Episode Overview
Title: How Cultural Awareness Improves Estate Planning Outcomes
Podcast: ACTEC Trust & Estate Talk
Host: Kristen Yokomoto, ACTEC Fellow
Guest: Terry Franklin, ACTEC Fellow, Trust & Estates Litigator
Date: January 20, 2026
This episode explores the intersection of cultural awareness and estate planning, focusing particularly on the historical, legal, and cultural barriers that have shaped African American experiences with wealth accumulation and intergenerational transfers. Drawing from both personal perspective and historical research, guest Terry Franklin highlights how these realities impact client interactions and decisions in estate planning today.
Key Discussion Points and Insights
1. The Importance of Cultural Context in Estate Planning
- Host Introduction (00:05): Kristen Yokomoto frames cultural awareness as essential—not optional—for effective and ethical estate planning, noting the increasing diversity of families and the unique influences they bring to planning decisions.
2. Historical Barriers to Wealth Accumulation for African Americans
- Terry Franklin’s Perspective (01:24):
- Terry discusses his lifelong concern with the limited engagement of African Americans in estate planning, both as clients and legal practitioners.
- He references his own article, "Black Deaths Should Matter: Estate Planning as a Tool for Anti-Racists," which speculates on why more African Americans do not participate in estate planning.
- Quote:
"African Americans have traditionally had a number of legal and cultural bars that have prevented them in many cases from being able to own or acquire property." (B, 02:08)
3. Intergenerational Trauma and Distrust
- Family Narratives (02:41):
- Terry shares anecdotal wisdom from his own upbringing:
"I grew up thinking and hearing those things like make sure that you put something in your head that can't be taken away, education being particularly valued as a commodity." (B, 02:44)
- He links generational wariness to the history of property seizures from African Americans, creating reluctance towards estate planning.
- Terry shares anecdotal wisdom from his own upbringing:
4. Educational Resource: “The Plunder of Black Wealth”
- Book Reference (03:20):
- Terry discusses “The Plunder of Black Wealth: How the Racial Wealth Gap Was Made” by Calvin Schermerhorn, emphasizing its role in contextualizing the development of wealth disparities.
- The book traces racial economic inequity from 1619 onwards, highlighting specific families’ stories.
5. Historical Examples of Systemic Oppression
- Anthony Johnson and Virginia Laws (03:50):
- Early black settlers like the Johnson family faced legal hurdles preventing arms ownership, citizenship, and economic mobility.
- Laws taxed Black individuals and families at higher rates, compounding economic barriers.
- Quote:
"Once any daughter turned 16, the Johnson family actually paid twice the annual tax of a white household with the same description." (B, 05:05)
6. The Financial Costs of Freedom
- Redemption in Rhode Island (05:36):
- Terry recounts a story from Rhode Island, where a black man spent the equivalent of 16 years’ wages securing freedom for his family—yet enslavers extracted 50 years’ worth of labor value in the process.
7. 20th Century Discrimination: Redlining & Lending Standards
- Systemic Inequity (06:24):
- Discriminatory housing and lending policies limited African Americans’ ability to build wealth through real estate.
- These historic policies caused property values in black neighborhoods to decline, reinforcing intergenerational disparities.
8. Estate Planners’ Responsibility Today
- Empathy and Change (07:17):
- Terry urges estate planning attorneys to recognize clients’ historical realities and cultural perspectives—noting it is not a personal failing if families have less wealth to pass on.
- Quote:
“Shifting this perspective and understanding the history ... allows us to be freed from those feelings of inadequacy or the psychological sense that maybe there’s something that we should be doing more or better.” (B, 07:36)
- He calls on professionals to actively encourage estate planning within African American communities as a means to accumulate and preserve wealth for future generations.
9. Message of Hope and Agency
- Looking Forward (08:22):
- Terry concludes that although the racial wealth gap is historically entrenched, it is not immutable.
- Quote:
“The history that created this racial wealth gap is a history that we as human beings can change. But it's up to us to begin to make those changes and to reimagine the world and a future where we can overcome this issue.” (B, 08:42)
Notable Quotes
- “African Americans have traditionally had a number of legal and cultural bars that have prevented them in many cases from being able to own or acquire property.” (Terry Franklin, 02:08)
- “I grew up thinking and hearing those things like make sure that you put something in your head that can't be taken away, education being particularly valued as a commodity.” (Terry Franklin, 02:44)
- “Once any daughter turned 16, the Johnson family actually paid twice the annual tax of a white household with the same description.” (Terry Franklin, 05:05)
- “Shifting this perspective and understanding the history ... allows us to be freed from those feelings of inadequacy or the psychological sense that maybe there’s something that we should be doing more or better.” (Terry Franklin, 07:36)
- “The history that created this racial wealth gap is a history that we as human beings can change. But it's up to us to begin to make those changes and to reimagine the world and a future where we can overcome this issue.” (Terry Franklin, 08:42)
Timestamps for Key Segments
- 00:05: Introduction—The role of cultural awareness in estate planning
- 01:24: Terry Franklin on his perspective as an African American litigator
- 03:20: Discussion of "The Plunder of Black Wealth" and historical context
- 03:50: Early Virginia laws affecting Black families (Johnson family case)
- 05:36: The economic cost of freedom for Black families in New England
- 06:24: 20th-century redlining and federal housing policy impacts
- 07:17: Encouragement for attorneys to contextualize client experiences
- 08:22: Call to action: Reimagining future opportunities and closing the gap
Tone and Takeaways
The episode balances educational history with practical advocacy, using a tone that’s both empathetic and urgent. By weaving together personal experience, scholarly research, and stories from history, the podcast underscores the importance of empathy, context, and proactive encouragement in estate planning—especially when working with clients from communities impacted by systemic injustice.