I just had a revocable trust set up. While putting land into the trust from another state my lawyer told me they wanted my social sec. number and EIN number. He needed info to get an Ein number. I said I thought you only got and EIN number when I died and he said you could get one any time. I believe he applied for one thursday. If that application goes through will I be stuck with an irrevocable trust where all my assests are now owned by my beneficiaries or can I stop the application or is there another remedy to get my revocable trust back. Do another trust. etc.
Thank you for your question. Be sure to go ahead and bookmark www.nateanswers.com for future questions.From what you originally said, you're setting up a revocable trust. An EIN does not transform your revocable trust into an irrevocable trust. It is just a separate identifier from your social security number for the trust itself. That's all that is. The trust does not become irrevocable until your death.Getting an EIN does not affect the legal status of your trust in any way.Please remember to only rate my answer when you are 100% satisfied. IF you feel the need to rate "Poor Service" or "Bad Service", please stop and reply to me via the REPLY TO EXPERT button with the issue you have. I am not paid unless I get a rating of 3 to 5 Stars/Smiley Faces. If I have helped you with your question, please give me an appropriate rating so that I get credit for helping you. Thank you, Nate
What exactly does having a social and an Ein on a revocable trust do. Are there tax implications if I have an EIN on a revocabale trust and file seperate tax forms for personal versus trust income . Do I have to add that EIN to all my trust assests in my revocable trust? When I went on line most websites said that revocable trusts should not apply for an EIN including the IRS site which said grantor trusts do not need a EIN number..
That is a multiple part tax question that is beyond what was originally asked. If you would like to follow up with it, please feel free to do so in a separate question. In the meantime, please provide a positive rating for the assistance I have provided to your original question so I get credit for helping you.Thanks!Nathan
Why then does the IRS say that revocable trusts don't need an EIN. My mother had a revocable trust and the EIN came when she died and her trust became irrevocable. I asssumed if you got and EIN your revocable trust would become irrevocable.
No. It's just an assigned number. You can get it now or later. It doesn't have any differentiating legal effect on the status of your trust. The trust only becomes irrevocable if 1) you make it so yourself, or 2) upon your death.
Over 8 years of legal estate experience.
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