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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 113544
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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What form is needed to set up a personal trust account. We

Customer Question

What form is needed to set up a personal trust account. We have a family in our church whose child has cancer. The school has done a fund raiser, but can't give to family unless they set up a personal trust account at a bank.
Submitted: 4 years ago.
Category: Legal
Expert:  Law Educator, Esq. replied 4 years ago.
You will have to have a charitable trust drafted and apply to the IRS for tax exempt status or the trust will have to pay taxes on any money raised. These trusts are not meant to be done without an attorney, because if improperly drafted you can end up in a taxable situation. Here is a sample trust document, but you really need to use a local attorney to draft the trust and apply to the IRS for your 501c non-profit status to make sure you do this properly and it can be done in a day or two, but they do not make boilerplate forms and each one of these trusts have to be drafted to the needs of the parties. There are many lawyers who will draft one of these for the situation you describe for free (and I am surprised if your church does not have a member who is an attorney or a family member who is an attorney to put this together and to file the 501c form 1023 with the IRS).


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