The Wood Legal Group family is sharing the sage ruminations of Earl Graves, Sr., founder and former publisher, Black Enterprise Magazine.
Reflecting on the fact that at 80 his days were filled with more doctors appointments and funerals than business and social engagements, and lauding the lives of deceased friends that were filled with meaning and accomplishment, he said this:
“…There is one aspect of the passing of my African American friends that is increasingly alarming to me as the publisher of Black Enterprise: The likelihood is that the vast majority of them died without an estate plan or will.
“Why alarm?” you may ask. Because we as African Americans have the capacity to pass on more wealth than any previous generation–wealth needed to continue to finance the progress and empowerment of future generations. But this potential cannot be realized if we don’t collectively commit to estate planning. Merely buying enough life insurance to cover the costs of our burials may have been acceptable for our parents, but it’s not even close to good enough for our children and grandchildren.
How big a crisis is this? Nearly 70% of African Americans have no will or estate plan in place. Not only does this put our ability to transfer wealth to future generations at risk, it also comes at a tremendous cost. Without an estate plan, your assets fall subject to probate. According to one estate planning firm, probate costs surviving families a collective $2 billion annually–including more than $1.5 billion in attorney fees. Dying intestate (passing away without a valid will or trust) not only blocks the transfer of wealth; it can leave a crippling financial burden to your heirs.
Join The Girltrek Trailblazers During Walktober in Pasadena
Walktober is an annual event to get people walking in Pasadena! Walking is a deeply human activity, and we’re excited to offer a full slate of events that reflect a wide range of reasons and ways to enjoy walking. Whether you walk for physical health, mental health, to meet people, to see new things, or simply to get things done (maybe all of the above!), we recognize and celebrate that as an excellent thing.
The GirlTrek Trailblazers have picked up a momentum that is spreading in the city and they are one of the proud sponsors of Walktober 2019.
GirlTrek, the largest public health nonprofit for African-American women and girls in the United States. With nearly 100,000 neighborhood walkers, GirlTrek encourages women to use walking as a practical first step to inspire healthy living, families, and communities. As women organize walking teams, they mobilize community members to support monthly advocacy efforts and lead a civil rights-inspired health movement.
The signs are pointing to an economic recession. President Donald Trump’s tariffs and trade war with China, including his Twitter tantrums, are disrupting an already tumultuous roller-coaster ride of the U.S. and global stock markets and economies. Some financial analysts think the U.S. economy will continue its path of increased consumer spending and economic growth. However, other financial experts believe a recession is inevitable within the next 12 to 18 months.
An economic recession is defined as “a period of temporary economic decline during which trade and industrial activity are reduced in two consecutive quarters.” This means that during this vicious downward economic cycle, consumer spending drops, which increases business losses and leads to layoffs or furloughs. Meanwhile, unemployed workers reduce spending and default on loans and credit cards, which cause more business losses.
Whether you are feeling the purse strings pinch or you want to ensure you are financially prepared for an economic recession, here are five money moves you should start now.
Michael Wilkins, Amaiya Drew & Saudia Usher Among the 25 Finalist Selected for 2020 Rose Court
PASADENA, Calif. (September 24, 2019) – Before the final round of interviews, the 25 finalists for the 2020 Royal Court took a group photo on the front steps of Tournament House.
Applicants from 45 Pasadena area schools participated in the interview process and seven of the 25 finalists will be named to the 2020 Royal Court on September 30, 2019. Members of the 2020 Royal Court will each receive a $7,500 educational scholarship and serve as ambassadors of the Tournament of Roses, the Pasadena community, and the greater Los Angeles area.
Volunteer members of the Tournament of Roses’ Queen and Court Committee made its selections based on a number of criteria including public speaking ability, academic achievement, youth leadership, and community and school involvement.
Trump Administration Rule to End Free School Lunches Could Have Local Effect
About a half-million students could lose access to free school meals under a Trump administration proposal to limit the number of people who qualify for food stamps, drawing protests from congressional Democrats who say it could harm needy schoolchildren.
The change, proposed over the summer, would cut an estimated 3 million people from the Supplemental Nutritional Assistance Program. It is intended to eliminate eligibility for people who get food stamps because they have qualified for other forms of government aid, even though they may have savings or other assets.
But the impact of the cuts is anticipated to go further: Children in those households could also lose access to free school lunches, since food stamp eligibility is one way students can qualify for the lunches.
Agriculture Secretary Sonny Perdue said in July that the change was intended to cut families that the administration thinks do not need food stamp aid.
“The American people expect their government to be fair, efficient, and to have integrity — just as they do in their own homes, businesses, and communities,” Perdue said. “That is why we are changing the rules, preventing abuse of a critical safety net system, so those who need food assistance the most are the only ones who receive it.”
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