Wealthy by Design: How to Create Generational Wealth with Portia Wood

https://www.podbean.com/media/share/pb-hj5fn-1283d06

Empowering yourself with an estate plan gives you the ability to create transformational change for your family for generations to come.

“Wealth is opportunity. Wealth is access. Wealth is stability.”

Portia Wood is a generational wealth planning attorney and partner at the Wood Legal Group law firm. She is also the founder of the Black Trust Fund Kids Club on TikTok and Clubhouse, where she talks about intergenerational wealth in historically and systematically marginalized communities.

This is Portia Wood’s story…

Portia Wood is a generational wealth planning attorney and partner at the Wood Legal Group law firm. She is also the founder of the Black Trust Fund Kids Club on TikTok and Clubhouse. She defines wealth as opportunity, access, and stability. Wood explains that everyone over the age of 18 needs a property power of attorney, healthcare directive, and distribution plan as a part of their estate plan. She says that these are the bare minimum requirements for estate planning and that they have nothing to do with how much money a person has. Wood emphasizes the importance of intergenerational wealth planning for black families. She says that by avoiding probate, one person can save their family $50,000 that would otherwise go to attorneys’ fees and personal representative fees. This $50.

In this episode, you will learn the following:
1. Defining wealth as stability, access, and opportunity, rather than simply a high net worth.
2. The importance of having a solid estate plan in place, regardless of age or financial situation.
3. The ability of one person to create transformational change for their family through estate planning.

Resources:

Chapter Summaries:
[00:00:02] – The #SpeakEasy is a weekly podcast. Portia is going to introduce herself to the studio audience, and then they’re going to dive into today’s conversation about building wealth and being an entrepreneur. The game has changed a lot in the last six years, but there are still some things that need to be left out of the conversation.

[00:01:39] – Portia Wood is a generational wealth planning attorney and partner at the Wood Legal Group law firm with her mother. She is also the founder of the Black Trust fund kids club on TikTok and Clubhouse. Portia defines wealth as an opportunity, access, stability, and economic stability.

[00:03:56] – Estate planning is the foundation to your financial home. It’s the concrete and steel that you lay at the bottom of the foundation. Estate planning is about personal autonomy, family structure, and intergenerational wealth creation. Estate plans should include a property power of attorney, a healthcare directive, and a distribution plan. Portia talks about the importance of estate planning and how it can be beneficial for African Americans. She explains that only 13% of college-educated African Americans are getting $10000 for the next generation. She also explains that it’s not too late to make estate planning decisions. Half of a million-dollar estate is going to be spent on lawyers’ fees and personal representative fees. $50000 can be used to pay off college tuition or a down payment on a property. The Internet has the ability to share information in a way that did not exist before. Entrepreneurship is a powerful tool. There are financial tools to protect families like keymen insurance, life insurance, custodial accounts, and compounding interest. My son is four and he has a custodial account. I talked to my child about JavaScript and computer coding and just speak the language in his everyday language. This episode is five years old. Portia is a member of Wood Legal Group, a legal group that promotes intergenerational wealth in their community. They are raising money for the Black Trust Fund for kids on Tik Tok as well as the Tik Tok Kids fund. 

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