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Generational
Wealth

Generational wealth is defined as “wealth that is passed down from one generation to the next.” You may have also heard about legacy. There are obstacles like probate and family greed that can hinder that legacy transfer. People are living longer so the process should start before someone passes away.

 

If you can leave something behind for your children or grandchildren (e.g., an inheritance), then you are contributing to the growth of wealth in your family. Historically, Black Americans have had tremendous difficulty in purchasing land and homes in the United States. This puts Black Americans way behind in amassing wealth and therefore need to be even more strategic in this environment.

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