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I have just accepted the appointment as successor trustee for

our family trust. This was...
I have just accepted the appointment as successor trustee for our family trust. This was necessitated by my mother's incapication. In trying to open up a new trust account at a more local credit union I was asked if the trust account was to set up under my social security or with an ?EIN. They could not explain the implications of one over the other. Can you a tell me what might be best for this situation?
I don't know if will make a difference but there is a house, as part of the trust, that generates an rental income. However, that income will be used exclusively for the care of my mother.
Thanks
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Answered in 2 minutes by:
12/2/2010
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,030
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. You are going to want to get a separate Taxpayer ID number for the trust (I'm surprised it doesn't already have one...check on the most recent tax return for the trust) because if you use your SSN, then any income is going to get reported to the IRS under your SSN rather than the IRS'.

 

 

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Customer reply replied 7 years ago

I do not know if it has a TAX ID number as I do not have access to income tax forms-ALthough I am guardian and successor trustee, I agreed to a professional conservator for her daily financial affairs. My mother's documents are a mess and she was shredding documents before we could get to court to have her declared incompetent. SO, what would happen if there was already a tax id number, but I go ahead and set the trust up at this credit union with a new tax id number?

Thanks

You can apply for a new ID number online at the IRS' website and if the trust has already been issued one, it will inform you of that. In that manner, you can get the old number. Also, it's doubtful that she did the tax return herself...so you might check with whoever she used as an accountant.

Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,030
Experience: 29 years of experience as a tax, real estate, and business attorney.
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