In this episode of the Share the Wealth Show, Generational Wealth Planning Attorney Portia Wood emphasizes the need for black and brown families to have estate planning in order to protect their wealth from discriminatory policies. She also talks about the work she does with her company and with friends to help close the racial wealth gap and provides valuable resources that we can all use to be informed about estate planning.

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[00:01 - 09:05] Addressing the Racial Wealth Gap

• Check out part 1 of my interview with Portia Wood!
• Getting away from the toxic banking society that’s harmful to people of color
• Economic inequality and institutional racism
• How COVID-19 accelerated the Road to 2053 timeline
• The black community is losing at the generational wealth transfer game

[09:06 - 13:20] The Power of Trusts

• Setting up the legal authority over your assets
• You don’t need permission from a judge
• Avoiding the extraordinary legal fees and delays

[13:21 - 21:27] Let’s Educate Ourselves

• Head over to woodlegalgroup.com!
• • Get access to their Resource Library
  • Save a seat on their monthly webinars
• Go to thefutureofgenerationalwealth.com and join the discussion about generational wealth protection
• Starting conversations with multigenerational families

[21:28 - 28:30] Closing Segment

• The final 2 questions
• • Portia on diversification: Having multiple buckets where you are invested is incredibly important

Key Quotes

“That's me saying, I've not only thought about you but that I love you and I am encouraging you. And the only way I can do that and it's with my estate because I'm gone.” - Portia Wood

“It is not because we are not building assets. It is not because of that. It's because we are losing at the generational wealth transfer game. We are losing every time somebody gets sick and every time somebody passes away by not having plans in place. And we just cannot afford to do so anymore.” - Portia Wood

Connect with Portia Wood! Visit the Wood Legal Group website and follow them on Instagram, Facebook, Twitter, and LinkedIn. Check out Portia Wood on Clubhouse, too! Want to know how Portia can help you? Here are 3 Ways Estate Planning Can Help Close the Racial Wealth Gap.

Let’s get connected!

You can find Nicole on LinkedIn, Instagram, or Facebook. Visit her website https://noirvestholdings.com

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