may be the misconception that estate planning is only for the super-rich. Passing generational wealth is critical for minority women who wish to lead their descendants to success and elevated achievement. Estate Planning Tips for Women of Color: 1. You do not have to be rich to have an estate (but it is also necessary if you are!) While many of us envision mansions on the hill, swimming pools and yachting excursions when we hear the word ‘estate’, this word simply refers to everything you own. This includes, but is not limited to, banking and investment accounts, retirement funds, the home in which you reside, etc. If the total value of your holdings exceeds the probate limit in your state, a comprehensive estate plan is in order. 2. Proper planning prevents poverty Creating a trust and will is an unselfish act because the primary benefits will be enjoyed by your inheritors. That is also why it is vital for women of colour; passing wealth properly provides greater opportunities for those who succeed you. 3. Select an attorney who understands your specific needs Take the time to research and identify attorneys who are likely to understand your culture, family history and personal goals. Finding a lawyer who fully appreciates your wishes and caters to your individual priorities is ideal. Take Charge Now Make sure to keep track of assets such as banking, investment and retirement accounts. Check on life insurance coverage to confirm that there is adequate coverage if your spouse predeceases you. Life insurance proceeds to pay for final expenses or to pay estate taxes might be recommended. For all women, taking charge of your finances and the future of your family is wise. You may outlive your husband or life partner, so the right preparation will allow you to press on with confidence. According to Maya Angelou, “Women should be tough, tender, laugh as much as possible – and live long lives.” So, after you prepare for death, take a moment to congratulate and celebrate yourself. And then go live life to the fullest! About Zakiya Zakiya J Norton is a big-picture thinker who uses precision, sharp insight and a touch of humour to deliver innovative, top-notch advice in terms everyone can understand. Known for her ability to grasp the family history and personal intentions which inform each estate plan, she offers compassionate counsel and no-nonsense legal strategies in her affable, straightforward speaking style. About Somita Somita Basu has a knack for unravelling legal, financial, and mathematical mysteries while paying meticulous attention to detail. Always analytical and objective, her tactical methods allow her to identify the optimal way to achieve any goal. With a thorough, hands-on approach, Somita expertly advises on complex matters with diligence and grace. Norton Basu LLP Norton Basu LLP is a minority womanowned law firm that focuses on estate planning and probate issues. Through the utilisation of in-person seminars, TV interviews, podcasts, video presentations, articles and blogs, Norton Basu LLP is championing the use of revocable living trusts as a proven way to protect families from the expense and delay of the California probate process. Contact Zakiya Norton, Founding Partner Somita Basu, Founding Partner Norton Basu LLP 15951 Los Gatos Blvd Suite 1, Los Gatos, CA 95032, USA Tel: +1 408-850-7250 www.nortonbasu.com EXPERT INSIGHT 57 In many ways, a woman’s perspective on estate planning may be unique.
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