“Daddy, What’s a Will?”
In the opening of “Legacy” on Jay Z’s critically acclaimed “4:44,” Blue Ivy asks, “Daddy, what’s a will?” Then with Johnny Hathaway’s “Someday We’ll All Be Free” looping in the background, Jay Z delivers a plea tailored to our community to GET FREE by leaving a legacy for our families. As I’ve said before and will continue to say over and over again, you don’t have to be rich to need a will or trust. Jay Z certainly knows most of his fans aren’t wealthy. Yet, he still delivers the message that until we build, preserve and pass on wealth we will not BE FREE. Whether you have a little or a lot, an estate plan tailored to your wishes will allow you to leave a legacy that protects your family and provides for its well being.
“Generational Wealth that’s the key. My parents ain’t have shit, so that shift started with me.”
Jay Z ain’t nobody’s fool. He knows that most wealth in America was gifted or inherited not earned. As recently noted in Bloomberg “The Racial Wealth Gap,” the biggest reason white families have considerably more wealth than Black families is that they are 5 times more likely to leave a gift for family members. The report busts all the respectability politics myths we are fed and finds:
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Attending college does not close the racial wealth gap.
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Raising children in a two-parent household does not close the racial wealth gap.
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Working full time does not close the racial wealth gap.
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Spending less does not close the racial wealth gap.
“Money and property left by parents or other families can provide a jump start to further wealth accumulation. by enabling families to buy homes and begin acquiring equity earlier in their lives.” Whether a gift or inheritance is large or small it can make a significant difference in your family’s ability to begin building wealth. It’s just that plain and simple.
Legacy, Legacy, Legacy…Black Excellancy
Of course, slavery, Jim Crow, and redlining prevented Black families from acquiring property for hundreds of years. So, we are obviously playing a game of catch up. Now that those barriers have mostly been removed and African Americans now wield $1.4 Trillion in spending power, the question is, how will you “take those monies and spread them across families?”
Legacy, Legacy, Legacy. Get your affairs in order. Black Excellancy.
Contact me for a FREE family wealth planning session at 312.868.0781 or gmsmith@jamiilaw.com.
Disclaimer: All content provided is brief general information and not intended as legal advice. Always consult an attorney before acting.
