Good afternoon. Because you need the $20,000 a year in payments, you can't simply give them the property. I would suggest you sell the building at it's fair market value to your son's business on an installment basis calling for annual payments of $20,000. That will give you your $20,000 annually and the gain portion of that will be taxed at long term capital gain rates rather than ordinary income rates. Then, you can provide in the note agreement that any amount outstanding at your death is forgiven.
I hope this has given you the guidance you were seeking. I wish you the best of luck!
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.