#Intergenerational transfer of trauma professional

Teaching and learning alongside members of your community is a nonfinancial way of giving back which can also duplicate success within your family and community, and ensure wealth creation or preservation. Sharing your knowledge also includes sharing what you don’t know. Making sure that amount aligns with your values is important as you may want to give more or less depending on what’s important to you.

Establishing boundaries may look like allotting a certain amount of your income per month towards supporting your family and community.

#Intergenerational transfer of trauma professional

Some will see your professional and financial success as the oxygen mask but only you know what position you are in to give and how much. You need to help yourself before you attempt to help someone else.

Share in your knowledge, and learn more Įstablishing boundaries should be approached the same way putting on the oxygen mask is during a flight.

If you or someone you know is paying the ‘Black Tax’ the following is a list of ways to ensure the intergenerational transfer of wealth: Ensuring The Intergenerational Transfer Of Wealth While not always the case, the individual may not have the foresight to play a long game and thereby securing wealth for future generations. This can create dangerous positioning for the individual who may or may not admit to their lack of knowledge or qualifications on some topics and may make decisions simply because they were placed in a position to do so.ĭelegation of responsibilities related to family land or real estate may result in the premature sale of that property if only to relieve the burden of responsibility and see an immediate return. Regardless of whether specialized financial knowledge is present or not, the individual is expected to have an answer on both simple and complex matters relating to financial decision-making.

Having made it professionally and financially sometimes comes with an official position of leadership within the family where all financial decisions are at least run by the individual.

It speaks to the intangible impacts of the Black tax as well. The idea of not selling grandma’s house has become a popular theme within conversations around generational wealth within the Black community. This failure to engage in proper estate planning can make it difficult for heirs to access whatever assets are left behind creating another barrier to downstream intergenerational wealth transfer and leaving whatever is left to be picked over or fought for by surviving heirs. Should notable wealth be accumulated despite these challenges, there may be oversights in the proper planning or positioning of said wealth in ways that minimize erosion to the total wealth in the transfer to heirs. Juggling priorities related to healthcare and retirement expenses for aging parents while planning for their own futures can make prioritizing future wealth transfer a distant reality. In the Black community specifically, there are more examples of capital injection flowing backward to support parents, grandparents, and members of the immediate and extended family, than there are examples of capital flowing downstream in the form of: