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Damien Bosco
Damien Bosco, Attorney
Category: Estate Law
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I have a C- Corporation in California. Question: Can

Customer Question

I have a C- Corporation in California. Question: Can corporation have a Revocable TRUST where corporation is a grantor & beneficiary and I as a trustee also can trust have its own EIN to establish a credit history.
Submitted: 12 days ago.
Category: Estate Law
Expert:  Damien Bosco replied 12 days ago.

A corporation can be a beneficiary that receives a distribution from a trust. The company is required to declare its share of trust income received and pay tax on that income at the corporate tax rate. Also, I see no reason why a corporation cannot transfer funds into a trust as long as the corporation is not the trustee also and you state you will be the trustee. What would not work is if the corporation was the grantor, trustee and the beneficiary. We can discuss more if you want to do so.

Customer: replied 11 days ago.
Thanks for the answer, but my second part question is: Can trust have its own TAX ID (EIN) number to open a bank account ?
Expert:  Damien Bosco replied 11 days ago.

Yes. If the trust is an irrevocable trust it is required to have its own EIN.

If you have any follow-up questions, feel free to ask them. If finished, please take a moment to rate my service between 3 and 5 stars. See you again soon!

Customer: replied 10 days ago.
What about Revocable trust, can a revocable trust have its own TAX ID (EIN) number ??
Expert:  Damien Bosco replied 10 days ago.

No. A revocable trust cannot have it's own EIN number. We can discuss more if you want to do so.

Expert:  Damien Bosco replied 9 days ago.

Hello again! Checking in to see if you need further help. Your satisfaction is my goal, and I'm happy to answer a related follow-up question you may have. If I have not answered your question completely or missed a question, please let me know and I will attempt to answer it. If you are satisfied with your answer, please provide a positive rating between 3 and 5 stars for the service I provided to you. Best regards.

Expert:  Damien Bosco replied 5 days ago.

Hello again: If you have a follow-up question, don’t hesitate to ask. If finished, please take a moment to rate my service. See you again soon.