Journal article
U.S. Black adults' estate planning: The role of financial planner use, inheritance receipt, and life insurance ownership
Financial planning review (Hoboken, N.J.), v 7(2)
Jun 2024
Abstract
While an emerging body of research has documented the significance of estate planning, there remains limited understanding regarding the extent of Black adults' engagement with estate planning in the United States. The objectives of this study were to examine whether the utilization of financial planners, the status of inheritance receipt, and religion are associated with engagement in estate planning among U.S. Black adults, and how these associations vary based on life insurance policy ownership. Participants for this study were 673 U.S. Black adults aged 25 and older who completed an online survey in July 2021. We estimated logistic regression models to predict Black adults' engagement in estate planning. Results indicated that in fully adjusted models, Black adults who used the services of a financial planner had significantly higher odds of executing a valid will or trust than those who did not seek assistance from a financial planner. The status of inheritance receipt, frequency of attendance at religious services, and ownership of life insurance policies were positively and significantly associated with engagement in estate planning among Black adults. However, as a moderator, patterns did not differ significantly depending on whether they owned life insurance policies. These findings may assist professionals and other stakeholders in financial planning to develop strategies or interventions to enhance estate planning for U.S. Black households.
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2 citations in Scopus
Details
- Title
- U.S. Black adults' estate planning: The role of financial planner use, inheritance receipt, and life insurance ownership
- Creators
- Kimberly Watkins - University of GeorgiaShinae L. Choi - University of AlabamaMiranda Reiter - Texas Tech UniversityMegan McCoy - Kansas State UniversityShelitha Smodic - Kansas State UniversityCory Thompson - Texas Tech UniversityKenneth White - University of ArizonaBertranna Muruthi - Drexel University
- Publication Details
- Financial planning review (Hoboken, N.J.), v 7(2)
- Publisher
- John Wiley & Sons, Inc
- Number of pages
- 16
- Grant note
- American Council on Consumer Interests
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Community Health and Prevention
- Scopus ID
- 2-s2.0-85197382086
- Other Identifier
- 991021894521904721