Ep 97: Money Talks: Unveiling the Uncomfortable Truths for a Lasting Family Legacy

How do you plan ahead for estate planning in your will? In this episode host Alex Trimble invites Shari Fleming, Maryland licensed estate planning attorney to The Executive Appeal table to talk about mortality, estate planning, and the benefits of estate planning and having a will. 

Main Takeaways:

• “When you work hard for your money,” you need a person like Shari on your team! Shari works with Maryland residents who want to preserve and protect their wealth for future generations. She also oversees real estate transactions for business owners.
•  Most people don’t engage in estate planning. AmericansOver half of Americans, of all backgrounds, have wills. About 26% of African Americans have a will, not a full plan. It’s not surprising that people don't have estate plans and the number one reason is they say they can’t afford it. Shari said we afford what we value. We pay for what we want. Many don't value estate planning although it’s needed. 
• Another reason people don't have an estate plan is they don’t feel they have anything of value. Estate planning is a conversation about the purpose of life as some people see little value in the things they’ve worked hard for. 
• The third and prime reason people don't have an estate plan is because people don’t want to face their mortality. As Americans we don’t do a good job in dealing with death and it’s different in other countries.We have an arrogance that we are going to live forever and we don’t want to deal with it. We have to deal with who and what we are leaving and having a great plan will show that you care for your family. 
• Not estate planning can take the opportunity to grieve away from your family. It’s worth spending the money now. Estate planning is the last act of love, your last gift to your family. 
• Estate planning is detailed and includes death and disability. Shari gets people to consider the quality of life they want to have if they are incapacitated. 
• Shari said she keeps herself together so in her estate planning she has directions about her nails, hair, and the details for her funeral based on things that matter to her. 
• When these things aren’t talked about it leaves family in the dark and makes it harder. 
• Alex tells a story about a person who was incapacitated and the family was split on whether to resuscitate the person or not. It’s best to make that decision for yourself so families can be at peace.
• Black families need to have estate planning conversations regularly and recurring during holidays and family gatherings. Have difficult discussions early. 
• Have the decision with yourself first and once you’re settled with your decisions, then have the talk. 
• Shari said she was challenged that she wouldn’t succeed at estate planning because Black people don’t estate plan and don’t have wealth to pass along. She said the challenge has made her work harder to educate the Black community through her organization “Our Legacy Matters.” There’s a need for cultural translation of information for many people when it comes to estate planning.