CONeal Posted September 4, 2015 Share Posted September 4, 2015 I know people are going to say speak with a lawyer yadda yadda and so forth but trying to prepare my thoughts and wanted to bounce the general structure off ya'll since several of you of have thought about this. My family is about to close on the sale of the family farm that was established by my grandpa. My personal view is that my share of this specific section of the farm is really not something I earned. Plan on taking my proceeds from the sale and set it aside for what will eventually become a generational trust. (I am not married yet and have no kids) I have used my share from another section of the farm that didn't carry the emotional ties for my own personal use. Thinking about this as the general outline for disbursements of funds. Paper work would be enclosed with the trust explaining my grandpa, where the source of the funding came from, his values, etc along with details about my dad and how he kept the place up and his values and ties to the farm. Why the farm was sold and my thought process for setting this up and how the money was managed along with a few other things. -The trust would provide for a 4 year college education in state (my grandpa was also a teacher and valued education very highly). In the case where someone elected not to attend college at the age of 22 they would get the cost of attending school for the lowest tuition rate in state. - At the age of 25 they would get the equivalent of 25k (in todays dollars) to do what ever they want. The goal is to take a risk, see the world, or whatever they want to do that would broaden their experiences. They would be told that they will have another distribution later in life so don't worry about spending/losing all the money. - At age 35 they would get a second payment of 25k (in todays dollars) and this would be the last distribution they would receive out of the trust. Does anyone see a glaring problem with this? Anyone doing it a different way for me to think about? Link to comment Share on other sites More sharing options...
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