Hey, I have an issue. I am trying to raise money for post transplant medical fees I am required to have prior to getting on the Kidney List. I was wondering how to setup a trust bank account where people could donate funds for just this purpose.
I asked my church for help & they asked me to create a trust account at a bank so that the money is designated towards paying for post transplant medical costs only. I asked Bank of America about it & they said it would take legal action/forms. I have looked on legalzoom.com, but could not find what exactly I needed.
Basically correct. The trust is a separate legal entity created for some purpose. Here, the purpose would be to receive funds and to dispense them only for the limited reason of helping the OP with certain medical bills. Part of the trust’s powers would be to own a bank account, opened and managed by the trustee (who might be the OP).
There are a lot of non-lawyer books and websites about creating trusts, but almost all of these relate to estate planning, rather than limited-purpose payments of medical expenses. Offhand, I do not know how different the OP’s trust might have to be. Step one might be to look for general purpose books for the layperson on creating trusts, and see if there are sections on trusts for purposes other than estate planning. Otherwise, perhaps the church has a lawyer among the congregation who would be willing to donate a little time.
Disclaimer: I am not anyone’s lawyer here. Do not rely on this anonymous chit-chat.
Bumping this to let everyone know that she raised enough to qualify for a kidney transplant,which is good because, while she was getting hooked up for dialysis tonight, she received “THE CALL”. She is checking into Good Sam tomorrow morning for her kidney transplant operation. My Beloved will be accompanying her to the hospital, and as soon as I can get off work I’m heading over there too.