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Lynn Elizabeth Farzaroli passed away on Sunday, February 9, 2020 after a three-and-a-half year fight against breast cancer. She had blessed us with her loving nature for 41 years. On January 2, 2016, Lynn gave birth to her beautiful daughter Zoe Elizabeth, now 4 years old. Lynn’s devotion to Zoe throughout her disease was remarkable. Zoe said recently: “When I grow up I want to be a Mommy, and everybody will call me Lynn”. Their time together was too short.
Before donating through GoFundMe - If you prefer to donate via check please visit LynnFarzaroli.com where you'll find information about contributing directly to Zoe's education account managed by Charles Schwab.
This campaign was established by Samantha Leo, Lynn's sister, and Michael Leo, Lynn's brother in law. We started this fundraiser to honor Lynn's memory by raising donations to ensure that Zoe will never have to worry about school tuition or education expenses from Kindergarten through College.
The GoFundMe Community Management team emailed us and asked that we publicly provide the following information
1. Plan for ensuring donations reach intended recipient
This campaign is working to the benefit of Zoe Navarrete, currently 4 years old. To ensure this happens, we have created a "Schwab One Custodial Account " - a program that conforms to UTMA regulations. We are choosing a UTMA approach for an education fund rather than a 529 savings account because a 529 account is only allowed for college education costs and Zoe has 14 years of education costs before college. The mechanics of transferring the funds from GoFundMe to Charles Schwab will be (1) electronic transfer to a bank account, and (2) wire transfer from bank account into Schwab account. This is because, (a) GoFundMe doesn't offer a wire transfer option and (b) Schwab only supports wire transfer in. (Hey GoFundMe team, we can't be the only one who has been asking for you to support wire transfers -- please consider it!). We will make the wire transfer on the same or following day as the funds arrive from GoFundMe. This is specifically to ensure that we have a strong paper for the IRS trail that makes it clear that the funds were traveling through our bank only for logistical sake and this was not a "gift" to us. The Schwab One account has been established using Zoe's social security number (a requirement of Schwab due to UTMA regulations).
2. How will the funds be used?
We will use the funds to pay for Zoe's education. As mentioned above, Zoe has a substantial amount of educational costs (14 years) before she even reaches college. Funds will be used in the immediate 1.5 years for Day Care before she can enter Pre-K and K-12 education. Given San Francisco's school placement through lottery and family preferences, it is expected that Zoe will attend a private school starting in Kindergarten. It is unrealistic to think that this campaign will pay for all of Zoe's education, however, it will make a meaningful contribution that will lessen the burden on Zoe's family. Our hope is that we will be able to stretch the impact of the funds in the Schwab account by investing in low-risk (capital preserving) investments that have a low- to moderate- rate of return. Unlike a 529 account, any gains realized through this investment will be taxable - as such, with each tax year, a small withdrawal will be made to pay for capital gains taxes in the given tax year. This process will be facilitated through Charles Schwab's annual reporting tools.
Before donating through GoFundMe - If you prefer to donate via check please visit LynnFarzaroli.com where you'll find information about contributing directly to Zoe's education account managed by Charles Schwab.
This campaign was established by Samantha Leo, Lynn's sister, and Michael Leo, Lynn's brother in law. We started this fundraiser to honor Lynn's memory by raising donations to ensure that Zoe will never have to worry about school tuition or education expenses from Kindergarten through College.
The GoFundMe Community Management team emailed us and asked that we publicly provide the following information
1. Plan for ensuring donations reach intended recipient
This campaign is working to the benefit of Zoe Navarrete, currently 4 years old. To ensure this happens, we have created a "Schwab One Custodial Account " - a program that conforms to UTMA regulations. We are choosing a UTMA approach for an education fund rather than a 529 savings account because a 529 account is only allowed for college education costs and Zoe has 14 years of education costs before college. The mechanics of transferring the funds from GoFundMe to Charles Schwab will be (1) electronic transfer to a bank account, and (2) wire transfer from bank account into Schwab account. This is because, (a) GoFundMe doesn't offer a wire transfer option and (b) Schwab only supports wire transfer in. (Hey GoFundMe team, we can't be the only one who has been asking for you to support wire transfers -- please consider it!). We will make the wire transfer on the same or following day as the funds arrive from GoFundMe. This is specifically to ensure that we have a strong paper for the IRS trail that makes it clear that the funds were traveling through our bank only for logistical sake and this was not a "gift" to us. The Schwab One account has been established using Zoe's social security number (a requirement of Schwab due to UTMA regulations).
2. How will the funds be used?
We will use the funds to pay for Zoe's education. As mentioned above, Zoe has a substantial amount of educational costs (14 years) before she even reaches college. Funds will be used in the immediate 1.5 years for Day Care before she can enter Pre-K and K-12 education. Given San Francisco's school placement through lottery and family preferences, it is expected that Zoe will attend a private school starting in Kindergarten. It is unrealistic to think that this campaign will pay for all of Zoe's education, however, it will make a meaningful contribution that will lessen the burden on Zoe's family. Our hope is that we will be able to stretch the impact of the funds in the Schwab account by investing in low-risk (capital preserving) investments that have a low- to moderate- rate of return. Unlike a 529 account, any gains realized through this investment will be taxable - as such, with each tax year, a small withdrawal will be made to pay for capital gains taxes in the given tax year. This process will be facilitated through Charles Schwab's annual reporting tools.