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Recognizing October 18-24, 2021 as National Estate Planning Awareness Week.
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WHEREAS, National Estate Planning Awareness Week is a public campaign designed to help Americans understand why an estate plan is essential to financial wellness; and
WHEREAS, National Estate Planning Awareness Week was first adopted at the federal level in 2008 to help the public understand what estate planning is and why it is such a vital component of financial wellness. Assisted by Rep. Mike Thompson (D-CA) and 49 additional members of the House of Representatives, H. Res. 1499 named National Estate Planning Awareness Week on September 27, 2008; and
WHEREAS, According to The National Association of Estate Planners & Councils (NAEPC), estate planning is an often-overlooked element of financial wellness; it is estimated that over half of Americans - 56% - do not have an up-to-date estate plan; and
WHEREAS, NAEPC states, "Estate planning encompasses the growth, conservation, and transfer of an individual's wealth through the creation and maintenance of an 'estate plan.' The purpose of estate planning is to develop a strategy that will maintain the financial security of individuals through their lifetime and ensure the intended transfer of their property and assets at death, while taking into consideration the unique circumstances of the family and the potential costs of different methods"; and
WHEREAS, In Philadelphia, one of the most insidious ways in which the lack of estate planning harms our residents and inhibits the accumulation of intergenerational wealth is via "tangled titles," for homes - situations in which the deed to a property bears the name of someone other than the apparent owner, and frequently the name of a deceased individual; and
WHEREAS, According to The Pew's Charitable Trusts' Philadelphia Research and Policy Initiative, "Tangled titles can have serious ramifications for residents and neighborhoods, sometimes causing people to lose their primary r...
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