The Thank Me Later Foundation Receives Grant To Empower Black Families To Transfer Generational Wealth

Staff Report From Georgia CEO

Wednesday, June 12th, 2024

The Thank Me Later Foundation (TMLF) announced a $25,000 grant from Bank of America (BofA) that will support their Black Women Will (BWW) initiative, which empowers Black families to transfer generational wealth and establish order through estate planning. 

The grant will be used for TMLF’s educational programming and events, including the 4th annual Black Women Will Homecoming event on Saturday, November 16th in Atlanta, GA, where they will help 250 Black female homeowners in Georgia prepare to transfer more than $87 million worth of assets by completing their wills and healthcare directives in one day. The event is a partnership between the Thank Me Later Foundation, Atlanta Legal Aid, The Georgia Association Of Black Women Attorneys Foundation, The Georgia Association of Paralegals, and The Fulton County Probate Court. More than 100 attorneys from 80+ local law firms volunteer each year, along with paralegals, notaries, and general volunteers.

 Over the next 25 years, an estimated $68 trillion will be transferred from U.S. households to heirs and charity, according to ananalysis of high net worth and ultra-high net worth markets by consulting group Cerulli Associates.

 “Black families are working so hard to accumulate new wealth that we aren’t paying attention to what our family owns, even if it’s just our grandma’s house,” says Jini Thornton, CPA, and the Executive Director of TMLF. “Black Women Will is a part of the solution to this silent crisis that is preventing the Black community from transferring wealth.”

 To date, 296 wills and healthcare directives have been completed at the annual BWW event, and there is a plan to transfer more than $108 million worth of assets (including real estate, bank accounts, investment accounts, etc.)

This grant is aligned with the BofA's broader efforts to help advance racial equality and economic opportunity through their local commitments focused on health, jobs and reskilling, affordable housing, and small businesses. For many years, Bank of America has worked with nonprofit partners, elected officials, business and civic leaders, and others across Atlanta to help drive economic opportunity and upward mobility.

“We share the mission of The Thank Me Later Foundation to preserve wealth in the Black community, which is why we directed this strategic philanthropic investment in the Black Women Will event,” said Al McRae, president, Bank of America Atlanta. "This grant represents our commitment to fostering economic growth and wealth preservation in our city."

BofA has supported Black Women Will since the inaugural event in 2021, as a sponsor. For the last two years, BofA employees have volunteered at the event in areas such as registration, food, and marketing.

The experience at the BWW event is unique and captures the spirit of an HBCU Homecoming – it’s a mix of a will preparation clinic and a day party. The participants complete their legal documents and are celebrated for leaving their legacy, in an effort to help normalize the conversation around estate planning and change the energy from morbid to motivational.

TMLF will host their inaugural Black Women Will Legacy Week as part of their programming, from Monday, June 17th - Sunday, June 23rd. This weeklong Juneteenth celebration will be anchored in financial education and actionable steps to leave your legacy.