Financial Planning That Makes an Impact
"You want to do good; you want to have a lasting impact," says Lorraine (left), describing her parents' thoughts on philanthropy.
Valerie and Robert Fox created their estate plans years ago. When the unexpected happened last winter, it set their philanthropic goals into motion.
Valerie and Robert Fox were thrilled for their daughter Lorraine when she was accepted to Stanford University. They had always emphasized to Lorraine the importance of obtaining a higher education and professional degree.
"They had a close connection with Stanford and loved seeing me thrive there," Lorraine says.
After Lorraine graduated (class of '79) with a degree in philosophy, she and her parents remained active in the Stanford community. Robert was an avid Cardinal fan and enjoyed attending Stanford football games with Lorraine. Over the years, he met many of his daughter's friends, professors, and Stanford luminaries such as Condoleezza Rice and famous quarterback Jim Plunkett.
What Lorraine remembers most about her parents is that "they were the most loving individuals you would ever meet. I was so fortunate to grow up surrounded by love."
Lorraine's parents tragically passed away from COVID-19 in 2021. But Valerie and Robert had prepared their finances years in advance to provide for their family and the charitable causes they cared most about, including Lucile Packard Children's Hospital Stanford.
Lorraine, a professional wealth advisor, helped her parents set up their trust in a way that would both take care of their family and benefit charity. At the end of their daughters' lives, the remainder of the Foxes' estate will go to their chosen philanthropic causes.
One of the things that Lorraine tells her clients is to "have a plan, have a focus, know where you really want to have an impact."
The Foxes decided to fund an endowment for pediatric oncology research at Packard Children's Hospital. It was a win-win since they were committed to supporting cancer research and wanted to make a gift to support children's health. Pediatrics was where they felt they could make the biggest difference, says Lorraine.
"It is really about helping the next generation survive and thrive."
To learn more about how we can assist you in achieving your charitable goals, reach out to the Gift Planning Team.