Description

Ep 13 - What do you think about trust fund kids?   Most of you are probably picturing spoiled brats driving expensive cars and living in mansions as we see on TV and social media.   In this episode of the Share the Wealth Show, our guest Portia Wood busts the myth surrounding the term and tells us why we all deserve to be trust fund kids (but without the attitude). Portia is a generational wealth planning attorney and she discusses the importance of having an estate plan at the age of 18 regardless of whether or not you have any assets. By planning ahead, we can protect ourselves and make sure that our legacy lasts for generations to come.   Based in Los Angeles, Portia leads Wood Legal Group, LLP, an African American woman-owned and operated law firm specializing in estate planning, probate, and elder law that she runs with her mother and law partner, Robin Wood. They are passionately focused on helping all families grow and protect wealth by being a trusted resource for accurate information and comprehensive, culturally competent estate planning.   ________________________________ FREE Discovery call for The Microfamily Investing Accelerator  https://calendly.com/noirvest/microfamilymavericks  ________________________________

[00:01 - 07:36] Who is Portia Wood? 

• Transitioning from journalism to law
• Her passion for empowering marginalized communities to take agency over their legacy

  [07:37 - 14:48] Avoiding Court Interference

• If you’re over the age of 18, nobody is allowed to be your legal representative
• The basics that you need to prepare
• • Property power of the attorney
  • Health documents
  • Distribution plan

  [14:49 - 24:32] Normalizing Intergenerational Wealth Transfer in Black and Brown Communities

• Setting up distribution structure
• How Portia created a multi-generational trust structure or a legacy trust for her son
• • The conditions she put in place
  • Creating banking concepts within your estate plan

  [24:33 - 31:10] Protecting Your Intergenerational Wealth

• You need time and protection for money to grow
• Making a subtrust

  [31:11 - 32:08] Closing Segment

• Watch out for part 2 of our conversation with Portia!

Key Quotes    “Everybody's estate plan is customized to their situation, but if you're over the age of 18, you have to have at least a minimum.” - Portia Wood   “We should all want to be black trust fund kids, right? It's important. What it means is that somebody has planned for you.” - Portia Wood   “It's about Intergenerational wealth protection, right? Like my goal is to make sure that everybody who comes down the line from me is taken care of.” - Portia Wood

Connect with Portia Wood! Visit the Wood Legal Group website and follow them on Instagram, Facebook, Twitter, and LinkedIn. Want to know how Portia can help you? Here are 3 Ways Estate Planning Can Help Close the Racial Wealth Gap.   Let’s get connected!  You can find Nicole on