Estate Planning A Commitment to Building

The Griffin Firm has the practice area of Business and Estate Planning a commitment, mission, crusade to support Black people to build wealth and maintain it through generations. We all have seen that lack and poverty creates hostility and contributes to the decimation of families and communities. Business and Estate Planning is strategic community development which builds strength and power using the resources of the law to build assets that are transferred from across generations.

While we know that each of us may become incapacitated and will definitely die, we still fail to make strategic plans about what methods we can employ to build strength economically. I am happy to become a contributor to the Washington Informer to share as much information as possible about ways in which this community can be strengthened by applying the information and resources that are available to build capacity to strengthen our families and communities.

Estate planning is the process of anticipating and arranging for the disposal of an estate during a person's life. Estate planning typically attempts to eliminate uncertainties over the administration of the assets of the person who passed away, maximizing the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity.

My belief is that we should each create our first estate plan on our eighteenth birthday. The response I generally receive is that at 18 there are no assets to dispose of. I amazingly hear the same protest for adults who are much more than 18. I want to remind each of us that the most important thing we have is our life and our health. We should plan accordingly.

The standard estate plan includes the power of attorney, health care proxy, advanced directive (also known as a living will) and the Health Information Privacy statements and a Last Will and Testament. If there are minor children there should also be Standby Guardianship information included.

Revocable Trusts can be used to creatively and strategically build generational wealth. Using Trusts can structure assets to protect them from divorce and irresponsibility. The Trust provides rules that enable your values to live beyond you. With a Trust you have the capacity to create strategies to reward the behaviors that you would like to see and the legacy you would like to leave. Blended Families can effectively use Trusts to make sure that everyone feels valued and protected



The ability to transform our families and our communities are in our power. We must simply act and plan. Strong families make strong communities.