What kind of trust can be set up for a bank to open an account to benefit a family while father is recovering from accident?

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What kind of trust can be set up for a bank to open an account to benefit a family while father is recovering from accident?

My son is trying to set up an account for a family where the father is the sole provider and has been involved in a very serious accident. There will be a long recover and until he returns to work people want to contribute money to help the family. The bank says they need a trust agreement but can’t seem to tell them what kind. Is there a way to handle this without major expense?

Asked on February 7, 2012 under Estate Planning, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The costs will depend on the attorney that will help him set this up.  Maybe he should call the local bar association and see if any one will do this pro bono (free) for the benefit of the family.  What he wants to set up is a charitable trust for the benefit of the family.  Some one needs to be the trustee and the parameters of the trust  - what it can be used for - need  to be established.  There are IRS issues as well, and you want to make sure that the donations will be tax deductible for those that contribute.  His actions are admirable.  Good luck.  


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