Art is an estate planning and intellectual property attorney who has been practicing law for nearly 10 years. She left corporate America to launch her own law firm in 2014 and recently founded ArtSteele.co – an online resource that provides creatives with simple legal solutions.
She’s also the host of the Legal-EASE for Entrepreneurs podcast – the only podcast dedicated to educating and empowering minority entrepreneurs to tackle the legal aspects of their business. In addition to providing legal counsel to small businesses, Art is passionate about helping minorities build wealth through estate planning.
In this conversation, Art shares why estate planning is for everyone, especially people of color. You will be moved by Art's explanation on why it's the single most significant factor determining whether our next generation will have a leg up!
- Art's Page for TBPod Listeners: ArtSteele.co/TBPod
- Twitter: @artsteele_esq
- Instagram: @artsteele_esq
- Art's podcast: Legal-EASE for Entrepreneurs
- Book recommendation: Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
- PDF: The Asset Value of Whiteness: Understanding the Racial Wealth Gap
Questions we asked Art:
- What was your motivation for getting into law and also focusing on tax?
- What's your biggest challenge after nearly a decade of being in this work?
- What's an Estate Plan, a Trust and a Will and explain the differences between them?
- Why is estate planning so powerful in giving that next generation a leg up?
- What are some of the key things we probably aren't aware of that makes the estate planning process even more important?
- What's the process for getting an estate plan started?
- Is this something that we can do ourselves or is it a process that's gonna cost us several thousands?
Quotes from today's episode:
- Estate planning is the single, most significant factor determining whether our next generation will have a leg up.
- Every aspect of our lives are affected by taxes, and Wills, Trust and Estate Planning is the key to passing wealth down to your family
- I am driven by the desire to ensure that small businesses and individuals have access to the same amazing legal advice that big corporations do
- My mission is to help people of color build generational wealth
- Estate planning is even more important for people with less means to avoid possible devastating effects
- An Estate Plan determines how your assets will be dealt with when you die
- A Will identifies how you want to dispose of your property. It shows the court that you were of sound mind when you disposed of your property
- Did you know? Once a Will is filed with the court it becomes public record. Anyone can read what you put in your will
- Create a Trust, separate from your Will, to dispose of and distribute your property without publicity.
- Use a Trust to take advantage of tax rules/laws when disposing of your assets.
- A Power of Attorney is the single, most important document that everyone should have.
- Decide what happens to you and your assets, if you’re incapacitated. Use a Power of Attorney to give someone power to act on your behalf.
- If you don’t decide, the courts will. Your Will names the guardian of your dependent children and the property of the minors.
- A Life Insurance Policy could set the course for a generation! Do you have one?
- These are a few simple steps to get started with Estate Planning: Get a Life Insurance Policy; Put beneficiaries on your bank accounts; Contact an Estate Planning Attorney.
One Action To Blaze Your Trail:
Find out how to get a Power of Attorney. Find out if your State has the statutory form or contact a lawyer to draft one for you.
Thanks for Listening!
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