Welcome to the online press kit for Portia Wood
Build and Protect Generational Wealth
Black and brown communities are in a financial state of emergency, and likely don’t even know it. Generational Wealth Planning Attorneys Portia and Robin Wood aim to help families effectively protect and pass down more of their hard-earned wealth.
America’s racial wealth gap is enormous and getting worse. One study warns that left unaddressed, median net worth of Black Americans will fall to zero by 2053.
Portia Wood is on a mission to change this dire prediction. She and her mother, Robin Wood, are generational wealth planning attorneys. Their estate planning firm, Wood Legal Group, LLP, is passionately focused on teaching Black, Latinx and LGBTQ communities to protect, leverage and pass on their assets using the law of estates and trusts.
“We focus on multi-generational planning with an emphasis on closing the racial wealth gap in our communities,” Portia says.
Nikole Hannah-Jones’ Pulitzer Prize-winning 1619 Project revealed how centuries of unjust law and policy has robbed African-Americans of generational wealth. The failed War on Drugs, and subprime mortgage crisis are two recent examples of wealth wrecking policies targeted at black and brown communities. The COVID-19 pandemic has made things exponentially worse.
There are many reasons so few black and brown families use trusts to protect and pass down their wealth, but it often comes down to inadequate financial literacy and too few trusted sources for acquiring it. Only about 2% of attorneys specializing in estate planning represent communities of color.
It is important to recognize that these issues surrounding intergenerational wealth extend beyond these communities. And the solutions Portia and Robin advocate can benefit any family looking to protect and pass down wealth — provided they act in time.
“We're on the precipice of one of the largest wealth transfers in America’s history,“ Portia says. “Baby boomers hold the majority of the wealth. As they pass away, if they do not have protections in place for the next generation, a huge chunk of that wealth will be lost simply because there was no plan in place to preserve it— and unfortunately, you can't buy it back.”
Some issues they can illuminate include:
* Historical impediments to building and protecting black wealth.
* How estate planning can change the 2053 trajectory.
* The future of generational wealth, by women of color for women of color.
* Business planning to build and protect intergenerational wealth.
* 3 critical components of an estate plan.
* Estate planning “must do’s” for young adults and families.
“The United States ranks fourth in the world for orphaned children due to the COVID-19 pandemic,” Portia says. “Too often parents of young children just aren’t prepared. We don’t have guardianship paperwork in place to protect our kids. Who raises our children if something happens to us? Most people don’t realize that their parents and siblings will not automatically be authorized as guardians, and child protective services can take your kids until a judge decides.”
Portia and Robin are equally passionate about making sure women know how to protect their assets. “We women typically live longer than men, so we’re often the final determiners of what happens to our families’ assets,” Portia says.
Their comprehensive approach to estate planning includes addressing end-of-life questions and final directives.
“People often have a misconception that an estate plan is about what happens after they die,” Portia says. “It’s really about how you live, and how you want the people who are left behind to carry on with what you've built.”
Download Portia Wood's One Pager.
PRESS RELEASE 1/25/22 Build and Protect Generational Wealth
Learn more at woodlegalgroup.com.