Numerous reports have documented the alarming disparities between Blacks and Whites and estate planning. 71% of Black Americans do not have a will. Join Leslie Sultan Esq. as she helps our MBC Black community dispel myths in our community while gaining a better understanding of why estate planning and advanced directives are essential for everyone whether you have a family or not.

1. Estate planning and
Advanced directives
By: Leslie Sultan, Esq

2. ABOUT ME
I’m a working mom of 2 kids
I’ve been practicing law since 2009
Founded my law business in 2010
The host of the estate planning
podcast 'Legacy Purse'

3. DID YOU KNOW?

5. 71%
According to a recent report, an
alarming 71% of Black Americans do not
have a will. While the report noted that
estate planning for African-Americans
was up by 12 percent over 2020
numbers, still too few have a will or
estate plan in place.

6. Top reasons why people do not do estate planning
Don’t have “enough” assets
Not sure how to create one
Assume their next of kin will
automatically receive everything
Don’t want to think about death
Think they’re too young

7. CELEBRITIES WHO
DIED WITHOUT AN
ESTATE PLAN

9. Chadwick Boseman, the star of
the groundbreaking superhero
film "Black Panther,” had not
established a will before he died
of colon cancer in the summer of
2020 at the age of 43.
Chadwick Boseman
(1976-2020)

11. “Queen of Soul” Aretha
Franklin, died at age 76. Her
estate is estimated to be worth
approximately $80 million.
She did not leave as much as a
Will – much less an estate plan,
leaving her estate's future
uncertain.
Aretha Franklin
(1942-2018)

12. ESTATE PLANNING
Estate Planning means having a plan that
establishes who will receive your assets,
and who will carry out your wishes when
you become incapacitated or after you die.

13. ADVANCED HEALTHCARE DIRECTIVES
 Living will – wishes for medical treatment,
particularly if in a vegetative state
 Health care proxy – appointing a trusted
agent to make decisions for you
 HIPAA – release of medical information to
your loved ones
 Power of Attorney
Legal documents that explains how you want
medical decisions about you to be made if
you cannot make the decisions yourself:

14. POWER OF ATTORNEY
A legal document
that enables one to
appoint an agent to
represent or act on
another's behalf in
financial, business,
and other legal
matter.

15. POWER OF ATTORNEY
 You need a power of attorney in case you
become incapacitated or unable to sign.
 out of country/out of state and need
someone to execute documents on your
behalf.
 Physically incapacitated - Become
hospitalized (car accident) and unable to
execute documents
 Mentally Incapacitated (coma, mental health)

16. PROBATE
Probate is the court process required to
distribute or take control over someone’s
assets after they die with or without a will
(“administration”).

17. PROBATE
How long does the probate process take?
Anywhere from a few weeks (if very small
estate, less than $50,000) to several YEARS.

18. PROBATE
The cost of Probate
Some attorneys charge hourly (ranging from $450 to $800 per hour). Costs can
easily exceed over $10,000.00. If there are substantial assets, could be much
more.
Some attorneys take a percentage of the value of the estate (such as 5%;
example 5% of $1,000,000 = $50,000.00) and others take a contingency (33%),
if there is risk of no recovery at all or if family cannot pay legal fees upfront.

19. PROBATE
If I have a will, can I avoid Probate?
No! A Will has to be verified and acknowledged by a
judge
 No assets can be transferred
 No rents collected
 No expenses reimbursed, etc.
Until an administrator or executor is appointed.
Even after someone is appointed, judge may have to
approve transfers/sales.

20. PROBATE
How does Probate affect Property Owners?
 Property cannot be sold without Court approval.
 Family members have no authority to collect rents from tenants until they are
appointed by Court.
 In some instances, Court can appoint a non-family member as “receiver” who
collects rent and pays bill and takes a fee from the income.
 Property cannot be refinanced, nor the loan modified by family members of the
decedent. The family members have “no privity of contract” with the Lenders so
the Lender cannot negotiate with the family members/estate.

21. How can I avoid
probate?

22. TRUST
Create a Revocable Living Trust and have the Trust own the property.
 Transfer current deed/title/stock/shares/assets into Trust.
 You maintain control over assets because you are Trustee during
your life.
 Your control over the assets in the Trust automatically transfers to
successor Trustees and Beneficiaries without the need for Probate
or judicial intervention.
 New Trustees do NOT need any authority to maintain Trust (collect
rent, pay bills, refinance, etc).

23. TRUST
A legally binding written agreement between the
creator of the trust, the “grantor,” and the trustee.
Trusts can provide legal protection for the trustor’s
assets to ensure they are distributed according to
their wishes, without judicial intervention.

24. TRUST
This invites conflict
Like a red wagon
There is no probate court for the
assets you put into your trust, like
the toys in the red wagon.
If you don't fund your trust, your
assets go through probate.

25. ESTATE PLANNING FOR YOUR MINOR CHILDREN

26. ESTATE PLANNING FOR YOUR MINOR CHILDREN
Estate Planning can also name Guardians
for minor children, in the event one or
both parents cannot raise the kid(s).
 What if something happens to you, who
will raise your kids?
 Avoid a dispute by naming a guardian
for your kids (so a judge does not have
to pick someone)
 Temporary AND long-term guardians

27. When to revisit your plan?
Five reasons why you need to revisit/update your
Estate Plan NOW rather than later:
A new family member
Buying a new house
Marriage/Divorce
Moving
to another state
When your
beneficiaries change

28. CELEBRITIES
WHO DID
ESTATE
PLANNING

30. KOBE BRYANT
(1978-2020)
Kobe Bryant was not only a famous
basketball player, but he was also a
savvy businessman, brand-builder,
and investor. It is no surprise that
Kobe had a carefully crafted estate
plan in place prior to his untimely
death at the age of 41. Kobe’s estate
plan protected his assets, reduced
estate-tax liability, and passed his
wealth to his family members.

32. WHITNEY HOUSTON
(1963 –2012)
Whitney Houston, beloved singer and
actress, left her entire estate to her 18-
year-old only child Bobbi Kristina
Brown. The wealth transfer was divided
into three age-based distributions, with
the final transfer scheduled at age 30.
However, things got complicated when
Brown too died, at 22, before inheriting
her mother’s estate.

34. (1913 –2005)
The “Mother of the Freedom
Movement” had a very modest estate
valued at a reported $372,000.
However, at the time she wrote her
will in her mid 80’s she also created a
non-profit organization called the
Rosa and Raymond Parks Institute for
Self Development to which she
donated important and valuable civil
rights documents and artifacts. The
value of those items was, of course,
incalculable but certainly well into the
millions.
ROSA PARKS

36. Mother of two and CURLBOX founder.
She was able to use an inheritance left
by her godparents to fund her
successful business.
Myleik is just one of many people who
benefited from estate planning.
Myleik Teele
Founder & CEO at CURLBOX
ESTATE PLANNING SUCCESS STORY

37. KEY TAKE AWAYS

38. THANK YOU!
1225 Franklin Ave, Suite 325,
Garden City, New York 11530
(917) 740-5789
Leslie@SultanAttorney.com
Do you have any
questions?
Leslie Sultan, Esq
Estate Planning Attorney
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