or a loved one suddenly becomes incapacitated or passes away. This safety blanket protects all the hard work you’re putting in today to make life better for future generations.
Talk to an Attorney to Get Started
At Solan, Park & Robello, we are a diverse team that’s proud to support a diverse group of clients. We provide the same dedication to excellent service regardless of who we are working with and want to be a solution for everyone. Our team understands California estate planning needs and wants to break down planning barriers in all communities. Contact us if you are ready to get your plan in place.