Our Legacy. Our Liberty.
A group photo from our extended family trip to Jamaica.
Last week, I had the honor of moderating a panel discussion at the Creating a Legacy Conference hosted by the Association of Black Estate Planning Professionals. The conference focused on how Black Americans can build generational wealth and economic power through tools such as estate planning, charitable giving, and other strategies. Not-so-fun fact: more than 70% of Black Americans don’t have wills or estate planning documents to protect their assets after death.
For the past 15 years, my career has been dedicated to strengthening the social impact sector through fundraising and philanthropic strategies. (As an aside, I was an NFL Cheerleader for three years, but that’s another blog post for another day.) Before the conference, I truly viewed philanthropy as the critical lever that would lead to real, impactful social change. I’ve been in the philanthropy “bubble” for so long, I’d convinced myself it would be the key to our liberation.
Now, I’m widening my iris a bit and broadening my perspective on what a pathway to liberation entails. Here’s my current formula:
Me + Family Legacy + Smart Philanthropy = The Change I Aim to See
It starts with me. I am the nucleus of the change that I desire to see in the world (and you are the nucleus of yours). As I aim to be a catalyst, I must be clear on my values, ideologies, and my vision of the ideal world I’ve imagined. In practice, this looks like building a greater understanding of social issues that I care about, reading books and articles to be well-informed. Self-compassion is also an important practice here. As an empath, it is easy for me to get weighed down by all of the turmoil and injustice that permeate society. I am learning to hold space for myself and my deep feelings, and also turn off the news when it’s no longer serving me.
Building a family legacy is an effective way to influence change from one generation to the next. If I am the nucleus to the future I envision, my family* will be the most apparent reflection of my stated values because they are most impacted by my decision-making. For example, suppose I envision a world where Black folks are free from injustice. In that case, I must raise my sons to know their power, their family story, prepare them to be courageous, and ensure they have the resources (!) to build on the foundation established for them. Estate planning ensures financial assets are properly passed on, but what about passing on family values, stories, Grandma’s secret recipes? It all matters so how can we capture, catalogue, and protect these intangible assets. If you’re interested in learning more about this topic, check out Dr. LaTanya White’s work on building Dynastic Wealth.
Smart philanthropic investment in Black communities leads to lasting societal change. In 2023, Americans donated a total of $557 billion to charitable organizations. That’s a lot of money! Sadly, a 2017 report revealed that only 2% of foundation giving goes to Black-led nonprofit organizations. If we want to close the racial wealth gap, we need more philanthropists intentionally choosing to support missions that advance Black communities. Related, a report by the W.K. Kellogg Foundation highlighted that Black households give 25% more of their income annually than white households, and nearly two-thirds of African-American households donate to organizations and causes.
My closing questions:
How are you thinking about building a legacy for your loved ones?
How can we move more philanthropic capital to organizations that support Black liberation?
And how can we ensure more Black donors are participating in charitable giving in a way that also promotes long-term wealth building for them and their families?
I still believe philanthropy is an essential tool to advancing community change. I also think that, specifically for Black families, we must prioritize generational wealth building and legacy planning if we want to see true positive advancement for the Black community.
By building our family legacies and effectively investing in communities, we are creating catalysts for liberation. Our legacy can lead to greater liberty.
Does your family have an estate or legacy plan prepared? I’m curious to know. Send me a note at empactfully[at]gmail.com and let me know your thoughts on the blog.
*Family does not necessarily equate bloodline or marriage. Family can be chosen friends or partners with whom you want to build a legacy.
** I acknowledge that there is no true liberation without political activism as well. Stay tuned for an additional post on political involvement.
P.S. – June 19 is also World Sickle Cell Day! Take a few minutes to learn more about the genetic blood disease that impacts many Black Americans and other ethnicities.