By Moshae Donald, Esq.
Research indicates that by 2053, the net worth of the average Black family in the U.S.A. will be $0. In many cases, an inheritance that includes a house or land is passing the transfer of wealth. This transfer is critical in our community, and equally important is the decision that comes with it. One way to retain the property as a piece of our collective net worth is to keep it in the family. As the heir, do you keep the property, or do you sell it?
Here are some points to consider in making this difficult, but necessary decision. Talk honestly to your loved one who owns the property and your family about financial plans for the future. Will a family member want to live in the house? Who will maintain the property? Make sure that your loved one has a will or trust in place, so that there is no confusion about honoring their request after they have passed. Are there any development plans for the community where the property is located? Could gentrification affect your neighborhood? Lastly, keep an eye on tax balances and bills before they become due.
The bottom line is that as a community, we need to take a long look at retaining property in our community before we sell it away. Real estate is a cornerstone of wealth. Keep it in the family, if you can.
The information in this article does not, and is not intended to, constitute legal advice. All information is for general informational purposes only.
