WHAT THE FUNDRAISING
Estate Planning for Equity with Cecilia Amo
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“Estate planning is not the first thing you think of when you think about equity. But it is crazy how deep and meaningful a good estate plan can be for a family.”
– Cecilia Amo
Episode #155
Overview
In this episode of What the Fundraising Podcast…
Welcome to a thought-provoking episode where we delve into the often-overlooked aspects of estate planning, community engagement, and legacy building. Join us as we explore how estate planning goes beyond financial wealth and extends into protecting your loved ones, preserving your values, and creating lasting impacts in your community.
Our guest today, Cecilia Amo, is a dedicated attorney who has made it her mission to enhance the lives of families today while securing their futures for tomorrow through her estate planning practice. With a deep passion for helping others, she is committed to providing her clients with the highest level of service.
Cecilia’s career began in one of the world’s most prestigious civil rights firms, where she fought tirelessly for families who had endured catastrophic injuries. Her advocacy ensured that insurance companies provided fair and just compensation for any wrongdoing. She has supported families who found themselves vulnerable and helpless in the face of sudden incapacitation or tragic accidents.
In this episode, Cecilia discusses the importance of initiating estate planning conversations within families, with partners, and in the nonprofit sector while keeping an equity lens in focus. She also emphasizes the value of partnering with personal family lawyers who approach legacy planning with a heart-centered guide and are committed to facilitating meaningful discussions rather than just checking boxes. Learn about Cecilia’s interactive guardian nomination workshops, designed to empower families and educate communities on protecting children. Discover the hidden potential of average individuals with substantial assets and how legacy discussions can uncover their capacity for community impact. Join us in exploring the dynamic intersection of estate planning, child protection, and legacy education, and gain insights into how these vital components can shape your family’s future and contribute to your community’s well-being.
EPISODE HIGHLIGHTS
- [02:32] Flaws in the Typical Estate Planning Attorney Experience
- [04:09] The Personal Family Lawyer Consortium: Redefining Estate Planning with Care and Trust
- [06:21] Unlocking Generational Wealth: The Transformative Power of Estate Planning
- [09:45] Educating and Empowering Families Through Comprehensive Legacy Planning
- [12:50] The Benefits of Trusts for Everyone: Beyond the Wealthy
- [18:30] Fostering Estate Planning Conversations
- [22:32] Enhancing Equity in Nonprofit Legacy Giving: Strategies and Partnerships
- [25:43] Child Protection and Legacy Education: Collaborative Workshops with PFL Attorneys
RAISE MORE FROM THE RIGHT FUNDERS
Follow
Cecilia Amo
Linktree: linktr.ee/amolaw
Website: amo-law.com/
LinkedIn: linkedin.com/in/cecilia-amo/
ADDITIONAL RESOURCES
- Many thanks to our sponsor, Overflow, for making this episode possible. This all-in-one platform features some of the lowest cash processing fees in the industry. Check out Overflow to help make your donations go further this holiday season. Learn more and get started at overflow.co/mallory
- If you haven’t already, please visit our new What the Fundraising community forum. Check it out and join the conversation at this link.
- If you’re looking to raise more from the right funders, then you’ll want to check out my Power Partners Formula, a step-by-step approach to identifying the optimal partners for your organization. This free masterclass offers a great starting point
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TIPS AND TOOLS TO IMPLEMENT TODAY
- Take the time to understand the importance of estate planning and its potential impact on your family's future, including generational wealth and child protection.
- Consider partnering with a personal family lawyer (PFL) who is dedicated to providing comprehensive estate planning services and understands the unique needs of families.
- Attend or organize workshops within your community to educate families about the significance of legacy planning, including guardianship nomination and child protection.
- Encourage individuals to initiate conversations about estate planning with their aging parents by completing their estate planning and setting an example that can influence their parents.
- Move beyond generic, one-size-fits-all estate planning and engage in deeper discussions about legacy, values, and the specific needs of families.
- Promote the creation of standalone guardian nominations, especially for families with minor children, to ensure their immediate care in the event of unforeseen circumstances.
- Highlight the importance of estate planning for asset protection, emphasizing how trusts can safeguard inheritances from various risks, such as lawsuits, divorce, or creditors.
- Encourage individuals to prioritize charitable giving in their estate plans and discuss options for continuing support to nonprofit organizations during their lifetime and beyond.
- Consider partnering with personal family lawyers to guide your community.
- Incorporate legacy interviews into estate planning processes to capture personal stories, values, and intentions, allowing individuals to leave a lasting impact on the causes and organizations they care about.
FAVORITE QUOTES
- "I'm a part of a consortium of attorneys called the personal family lawyers. And the PFL promise is to give our community the legal guidance that they need, the legal protections they need in a relationship they can trust." - Cecilia Amo
- "Estate planning is not the first thing you think of when you think about equity. But it is crazy how deep and meaningful a good estate plan can be for a family." - Cecilia Amo
- "In California, if there's no estate plan, it goes through the probate court process, and that's awful. It costs families about 5% of the gross market value of their estate." - Cecilia Amo
- "Statistically, 90% of family wealth is gone by the third generation. The average inheritance is spent in just five short years. A third of people who receive an inheritance are in debt within two years." - Cecilia Amo
- "So my process starts with a one to two-hour legacy planning session, where we do a deep dive about the law, educate people, and give them the context to make these decisions." - Cecilia Amo
- "Most estate plans will only name guardians in a will. And it will only work if you've died. There's nothing legally stating who should take custody of your children in the event of an accident. Standalone documents are very important." - Cecilia Amo
- "Most people assume that trusts are only for the wealthy. If you have a modest sum that you want to leave to your children, you wouldn't want that spent in just five years, right?" - Cecilia Amo
- "The families that are not planning for that to happen are the non-white families. The families with generational wealth have been educated; they understand how trusts work, how asset protection works." - Cecilia Amo
- "Asset protection would keep a judgment from reaching my inheritance if the trust is set up in the right way to provide that." - Cecilia Amo
- "The process is more about legacy than just filling out documents. We include a legacy interview in all of our plans." - Cecilia Amo
RELATED CONTENT
Get to know Cecilia Amo:
Cecilia Amo is the founder of AMO LAW Legacy Planning. Her approach to estate planning is relationship-based, heart-centered, and counseling-focused. She’s on a mission to help empower our community with legal planning strategies to protect their families and build generational wealth. Whether you are married or single, have kids or are childfree, starting out or looking back on a life well-lived, her goal is to help you navigate the confusing maze of financial and legal decisions to create a holistic Life & Legacy Plan that aligns with your goals and values. Because Legacy is more than just the money you leave behind.
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I teach nonprofit fundraisers to bring in more gifts from the RIGHT donors… so they can stop hounding people for money. Fundraising doesn’t have to be uncomfortable.
- CEO & Creator of the Power Partners Formula™
- Disruptor in the funding sector, changing lives everyday
- Relentlessly committed to the movement of money into the nonprofit sector
- Focused on win-win partnerships that allow fundraisers to be authentic and empowered in their work
- Over 15 years working in nonprofits (managing director and ED of multiple fast-growth organizations)
MALLORY ERICKSON
