Generational Wealth for Black Families: How Life & Legacy Planning Prevents Loss and Builds a Stronger Future
The numbers don’t lie. According to the Federal Reserve's 2022 Survey of Consumer Finances, the median wealth gap between Black and white families in the U.S. is over $241,000. And that gap isn't the result of personal failure or financial illiteracy—it's the product of centuries of systemic discrimination and stolen opportunities.
But even when Black families do manage to build wealth despite those barriers, a new risk emerges: losing it between generations due to the lack of a comprehensive estate plan.
This Juneteenth, we reflect on how far we’ve come—and what it takes to ensure progress isn’t lost. At Starsia Law, we help families break the cycle of generational wealth loss with intentional, protective planning through our Life & Legacy Planning® process.
A History That Still Impacts Black Wealth Today
The path to financial equity has been anything but fair:
The Homestead Act of 1862 gave millions of acres to white settlers, while Black families were excluded.
Redlining denied Black Americans access to mortgages in "undesirable" neighborhoods.
Programs like the GI Bill, designed to support veterans, were unequally administered.
The destruction of communities like Tulsa’s “Black Wall Street” erased millions in Black-owned assets.
Even today, Black families often begin the wealth-building journey without the inherited foundation many white families take for granted.
Why Traditional Estate Planning Fails Black Families
Most estate plans rely on a one-size-fits-all approach—focused on documents, not on real-life needs.
That’s a problem, especially when:
Your family includes informal caregiving arrangements or extended family not legally recognized
You don't have an ongoing relationship with an attorney
You’re counting on a simple will to do the work of a comprehensive plan
Let’s look at an all-too-common example:
Maria, a hardworking grandmother, leaves her house and savings to her kids through a simple will. But after her death, the family must navigate probate court, paying high fees and waiting years to access her assets.
Eventually, under pressure, the kids sell her home at a discount—to a property investor recommended by a lawyer who seemed to be increasing conflict between siblings. By the end of the process, most of Maria’s wealth is gone.
This happens every day. Predatory practices and systemic failures can eat away at the legacy you worked hard to build—unless you plan differently.
How Life & Legacy Planning® Creates Real Protection
At Starsia Law, we offer an entirely different approach. Our Life & Legacy Planning® model is designed to:
Protect the wealth you’ve built
Preserve family harmony
Adapt over time
Pass on more than just money
Here’s what sets it apart:
🧩 Plans That Reflect Real Life
We don’t assume a cookie-cutter family structure. We take time to understand your true support system, including chosen family, extended caregivers, and informal arrangements.
⛔ Avoiding Probate
We help you use tools like revocable living trusts to avoid court delays and ensure your family can access your assets immediately—without legal drama or outside interference.
📘 Full Asset Inventory
From your home and bank accounts to life insurance, retirement funds, and family heirlooms—we help you create a clear, updated inventory so nothing is lost, overlooked, or sold in desperation.
🔄 Regular Plan Reviews
Unlike traditional plans you’re expected to revisit yourself, we check in regularly to ensure your plan evolves with your life, assets, and laws.
💡 Generational Knowledge Transfer
We help you preserve stories, values, and traditions, not just financial assets. Whether it's a treasured family recipe or your philosophy on hard work, your voice matters.
🧠 Financial Literacy Tools
Planning with us means your family also gains education on how to manage and build wealth, creating a foundation for smarter financial decision-making in future generations.
Why It Matters Now
The legacy you leave behind shouldn't disappear in a courtroom, at the hands of predatory advisors, or because of a lack of planning.
You’ve already done the hard work of building something.
Now it’s time to protect it—and ensure it benefits your children, grandchildren, and beyond.
Let’s Break the Cycle—Together
At Starsia Law, we help Black families create estate plans that truly work—plans that honor your unique story and protect the people you love.
We start with a Life & Legacy Planning Session, where we’ll:
Review your family structure and priorities
Inventory all your assets
Map out a plan for passing on your legacy intentionally—without court or conflict
👉 Click below to schedule your complimentary 15-minute consultation and take the first step toward lasting generational wealth.
This article is a service of Starsia Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.