Estate Planning Myths in the African American Community
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