Who in Indianapolis, Indiana is involved in facilitating charitable real estate gift annuity transactions?

The real estate has no mortgage left on it and we want a life time income stream. Are there fees involved in effecting the transaction?

If you plan to donate your property to a church or a small charity, you will have to make arrangements mostly on your own, after discussing it with the charity, of course. Some large charities can set this up for you. But while they will normally do it without a fee, I think you are still better off working with a trusts and estates lawyer that you hire (and pay) on your own.

The main problem is that the creation of the kind of trust you are talking about here (called a charitable remainder trust) immediately creates two conflicting interests. You want to get the profits (income) for as long as possible. Obviously, you hope for a long life. The remainder beneficiary--the charity--wants to get at the money as soon as it can.

For example, suppose someone wants to build a shopping center in your neighborhood and needs your land to make the deal. The charity, which will ultimately own the property might want to sell. You might not. That's a potential conflict. A lawyer can set things up the way you want, so that YOUR interests are protected.

In addition, a good lawyer can advise you on the best way to accomplish your dual goals of helping the charity and ensuring your financial well-being. Maybe you should rent out the property, with you getting the rents and the charity getting the real estate after you pass away. Maybe you should donate the property now, have the charity do the renting, and you get a set rate of return from the charity. (This would eliminate your having to find tenants.) Or maybe the property should be sold right away, and the proceeds put into a trust account at a bank or brokerage, where you get the interest and the charity gets the principal when you die.

You need someone smart to help you think through all the choices. In the end, the fees you might have to pay will be worth it in peace of mind. If you don't know a good lawyer, try asking at the trust department of your bank. Most banks have one.

I hope this helps. Good luck!!

My cousin could but he is in Muncie!