The accidental philanthropist

Cash is for amateurs.

That’s how financial advisor Darin Shebesta put it to his client Carolyn Sheley when they started having serious discussions about giving.

Before she began working with Darin in 2016, Carolyn had taken the checkbook approach to charity. She and her husband, Russell, would give smaller-dollar donations to individual organizations mostly on a need basis.

“We were dabbling in it – and we dabbled pretty well,” Carolyn said. “We even met the president of a large financial firm. We attended a seminar here in Phoenix and ended up having lunch with him! How that happened, I don’t know.”

While she recalls that meal with humble bemusement, it marked a turning point for the couple.

“It impressed – probably more on Russell than on me – that this was what we should be doing with our money.”

So, years later, when Carolyn found herself with more than she ever imagined, she knew she wanted to do more than “let it sit in a pile and rot.” Darin was there to help her get intentional and strategic … and become something she’d never envisioned herself as: a philanthropist.

“When Darin came along, it became so expansive. Everything opened up for me. Now, all I can say is I wish I had more to give – but I’m not Bill Gates.”

The beginnings of a benefactor

When Russell passed away in 2015, giving was a far-off thing in Carolyn’s mind. It was grief and anxieties about having enough to live on that came to the fore.

“It isn’t that I didn’t know anything about money or finances, it was the investment portion,” Carolyn said. “The future portion. How am I going to maintain myself for the foreseeable future? Russell steered us through all the ups and downs of investing. The stock market was a total mystery to me.”

After time to process her loss and a period of self-described stupefaction, Carolyn was given Darin’s name by her attorney. Soon the two were reviewing the comprehensive financial plan Darin put together, checking the balance sheet, going over the cashflow statement.

“When Carolyn could visually see that she wasn’t going to run out of money, the conversation became, ‘OK, what causes do you care about? What matters to you?’” Darin said.

Carolyn and Russell didn’t have children and the heirs she’s appointed don’t expect a windfall, so giving quickly became the priority, with Darin presenting options and strategies for Carolyn to assess. While their early endeavors involved taking relatively modest amounts through qualified charitable distributions (QCDs) from Carolyn’s IRA, before long, she wanted to max out every opportunity. That meant hitting the QCD limit for both 2024 and 2025 – $105,000 and $108,000, respectively – and with those options maxed, finding other ways to give when she found a need.

After hitting last year’s maximum, Carolyn was introduced to Wildlife for Tomorrow, an ideal organization given her passion for the land around her and the life that populates it. With the QCD tapped, Darin recommended using some appreciated securities from a nonretirement account to open a donor advised fund (DAF). In addition to offering Carolyn more charitable flexibility, this approach reduced her capital gains taxes and enabled her to deduct the fair market value of the gifted assets, creating more efficiency overall.

“Throughout all of this, Darin has said, this is what we can do – he’s never told me what to do. He talks to me like a person who has a brain and with his guidance, I’ve become something of a, a what? A person who can give her money away!”

All roads lead to Arizona

Carolyn and Russell were travelers. They hit every national park in the US, scaling glaciers and traversing lava beds. Since Russell’s passing, Carolyn has taken those travels international, first on safari in Kenya and then to Iceland, Canada, France, Spain, England and Scandinavia. But Arizona is home, and it sits at the heart of her giving.

“If it weren’t for what we learned, what we did and what we lived in Arizona,” she said, “I wouldn’t have the option to give this money away. And as much as I share them, these causes were Russell’s causes. We were partners in everything, and I can’t even think about him not being part of this.”

Through her DAF, which is named for both her and Russell so his memory lives on with each gift, Carolyn contributes to the law, education, nursing and theater schools at the University of Arizona, her and her husband’s alma mater. She also works to protect the natural wonder that so inspired them by supporting the Southwest Wildlife Conservation Center, The Nature Conservancy in Arizona and Wildlife for Tomorrow, among others.

“I remember once we were up by Horseshoe Lake. We’d come down into the valley to this stream where we took our shoes off and dangled our feet. We laid back, just sunk into the wildflowers, when suddenly the ground started to vibrate. We looked over our shoulders and there was a herd of wild mustangs coming down for a drink!”

Ensuring there’s plenty of water to go around – for mustangs and everyone else in her desert community – has become a particular focus of Carolyn’s conservation giving. Via The Nature Conservancy, she supports the protection of water sources, particularly the San Pedro, Arizona’s last free-flowing river.

“It's those kinds of things … the environment, animals and nature. I want more people to be able to appreciate and enjoy them. I could go on and on, because it’s so important, not just for me, but for everybody to grab hold of what’s good in life and spread it out.”

And spread it she will, as Carolyn puts more of her resources to work, adds new causes to her roster and continues learning from Darin, who is proud to play teacher.

“It has been such a highlight of my career to work with Carolyn,” he said. “I’m in awe of how open she is and how curious, especially as she was going through the loss of her best friend after so many years. It’s been a privilege to be along for the journey.”

 

Wildlife for Tomorrow

Founded in 1990 to enhance the management, protection and enjoyment of Arizona’s fish and wildlife resources, Wildlife for Tomorrow (WFT) works closely with the Arizona Game and Fish department to provide additional support for projects and educational activities where traditional resources are not adequate.

Learn more at wildlifefortomorrow.org.