BLACK FAMILY WEALTH MATTERS: Click here to learn how we are working to support you.
PROTEJA SU HOGAR Y SU FAMILIA - Se Habla Espanol. Haga clic aquí!
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Areas We Serve
      • Los Angeles County
        • Inglewood
        • Malibu
        • Santa Monica
        • Torrance
        • Venice
    • Pre Consultation Form
    • Attorney and Staff Profiles
      • Attorney Caprice Collins
      • Attorney Lioness Ebbay
    • Awards & Recognition
    • Giving Back
    • Our Reviews
    • Speaker Connection
    • Staff Events
  • Services
    • Asset & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Medi-Cal and Elder Law
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
      • Trust Administration & Probate Definitions
  • EVENTS
  • Resources
    • Elder Law
      • Ladera Heights Elder Law
      • Los Angeles County Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Medi-Cal Planning Checklist
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning For Niches
        • Trust Administration
      • Estate Planning Definitions
      • Estate and Gift Tax Figures
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Business Succession Planning
      • Elder Law
        • Medi-Cal
        • Nursing Home Planning
        • Understanding Dementia
      • Estate Planning
        • Charitable Gifting
        • Estate Planning for Women
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
      • Financial Planning
        • Tax Planning in Your Estate Plan
      • Incapacity Planning
        • Veteran’s Benefits
      • Legacy Wealth Planning
      • Pet Planning
      • Power of Attorney
      • Probate
        • Serving as Executor
        • Small Estate Administration
      • Trust Administration & Probate
      • Trusts
        • Living Trusts
      • Understanding Estate Taxes and How They Impact Your Estate Plan
    • Legacy Wealth Planning Pre-Consultation Form
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
    • The Ultimate Caregiver Guide
    • Caregiver’s Worksheets and Checklists
  • Videos
  • Reviews
    • Our Reviews
    • Review Us
  • Women’s Planning
    • A Guide to Estate Planning for Women
    • Frequently Asked Questions
  • Trust Administration
  • Blog
  • Contact Us

Collins Law Group

Los Angeles Estate Planning Attorney

powered by BirdEye

Connect with us today(310) 677-9787

Attend a FREE Event
  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest
x

How to Protect Your Family In Case of Your Illness or Death

During our webinar, we discuss family home protection, avoiding nursing home poverty, preventing family feuds, protecting your kids' inheritance, and how you can keep the government out of your affairs.

Watch our webinar now
Home » Black Family Wealth » Black Wealth: The Effects of White Families Accumulating More Wealth than Black Families

Black Wealth: The Effects of White Families Accumulating More Wealth than Black Families

October 13, 2020General, Black Family Wealth, Black Wealth

Black Wealth: The Effects of White Families Accumulating More Wealth Than Black Families

Black wealth matters and there is a difference in the wealth that white families accumulate as opposed to their white counterparts.

In the midst of the worst global pandemic the world has faced in over a century, the Black Lives Matter (BLM) movement has exploded in America and even spurred similar protests across the globe. The year 2020 will undoubtedly go down in the history books as the year the U.S finally confronted issues related to police brutality, systemic racism, and “white privilege.”

A Closer Look Into White Economic Privilege

BLM protests across the nation have brought attention to the existence of “white economic privilege.” The Civil Rights Movement of the 1960s resulted in legislation that was intended to prevent discrimination and promote racial equality. Since that time, African Americans have seen some improvement in those areas; yet the economic disparity between White and African Americans remains as wide as it was five decades ago.

In 1968, median household wealth for African Americans was $6,674 compared with $70,786 for white households, according to data from the historical Survey of Consumer Finances. In 2016, the median household wealth for whites was $149,703 compared to just $13,024 for African Americans.  That makes the wealth gap even greater now than it was 50 years ago. To put those numbers in perspective, you would have to combine the net worth of 11.5 African American households to get the net worth of a typical white U.S. household.

Maintaing the Racial Wealth Gap

The BLM movement has forced all Americans to take a hard look at the economic disparity between white and black Americans as well as the reasons why that disparity continues to exist.  African Americans are more likely to work in low wage jobs and to get paid less than Whites in comparable positions.

Along with low employment and low wages, the gap in homeownership between White and African Americans also contributes to the racial wealth gap. In 2016, 72 percent of White families owned their home, compared to just 44 percent of Black families, according to the Racial Wealth Divide report released by the Institute for Policy Studies. The wealth gap is perpetuated by the fact that family wealth needs to be transferred from one generation to the next.

Why the Racial Wealth Gap Matters

One of the goals of the Black Lives Matter movement is to trigger structural policy changes that will help eliminate racial injustice as well as white economic privilege. One thing that African Americans can do now, however, is to take proactive steps to preserve their wealth for future generations, just as Whites do. Currently, whites are ten times more likely to receive a family inheritance than are African Americans.

For African Americans, building wealth is only the first step. Ensuring that hard earned assets such as cash accounts, retirement funds, family heirlooms and most importantly, real property remain in the family is an equally important second step. The best way to do that is through the creation of a Living Trust that ensures assets are passed on to family members without the need to go through the costly and time-consuming process of probate.

For more information on how we help you, please attend a webinar or reach us by phone at (310) 677-9787.

  • Author
  • Recent Posts
Caprice Collins
Caprice Collins
Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
Caprice Collins
Latest posts by Caprice Collins (see all)
  • Why Do We Need Estate Plans If We Do Not Plan to Have Children? - March 20, 2023
  • Using an Incentive Trust to Encourage a Beneficiary to Make Good Use of an Inheritance - March 17, 2023
  • How to Incorporate Asset Protection Strategies into Your Estate Plan - March 13, 2023

Other Articles You May Find Useful

Los Angeles Estate Planning Lawyer
Can I Amend My Last Will and Testament?
Collins Law Group
Gentrification and its Effects on the Black Community
Storm Warning
Sager Family Shows Perils of Blended Families
report
Celebrating Veterans Day
Collins Law Group
Retirement Planning: Look Beyond the Active Years
California durable power of attorney
When Should I Use a California Durable Power of Attorney?

Primary Sidebar

Collins Law Group

Blog Subscription

Sign up to our blog to receive the latest estate planning news and updates!

  • This field is for validation purposes and should be left unchanged.

Our Attorneys

Attorney Caprice Collins

Get to Know Attorney Caprice Collins


Attorney Lioness Ebbay

Get to Know Attorney Lioness Ebbay

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest

Testimonials

Client Review
August 19, 2020
    

“My mother told me about the Collins Law Group and I must say, the entire experience has been a real pleasure. Although I was nervous at first, the Collins Law Group staff put me at ease with their friendliness and knowledge. I didn’t realize how hard it could be on your family and loved ones left behind if you die without any planning or directions in place for them. My biggest concern was making sure my elderly mother would be provided for and taken care of if something happened to me. I have been a caregiver for her for 12 years, so this planning was crucially important. I had previously made a living trust for myself on Legal Zoom but there is no comparison to the level of service and professionalism that Collins Law Group embodies. Attorney Collins and her staff provides excellent service and it will take a large burden off of my family when they need guidance at the time of my passing.”

default image
-Ms. Jones

Where We Are

Collins Law Group
3330 West Manchester Boulevard
Inglewood, CA 90305
Phone: (310) 677-9787
Fax: (310) 677-6742
Email: clcfirm@aol.com

See Larger Map Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Map

Collins Law Group Google Map

Footer

  • About Our Firm
  • Advantages of Working With Our Firm
  • Services
  • Sitemap
  • Resources
  • Blog
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest
Collins Law Group footer logo

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.