00:00Text, Currency Conversations, Chase, Essence, Three Women, Sit Around a Table Over Brunch.
00:05Hello, I am Sondra Davis, financial coach and educator, and I am here for a currency conversation with two of my very favorite ladies.
00:14So I'm first going to introduce you to Kayla Walker, lifestyle authority and media maven, and Lynette Calfani-Cox, the money coach.
00:26Welcome.
00:26And we're going to talk about estate planning today.
00:30I think of estate, I think of property.
00:32Right, and everyone has an estate.
00:34If you have a body and as fabulous as you are, everything about you is your estate.
00:44So the first thing that we want to look at is our assets, right?
00:47What we own.
00:48So let's think about it for a minute.
00:50What are some valuable assets that we know about that we have?
00:53Real estate is one.
00:54People might own stocks, different types of investments.
00:59Is my jewelry a part of my estate?
01:01So absolutely.
01:02Okay, it is.
01:03Yeah, absolutely.
01:04So the value of it is not really as relevant as what do you want to have happen to it when you're no longer here.
01:11So a lot of times people will think this conversation is about doom and gloom, right?
01:15This is about you choosing what happens with the things that you've worked for.
01:20Even if it's just something that you want to say, I want this to go to my daughter or to my niece.
01:26Absolutely.
01:27And so when we think about what's important, and they already talked about a home, of course, real property, right?
01:33That's kind of how they distinguish that.
01:35Real property, automobiles, investments, jewelry might be something important like that.
01:41What else?
01:41What else is valuable to have as an asset?
01:44Life insurance, the cash value of that.
01:46I got that.
01:47I got that.
01:48I'm like, did you get that?
01:49I got that.
01:50That's an asset.
01:51And that's really, you know, a part of estate planning in the proper way.
01:55And I feel like so many times in the black community, when we're thinking about intergenerational assets and what we can pass along, you know, some of us haven't planned necessarily just yet.
02:05Or we don't see that as like, oh, this is something that I can pass along to my kids.
02:09Assets are what you have, what you own.
02:12And then the asset protection, as Lynette was just talking about, is how do you keep what you have?
02:18And so this whole conversation is about really understanding how your money lives in the totality of your life.
02:25Because we earn it, we build it, and then we want to transfer it.
02:30What I would want to hear from the both of you is that when you think about something that you really want to talk about or think about as far as your legacy, what do you want that to look like?
02:39Really, what I hope to do is to model a life that I would feel is worthy of being replicated in terms of the values that I've taught my children, the practices that we do together as a family, the things that we hold near and dear and sacred to us.
02:57I would hope to pass those along because I think sometimes people, they get so caught up in thinking that the thing that I have to leave behind is something economic.
03:06For me, it's something that I'm still always mindful of.
03:11What will my legacy be?
03:13And being that I don't have children, right now it's for me how I make people feel and what I impart on them.
03:17Like I may not leave something behind to someone because I don't have children, but I can still make them feel a certain way.
03:24And the thing that's valuable about that is that because you are someone who is prominent out there, right?
03:30So people are already having an experience of you.
03:34Living legacy.
03:36Yes.
03:36You know, it's not about like, oh, after I die.
03:39That's right.
03:39You're having that, you know, be yielded right now so that people who are inspired by you, who you touch in a positive way, you know, you're creating your legacy right now as you're living.
03:52You know what I mean?
03:53So I'm wondering, I know for me, I've been helpful in or responsible for other people's money in my family.
04:01So I have what's called a power of attorney for my mom's financial situation.
04:06And I think often we think about what would happen for our estate planning if something happened to us, the people behind us.
04:11But what about our elders?
04:12It starts with asking your parents about not only what they have, but what they need.
04:18Like, do you need help with anything?
04:20For most older folks, they don't want to feel like their kids are coming in and like taking over or like, you just waiting for me to croak so you can get my money, you know, whatever.
04:29So if you don't have the conversations, people will ascribe a whole set of motivations.
04:34They will assume.
04:35Exactly.
04:36And it could be like totally wrong.
04:38Like, it's like, no, I wasn't thinking that at all.
04:40It's important to start talking to siblings, to parents, to, you know, your own kids.
04:46Have a currency conversation.
04:47Have a currency conversation indeed.
04:49I mean, because it all matters and it's all intertwined, right?
04:52So you heard it here first or maybe not first, but you heard it here now.
04:56So start your own currency conversation, right?
05:01Go to essence.com backslash currency conversations.
05:05You'll see a little button that says engage, connect, sign up, commit to yourself.
05:10Do that now.
05:11Do that now.
05:11Go ahead.
05:12Sign up.
05:13Join us.
05:14We want 20,000 black women to have this kind of conversation.
05:19We're not scared of it.
05:20We don't want you to be scared of it.
05:22It's all about choice.
05:24You get to do you and do it your way.
05:27Cheers to that.
05:29And have a drink with it, too.
05:30Have a drink with it.
05:31Have a drink with it.
05:32Enjoy that.
05:33I'm feeling like a lightweight.
05:34Your goals are waiting.
05:35Make the commitment today.
05:37Essence.com slash currency conversations.
Comments