Legal Question in Wills and Trusts in Indiana
Estate Plan Help
I own a substantial amount of income producing real estate. I do not want any of my estate to go to my heirs. Rather I want all my property to go into some type of trust/nonprofit corp/foundation etc (you tell me what type of entity) to continue operating and growing the business and have a portion of the income be paid out to my alma mater every year. I also want to have certain restrictions where the business can purchase property i.e. only in Indiana, and preferably in certian areas.
Question No. 1 What type of entity should I form to put everything into.
Question No. 2 When and how should I fund it. Should I put everything into it now or wait until i die.
2 Answers from Attorneys
Re: Estate Plan Help
Everything you want can be done with careful and detailed planning. Whether you fund your Trust now or when you die is a question for your accountants and Elder Care attorney. You need to discuss this with an attoney who can get everything set up the way you want it. I commend you for wanting to give to Charity. There are many needs out there. Mary
Re: Estate Plan Help
I seem to recall holy writ from somewhere, perhaps Dean Harvey at law school, that the Lord loves a cheerful client who promptly pays his attorney fees. So you need to take some of your substantial income and cheerfully pay a retainer to an attorney experienced in estate planning. Everything you mention in your question can be accomplished. But there are too many fact-sensitive variables to address in a free web-site response. Gather all your documentation and your check book and make an appointment with a real lawyer. Don't monkey around trying to do this on the cheap. If you have heirs at law, they will likely be eager to sniff out any weakness in your estate plan. Good luck.
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