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

8/5/24

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 for the next generation. When a family doesn’t have an organized system for maintaining important information, pieces of information can easily be misplaced and forgotten, over time. 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, or to preserve vital family info.

A Life of Assets. Parents are working 30 years and 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 work benefits and all things of importance to be accessible, if needed.
The Homestead. 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, the deed, 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.)
Cash. Cash comes in many forms, but in most cases you need, at least, a company name and account number. People have bank accounts and insurance policies that no one knows about, which is money that oftentimes goes unclaimed. Bank and insurance information need to be made known to responsible family members, or at least be organized to easily find, in an organizer, such as The Home Organizer.
Inherited properties. Blacks are letting inherited properties go because the house may need repairs, and heirs assume they are not saleable. Even if a property is in need of repairs, or 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. Properties, in every area and 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.
Sentimentals. 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 from generation to generation, for family enjoyment, 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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