The family lost $80,000 on the value of their mother's home
My mother purchased her home on the south side of Chicago for $55,000 in 1986, the equivalent of $123,000 today. When she died without a will, court fees and fines left our family with just $40,500 — a loss of over $80,000 on the purchase price of her house. I realized that, because of our history, many African Americans haven't learned how to transfer wealth generationally by making an estate plan.
My mother purchased her home on the south side of Chicago for $55,000 in 1986, the equivalent of $123,000 today. When she died without a will, court fees and fines left our family with just $40,500 — a loss of over $80,000 on the purchase price of her house. I realized that, because of our history, many African Americans haven't learned how to transfer wealth generationally by making an estate plan.
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