How Estate Planning Ensures Financial Survival and Legacy For Black Families

Constance Carter, the visionary behind California’s largest independent Black-owned real estate agency and an acclaimed author, emphasized essential strategies for safeguarding Black wealth: life insurance, wills, and living trusts. During her segment on Black Press USA’s Let It Be Known, Carter asserted, “Estate planning transcends mere documentation. It embodies survival and power. It ensures our children receive more than just liabilities.” She pointed out the assets that Black families accumulate often remain vulnerable due to procrastinated or neglected planning. “We face a disadvantage in wealth accumulation,” she remarked, referencing barriers like redlining and predatory lending. Carter differentiated between wills and living trusts, noting that trusts serve as definitive legal tools for property transfer, unlike wills, which can face probate disputes. She urged families across all financial backgrounds to prioritize estate planning. To facilitate this, she offers a $25 eBook detailing living trust creation and requirements. Furthermore, she highlighted that life insurance is vital to avoid financial strain on families.