Rethinking Wills and Estates
Who are you giving money to in your will? Children, if you have them? Perhaps grandchildren or nieces and nephews? Hey, maybe even some friends? A little to charity? In America—and most of the world—it is assumed (and it is law if you pass intestate—i.e. without a will) that you should give the lion's share of your estate to your kin, your heirs. The huge problem for American inequality is this proclivity replicates—and increases—the wealth gap between the haves and the have-nots over time. Right now, white America has ten times the wealth of Black and Latinx families and thirty times the wealth of Native communities. And, it's rising: the wealth gap has doubled since 1989. This is because our entire economic system works towards maintaining and extending the wealth to the haves—which is primarily white America.* It's past time, of course, to close the gap. Needless to say, to do so will require a large change in public policy. Here is a long—but not exhaustive—list of t...