09.01.23
Minorities Less Likely To Have an Estate Plan
by: Ben Mattlin
Black and Hispanic Americans are less likely to have a will or receive an inheritance than their white counterparts, according to a study from the Center for Retirement Research at Boston College. Even among those who do plan to leave a bequest, the report said, minorities are less likely to realize their bequest targets. The researchers noted that inheritance makes up “a substantial share of national wealth" yet is often overlooked in discussions of retirement security. One cause of the disparity could be lack of access to financial guidance. “Limited access to qualified advisors and attorneys who understand a family’s specific values, needs and concerns can make [planning] even more challenging,” said Fatima Iqbal, senior investment strategist and financial planner at Azzad Asset Management in Falls Church Va. For advisors to do a better job of serving minority clients, they might need to have a certain awareness and sensitivity, she said. “Incorporating cultural and religious values can require more customized estate planning that doesn’t fit into cookie-cutter documents.”
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