Blacks, How to Find Family Wealth You Don’t Know Exist

8/5/24, 2/23/26

Some Black families are losing generational wealth because they don’t know it exist. The reason families don’t know they have generational wealth is because the heads of households, in their busy schedules, do not organize financial and family information to make life easier and to protect for the next generation. When a family doesn’t have an organized system for maintaining important information, valuable information can easily be misplaced or forgotten, over time. Find the family wealth by knowing what is valuable and knowing how to protect it. Following are a few reasons for families to be incentivized to organize and record vital family information for all to know, in an organizer, such as The Home Organizer—where everyone can access quickly for emergencies, and to preserve vital family info.

Consider a Lifetime of Family Assets. Parents, who have worked for years, have assets, but the details and data are not known to their teens, or even their adult children. Writing vital information down, leaves a guide of all things of importance, to know, if needed. Knowledge of assets is crucial to protect the assets for the family.
Don’t Overlook the Largest Asset, the Family Property. You worked to purchase a home and paid off the mortgage, yet mature children are not aware of the status. If a property is in need of repairs or has taxes in arrears, some grown-aged children assume the property has no value. Wrong! The truth is that all properties have value. It's important for older children to know the mortgage payment info, payments for property taxes and insurance company, and list of when major repairs were done. At some point, the younger generation needs to know the particulars of the family home, so they are knowledgeable through the years in order to not lose the property, when parents can no longer take care of it. (See "Inherited properties," below.)
Find Hidden Family Money. Cash comes in many forms, but in order to recoup cash, in some instances, you need information—a company name, phone number and account number or policy number. People have bank accounts and insurance policies that families do not know of, which is money that oftentimes goes unclaimed. Bank accounts and insurance policies need to be made known to responsible family members, or at least be listed to easily find, in an organizer, such as The Home Organizer.
Inherited Properties Have Monetary Value. Blacks are letting inherited properties go when a property needs repairs, and heirs assume they are not saleable. Even if a property is in need of repairs, has a mortgage or back taxes, it usually can be sold “as-is,” without putting out any money upfront to sell it. Cost can be deducted from the proceeds of the property, at closing. Most important, the heirs get the profit from the remaining equity, which can be in the tens of thousands, or hundreds of thousands of dollars. Most properties, in every area and in every condition, have value! To determine the value of a property, contact a real estate agent in the area, preferably a referral from a trusted source. The real estate agent can tell you the value of the property, for you to decide if you want to sell it.
Family Sentimentals Have Value. And let’s not omit the sentimental things, like Grandma Sarah’s homemade biscuit recipe. Favorite family recipes, remedies and antidotes need to be written down, to preserve for generations, for family enjoyment, for family care, and in some cases, to use for a great business venture!

Start preserving your family wealth today by organizing your family information with The Home Organizer!

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