If you were an 80s or 90s kid like I am you have heard of the movie “Soul Food” which had an amazing cast. The plot of the movie centered around what to do with mama’s house after tragedy struck.

One of the main reasons generational wealth can be destroyed after one or two generations is not being educated on the power of real estate. Letting property taxes get out of hand or falling victim to terrible loan products such as reverse mortgages can be avoided.

Mama worked hard for that house and more than likely her parents had to deal with issues like red lining or other forms of housing discrimination.

Don’t let your parents hard fought investment go to waste. Look into creating a family trust where the sole purpose is to take care of repairs as well as keeping the taxes current.

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