Affluent black Americans are more likely than non-blacks to donate to charitable causes and to offer financial support to adult family members. Northern Trust's study entitled, "Wealth in Black America," also showed that four out of 10 blacks do not have a will, and more than half have not worked with a financial adviser to establish an estate plan or wealth-transfer plan during the last five years. Northern Trust provides insights into the financial attitudes and preferences of black Americans with household incomes of at least $250,000 or a minimum of $1 million in investable assets. The study covered 361 affluent blacks and 256 affluent non-blacks to compare their attitudes and behaviors on key measures. While the charitable donations should be celebrated, the lack of estate planning should not be, because "these are essential tools used to protect one's legacy and transfer resources to one's family." It is great to be reminded that many affluent blacks have hearts of gold. The estate-planning results should not be ignored because it is truly the piece of the puzzle that will help many more generations of affluent blacks give to their communities and families.
Read more at Businesswire.com.