The Rich Get Richer, and the Poor Get Poorer


The Rich Get Richer, and the Poor Get Poorer

When I ask people if they have their affairs in order, most say “yes.” But statistics tell a different story—less than 41% of Whites and only 26% of Blacks have estate plans. That means the majority are unprepared for their final years.

As a child, I often heard, “The rich get richer, and the poor get poorer.” I hoped it wasn’t true, but today’s reality suggests otherwise. A study reported by the National Association of Real Estate Brokers (NAREB) found that Black homeownership is about the same as it was in 1970. This is alarming because real estate is the foundation of Black wealth—yet too many of us are dying without wills or trusts, leaving our property in limbo.

Take my South Shore community: once 85% owner-occupied, it’s now just 23%. A major reason? Many residents live in homes still titled to deceased relatives, never going through the legal process to claim ownership. The cost to update a title is minimal compared to the financial benefits of securing property for future generations. As a former owner of  AMAXX Title Services, I can show you how. 

I urge you—get your house in order. Make a will. Establish a trust. Transfer property titles. If you don’t, the state will decide who gets what, and your family’s wealth could be lost.

Remember the adage: “The rich get richer, and the poor get poorer”.  Don’t let that happen to your family, make plans today to build your family’s wealth for generations to come.


Bye for now,

Bren


QUIZ: Who gets the assets of a remarried widow(er)?


Answer to last week’s quiz: Term life insurance is an excellent financial tool to use for paying predictable expenses, such as a mortgage, that would be difficult or impossible to pay if the primary wage earner dies.     

Get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please call me: 773-817-0601 or 773-819-1700.

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.


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