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Partner Reed S. Schmitt Discusses Creation of Bosse Foundation in New Old National Wealth Management Video

04.21.2016

Firm partner Reed S. Schmitt discusses his involvement with the Benjamin & Anna Bosse Trust and Old National Wealth Management in a new video, which you can view online (free) here. The video provides an overview of the trust founders, as well as details on how the trust has been transitioned over time to benefit the local community of Evansville.

The Benjamin & Anna Bosse Trust, founded in 1939, helped marry two interests of Benjamin and Anna: children and education. Together they established a scholarship fund to benefit the three high schools of Evansville (that existed at the time). As time went on, Old National found themselves interpreting the trust document, while staying within the spirit of the document, in order to cover all the high schools with the fund, with the help of legal counsel.

Experienced estate planning and administration attorney Schmitt has been involved with the Bosse Trust since 1987. As mentioned in the video, he was contacted by the trust administrators at Old National to address a specific concern: “Is there another way that the Trust can be benefitted from some of the income tax regulations?”  

As it turned out, there was another way, and the discussion shifted to forming a foundation. Schmitt and Old National worked together to form The Benjamin & Anna Bosse Foundation. The trust petitioned the court to receive approval to form the Foundation, and subsequently received the court’s approval. As a result, the pool of scholarship funds was increased dramatically.

Specifically, the total college scholarships awarded from the Foundation in 2015 was $200,000. The total grants for musical performances awarded from the Foundation in 2015 was $70,000.

The video also features Jeffery Bosse, author of “When Everybody Boosts, Everybody Wins: The Untold Story of Benjamin Bosse,” Ron Whitler, Trust Administrator at Old National Wealth Management, and Spencer Vinson, Investment Officer at Old National Wealth Management.


Watch “Bosse Trust- ONB” online here.

To learn more about Reed S. Schmitt and his practice, please visit his profile.

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