Permanent Trust for future kids' mission trips?

D

Dutchish

Guest
Jurisdiction
Minnesota
I'm a very charitable financial advisor and I'd like to set up a fund that would disperse money to my current and future family members to send them on short-term missions trips. Broadly, I would like to use mutual funds/stocks/bonds to build an account; the earnings of which could be used to help fund 7-14 day Christian ministry mission trips for my kids/grandkids/great's/etc. This was a life-shaping part of growing up for me, so I want to incentivize my offspring to do the same. I do not care about taxability, although I imagine there are many organizations they could partner with on individual trips that might be 501c3. I would like the fund to follow my bloodlines and possible adopted or step children indefinitely and have some oversight by future financial advisors associated with my current organization. I would prefer to limit the $ usage to family age 13-22 if possible. I would like some of the annual earnings to stay in the fund to help build it and some to be used each year for these trips. I'm looking at KISS Trust, but open to recommendations/thoughts. I plan to fund it to at least $100k before I pass away(I'm 36). Thoughts! Thank you!
 
You know what to do, hire a trusts and estates attorney.
One not associated, but maybe recommended by your firm.
Then commence due diligence.
Another approach is to retain the services of a major bank with an established trusts department.

I suggest you investigate a "family trust".
I also suggest to never discuss any financial endeavor on the Internet.
Good luck.
 
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