The topic of the day is generational wealth. We are pleased to be joined by Portia Wood, an estate attorney. She‘s an expert and shares her knowledge with us on the things we need to consider that we may not be considering when it comes to our efforts to build generational wealth.
Portia Wood is a generational wealth planning attorney and founding partner of Wood Legal Group, a female-operated mother-daughter intergenerational law firm focused on educating and activating historically and systematically marginalized communities.
Portia believes that intergenerational wealth is everyone’s right, not a privilege reserved for the wealthy. The ability to pass on one’s wealth is crucial to building intergenerational wealth. Achieving wealth takes more than just hard work and skill. And it takes a plan that balances today’s needs with tomorrow’s security. Creating a plan is the first step toward building wealth.
Trusts are a great way to guarantee assets or money for your loved ones without having it managed by a bank. Trust is designed for family-owned business owners who want to protect their business and pass it on to the next generation. By establishing trust, you can build wealth for your loved ones and ensure that they are protected both now and in the future. Tune in to learn more!
What You Will Learn:
- How Portia found herself practicing as an estate attorney.
- The definition of generational wealth.
- Who is eligible to have a Trust.
- Best practices of establishing a Trust.
- Advice for a single person with no kids.
- Basics of estate planning.
- Types of conversations to have with kids to prepare their mindset for entrepreneurship.
- How families should teach kids the aspects of wealth.
- The Role of estate attorneys
