The Gilbert Family Foundation has partnered with the City of Detroit and Detroit City Council Member Scott Benson to introduce a variety of initiatives aimed at safeguarding inherited assets and family homes from potential risks. These programs offer estate planning and legal services to Detroit residents, with the goal of protecting their property rights and housing equity.
Supported by skilled legal professionals, these programs strive to make estate planning more affordable, accessible, and secure. The primary aim is to empower property owners to understand the importance of estate planning and effectively manage their assets to create generational wealth, enhance financial security, and prevent unnecessary property loss.
Reports from Detroit Future City suggest that there are approximately 5,500 heir-owned properties in Detroit, valued at over $268 million. Unfortunately, many of these properties could lose value or face tax foreclosure due to inadequate legal documentation. This can lead to confusion, resulting in neglected properties and impacting property values and community development efforts negatively.
Mayor Mike Duggan emphasized the significance of residents viewing their homes as long-term sources of wealth.
Detroit Foundation’s initiatives to preserve inheritable assets
He advocated for the establishment of effective systems to ensure seamless property inheritance.
In collaboration with Neighborhood Legal Services, the City of Detroit has allocated $668,000 from the American Rescue Plan Act funds to offer free legal consultations to over 3,000 households. These services, which include estate and will planning, are projected to benefit approximately 720 families.
The Gilbert Family Foundation also extends financial support to Lakeshore Legal Aid and Michigan Legal Services, enabling them to provide legal representation to about 500 families at risk of imminent property tax foreclosure. By doing so, these families are better equipped to protect their homes and establish a more secure future.
Acknowledging the importance of estate planning in wealth creation, especially for Black families, Detroit’s Wealth Generation Task Force has put forth several initiatives to raise awareness and provide easier access to estate planning resources. Scott Benson, the Task Force chair, highlighted the necessity of a city-wide effort to engage residents in conversations about intergenerational wealth transfer.
Additionally, until 2025, the city intends to host free legal service workshops for eligible residents. To qualify, participants must be Detroit homeowners with incomes not exceeding 300% of the federal poverty guidelines. Moreover, those enrolled in the Gilbert Family Foundation program must meet specific income criteria and be at risk of tax foreclosure.
