00:00Hello, I am Sondra Davis, financial coach and educator, and I am here for a currency
00:09conversation with two of my very favorite ladies. So I'm first going to introduce you to Kayla
00:16Walker, lifestyle authority and media maven, and Lynette Calfani-Cox, the money coach.
00:24Thank you. Welcome. And we're going to talk about
00:27estate planning today. I think of estate, I think of property. Right, and everyone has an estate. If
00:34you have a body and as fabulous as you are, everything about you is your estate. So the
00:43first thing that we want to look at is our assets, right? What we own. So let's think about it for a
00:48minute. What are some valuable assets that we know about that we have? Real estate is one. People might
00:54own stocks, different types of investments. Is my jewelry a part of my estate? So absolutely.
01:01Okay, it is. Yeah, absolutely. So the value of it is not really as relevant as what do you want to
01:07have happen to it when you're no longer here. So a lot of times people will think this conversation
01:12is about doom and gloom, right? This is about you choosing what happens with the things that you've
01:18worked for. Even if it's just something that you want to say, I want this to go to my daughter or to
01:24my niece. Absolutely. And so when we think about what's important, Lynette already talked about a
01:30home, of course, real property, right? That's how kind of how they distinguish that real property,
01:35automobiles, investments, jewelry might be something important like that. What else? What else is valuable
01:41to have as an asset? Life insurance, the cash value. That's an asset. And that's really, you know, a part
01:52of estate planning in the proper way. And I feel like so many times in the black community, when we're
01:57thinking about intergenerational assets and what we can pass along, you know, some of us haven't
02:02planned necessarily just yet, or we don't see that as like, oh, this is something that I can pass along
02:07to my kids. Assets are what you have, what you own. And then the asset protection, as Lynette was just
02:13talking about, is how do you keep what you have? And so this whole conversation is about really
02:19understanding how your money lives in the totality of your life, because we earn it, we build it, and
02:27then we want to transfer it. What I would want to hear from the both of you is that when you think about
02:32something that you really want to talk about or think about as far as your legacy, what do you
02:38want that to look like? Really, what I hope to do is to model a life that I would feel is worthy of
02:46being replicated in terms of the values that I've taught my children, the practices that we do together
02:52as a family, the things that we hold near and dear as sacred to us, I would hope to pass those along,
02:58because I think sometimes people, they get so caught up in thinking that the thing that I have
03:04to leave behind is something economic. Right. For me, it's, it's something that I'm still always
03:09mindful of. What, what will my legacy be? And being that I don't have children right now, it's for me,
03:14how I make people feel and what I impart on them. Like I may not leave something behind to someone
03:19because I don't have children, but I can still make them feel a certain way. And, and the thing that's
03:24valuable about that is that because you are someone who is prominent out there, right? So people are
03:30already having an experience of you living legacy. Yes. You know, it's not about like, oh, after I die,
03:38right? You're, you're having that, you know, be yielded right now so that people who are inspired by
03:44you, who you touch in a positive way, you know, you're creating your legacy right now as you're
03:51living, you know what I mean? So I'm wondering, I know for me, I've been helpful in or responsible
03:57for other people's money in my family, right? So I have what's called a power of attorney for my mom's
04:03financial situation. And I think often we think about what would happen for our estate planning
04:08if something happened to us, the people behind us, but what about our elders? It starts with asking
04:14your parents about not only what they have, but what they need. Like, do you need help with anything?
04:19For most older folks, they don't want to feel like their kids are coming in and like taking over
04:24or like, you just waiting for me to croak so you can get my money, you know, whatever. So if you
04:29don't have the conversations, people will ascribe a whole set of motivations. Exactly. And it could be
04:36like totally wrong. Like, it's like, no, I wasn't thinking that at all. It's important to start talking
04:41to siblings, to parents, to, you know, your own kids. Have a currency conversation. Have a currency
04:47conversation indeed. I mean, because it all matters and it's all intertwined, right? So you heard it
04:52here first, or maybe not first, but you heard it here now. So start your own currency conversation,
04:58right? Go to essence.com backslash currency conversations. You'll see a little button that
05:05says, engage, connect, sign up, commit to yourself. Do that now. Do that now. Go ahead, sign up, join us.
05:13We want 20,000 black women to have this kind of conversation. We're not scared of it. We don't
05:20want you to be scared of it. It's all about choice. You get to do you and do it your way.
05:27Cheers to that. And have a drink with it too.
05:29Have a drink with it. It's okay. You can have a drink. Enjoy it. I'm kind of feeling like a lightweight.
05:33Enjoy it.
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