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Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 56487
Experience:  Licensed attorney helping individuals and businesses.
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When my mother died recently, all of her assets were in a revocable

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When my mother died recently, all of her assets were in a revocable living trust to which I am the trustee. Insurance checks have been issued to trust account. The bank has called me wanting to know if I prefer the trust account to be changed from my mothers SS number to my SS number or if I would prefer it be listed under the EIN number of my LLC corporation. They say there might be tax ramifications as to the choice. The total assets involved are approximately 200,000.00.
Hello and thank you for the question. I am sorry to read of this dilemma.
It is better to have it under the llc. A good accountant can reduce the taxes and this avoids personal liability and tacking that income on other taxable income. Good luck and have a nice weekend.
Customer: replied 3 years ago.

I forgot to mention I am a resident of Hawaii while the trust property and bank accounts are in Arizona - I don't suppose that changes anything.

Thanks for those details. Gladly they do not change the answer. Have a restful weekend. I tried to expedite your question. kindly click on a rating of OK or higher for the answer.
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