I have a severely handicapped child. He suffers from a congenital condition that affects about 40,000 people in the United States. But my son's particular genetic mutation has only been identified in two other individuals, both of whom we know, and there are probably no more than a handful of identical mutations in the entire population.
We were wiped financially out in 2008 and at my age, it's unlikely we will be able to accrue enough funds for our child's security in our estate. We want to solicit funds for a trust, perhaps a special needs trust, from others.
With a tiny group of beneficiaries, it would be easier to attract significant support from friends and relatives, especially if such support could be tax exempt. Is it possible to set up a foundation that only benefits a few?