What’s next? is the question former Dallas City Council member Veletta Forsythe-Lill and her husband John asked as they reviewed their financial goals. Approaching a milestone birthday and thankful to have accomplished some bigger goals like funding their son’s college education, Veletta started thinking about how she could sustain the legacy of the community she had helped build. While she has invested a significant amount of time in the community, it was important to her that she invest financially in its future as well.
As Veletta and John started their estate planning process , they came to Communities Foundation of Texas for assistance with their planned giving.
“CFT is an outgrowth of giving to the community through the Community Chest, and it feels communally owned,” says Lill. “I wanted to set up a fund with CFT because I had a personal relationship with the foundation through my work on nonprofit boards and admire its work.”
The Lills worked with CFT to set up a donor-advised fund that is an extension of their lifetime giving. Putting the donor-advised fund as a beneficiary in their will allows them to continue to contribute to the community even after they are gone and incorporates many of their current passions. For Veletta, passions include the arts and community health. For John, an airline pilot, they hope to invest in a new generation of pilots.
Veletta’s advice to others on estate planning: “It’s never too early to start. And, it’s important to review your plans as you have course-corrections in your life. You want to make sure they reflect your current lifestyle and goals.”
For assistance in developing a giving strategy that is consistent with your charitable goals, contact Carolyn Newham, Senior Director of Donor Relations and Services, Communities Foundation of Texas at 214-750-4146.
