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Inheritances are useless by the time they're received, writes Bill Perkins in "Die with Zero." Gifting money earlier when it will do the most good is a smarter move, Perkins writes. In his book, "Die with Zero," he explains how he hopes to spend all the money he has before he dies. For that reason, Perkins writes that the money could be better used earlier in life. This pattern of later-in-life inheritances is something that Perkins hopes his "Die with Zero" strategy reverses.

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Miami financial advisors Gerald Grant Jr. and Gerald Grant III say anyone who wants to pass assets to their family needs an estate plan, but too many people don't get around to creating one. AdvertisementWhether you plan to leave your heirs $10,000 or $10 million, you need an estate plan. That might seem like an obvious statement, but it's a common blind spot among clients of Gerald Grant III and Gerald Grant Jr., father-son financial advisors at Equitable Advisors in Miami. An estate plan is a way to formalize your intentions for the assets you leave behind when you die. For example, they'll ask someone to update their beneficiaries or finish filling out a document for their estate plan within 30 days.

Persons: Gerald Grant Jr, Gerald Grant III, —, Grant Jr, Grant III, it's, I've Organizations: Finance, Service, Equitable Advisors Locations: Miami

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Almost 80% of the millionaires who the author Thomas J. Stanley interviewed for "The Millionaire Next Door" are first-generation affluent, or self-made millionaires who didn't inherit wealth. Many self-made millionaires also shied away from assisting their adult children financially, as it can hurt both the parents and the children. He also identified three money habits that successful self-made millionaires avoid at all costs. But according to Stanley's research, that's not the card most self-made millionaires turn to — most go for lower-fee credit cards instead.

Persons: Thomas J, Stanley, —, that's, That's Organizations: Service, Millionaires

Gerald Grant Jr. and Gerald Grant III are financial advisors in Miami and coauthors of a new book about building generational wealth. This article is part of "Money That Lasts," an ongoing series about generational wealth from Personal Finance Insider. In conversation with Business Insider, Gerald Grant Jr. and Gerald Grant III, father-son financial advisors at Equitable Advisors in Miami, said there are at least two ways Black Americans can start building wealth for themselves and their kids today. Income also appears to be a key factor in stock-market participation for Black Americans, according to a survey by Ariel Investments in 2015. About 57% of Black Americans earning between $50,000 and $100,000 were invested, while 81% earning $100,000 or more were invested.

If you're unable to decide how to divide your assets during a divorce, the courts will do it for you. Most US states observe equitable distribution, meaning all property acquired during the marriage is divided fairly at a judge's discretion. Nine US states observe community property law, where marital assets are split 50-50. Which states are community property states in a divorce? In community property states, marital assets — and debts incurred by either spouse during the marriage — are divided 50-50.

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