Why some Black Americans might miss out on the $68 trillion transfer of generational wealth
By Michelle Fox -
When actor Chadwick Boseman died, he didn’t have a will. Neither did recording artists Prince and Aretha Franklin.
Each time the news broke, there was surprise that such notable names hadn’t made estate plans. Yet, estate planning isn’t as common as experts argue it should be, including among Black Americans.
Overall, 33 percent of U.S. adults have a will, according to Caring.com’s 2021 wills and estate planning survey. Meanwhile, 27.5 percent of Black Americans have one, up from 25.9 percent in 2020.
Despite the growth, Black Americans could miss out on the largest wealth transfer in history, said Brickson Diamond, co-founder of Black House Foundation, a nonprofit aimed at creating new opportunities for the Black community in the film world.
Over the next 25 years, an estimated $68 trillion will be transferred from U.S. households to heirs and charity, according to an analysis of high net worth and ultra-high net worth markets by consulting group Cerulli Associates.
Without a plan in place, probate costs could be 3 percent to 8 percent of the value of an estate, said Diamond, a board member of Gentreo, an online estate-planning platform.
READ MORE: Why some Black Americans might miss out on the $68 trillion transfer of generational wealth
https://www.msn.com/en-us/lifestyle/career...
Posted By: Dea. Ron Gray Sr.
Wednesday, February 16th 2022 at 8:18PM
You can also
click
here to view all posts by this author...
