As a life and legacy planning attorney, I’ve seen firsthand how Black families work hard to build wealth – often while overcoming systemic barriers – and how quickly that wealth can disappear without the right legal protections in place. The truth is, it’s not just about how much you save or invest. It’s about making sure what you’ve built gets passed on the way you want it to.
A 2022 Federal Reserve study shows that the average wealth gap between Black and white families is more than $240,000. That gap didn’t just happen – it was built on generations of unfair laws and policies. From redlining to discriminatory lending to stolen land and broken promises, Black families have had to fight harder for less. And even when progress is made, that wealth often doesn’t make it to the next generation. Why? Because there’s no plan in place to protect it.
With Juneteenth around the corner, it’s the perfect time to talk about how Life & Legacy Planning can stop that pattern.
Why Wealth Doesn’t Stay in the Family
For many Black families, history includes not just the absence of wealth, but the loss of it. From the destruction of Black Wall Street in Tulsa to being left out of programs like the GI Bill or denied loans through redlining, these moments had long-term consequences. Owning property, passing down a business, or simply having access to financial education – these are things that white families often had access to while Black families were denied.
Even today, many Black families who do build wealth still lose it between generations – not because of mismanagement, but because there’s no legal plan to pass it on smoothly. And that’s what we need to change.
Where Traditional Estate Planning Falls Short
Most estate plans focus on paperwork – wills, powers of attorney, maybe a trust. But traditional estate planning often doesn’t reflect the real-life dynamics in many Black families. It may not account for extended family members, chosen family, or the informal ways many of us care for each other and share responsibilities.
Let’s say a grandmother leaves a house and some savings to her three kids with a simple will. Sounds good, right? But then the will goes to probate, and it takes two years and thousands of dollars to settle. One child sells their share to an investor just to get some money now. That investor now owns part of the family home. Just like that, a lifetime of effort is divided up and potentially lost.
Documents alone aren’t enough. You need a plan that works when your loved ones need it most.
How Life & Legacy Planning Makes a Difference
That’s where my Life & Legacy Planning process comes in. This isn’t just about filling out forms. It’s about creating a plan that reflects your life, your family, and your goals. Here’s how I help:
- We start with a conversation. I learn about your family dynamics, who you support, what worries you most, and what you want to pass on.
- We avoid probate court. I help you structure your plan so your family can access what you leave behind without delays or court battles.
- We get specific. We make a list of all your assets – real estate, insurance policies, retirement accounts, and more – so your family doesn’t miss anything.
- We update your plan regularly. Life changes, and so should your plan. Most lawyers won’t follow up after creating your documents. I will.
- We go beyond money. Your values, traditions, life lessons, and family stories are part of your legacy. We’ll make sure those are passed on too.
This isn’t just estate planning. It’s building a foundation for long-term family wealth – financial, emotional, and cultural.
Teaching the Next Generation
We’ll also talk about how to help the next generation make smart financial choices. Whether that means creating educational trusts, providing for college costs, or simply teaching your kids about budgeting and investing, your Life & Legacy Plan can help set them up for long-term success.
Money is important – but knowledge is power. When you leave behind both, you give your family something that lasts.
Ready to Break the Cycle?
If you’ve ever worried about whether your hard work will really benefit your children and grandchildren, now is the time to take action. Don’t wait until something happens. Let’s put a plan in place today.
At my firm, I start with a Life & Legacy Planning Session, where we’ll talk through what would happen to your family if something happened to you tomorrow. Then we’ll create a personalized plan that protects your wealth, your loved ones, and your legacy.
This Juneteenth, take the next step toward securing your family’s future. You’ve worked too hard to let it slip away. Let’s create a plan that honors your life, protects your legacy, and empowers the next generation.
At Cheever Law, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.