Only fifty percent of African Americans have even basic estate planning documents, such as a will, in place. Legendary African American celebrities Prince and Aretha Franklin died without sufficient estate plans—resulting in litigation and significant financial loss to their heirs. And considering the increase in African American-owned businesses (the US Census Bureau estimates that there were 2.5 million Black-owned businesses in 2020), African Americans must also consider

Be wary of the "simple fixes"! There are many ways to own your assets. When you die, it is only natural that you want your family to share in the bounty of your hard work. As a way to simplify the transfer process and avoid probate, you may be tempted to add a child or other relative to the deed or bank account utilizing the ownership type of joint tenancy with the right of survivorship (JTwROS). While this type of ownership delivers a lot of potential benefits, it may also b

Polling shows the number one worry for Americans as they age is memory loss, outpacing fears of insufficient funds, and loneliness. The most prevalent among all dementia is Alzheimer's disease. According to the Alzheimer's Association Facts and Figures Report, Alzheimer's accounts for an estimated 60 to 80 percent of diagnosed dementia cases. Projections for increasing numbers of Alzheimer's patients in the coming decades is cause for concern. However, in this digital age whe

Most parents choose to treat their children equally when it comes to inheriting property or money. But sometimes, parents intentionally choose to not leave anything to a child, and the reasons for doing so may vary. One reason could be that a child is more financially successful than the others and the parent does not feel it is necessary to leave anything. Another reason may be a desire to prevent a child with special needs from losing government benefits. Also, a parent may