I have a legal/accounting
question for a Florida Estate execution. There are no assets
outside of Trusts (two trust exist), but both 2012 and 2013 personal taxes
for deceased must be filed with the IRS
in addition to the Trusts and Estate. One of the Trust has been an irrevocable Trust for years with an existing TIN. The other has just become irrevocable with the Grantor's death.
Do we need to file a separate SS-4
for both the newer irrevocable Trust and the Estate, or can this be accomplished all under the Estate TIN? Do the Estate Personal
Representatives (there are three) all need to sign the SS-4 as "Responsible Parties" or can one PR alone apply, and in either case what are our liabilities
with the IRS?
Do we also need to set up an Estate Checking account to pay all Estate claims, taxes
, etc., or can that be done with funds from one of the Trust?
For additional information, one Trust holds liquid assets while the other holds deeded property
which taxes will be due. Both Trusts and the Estate have the same Beneficiaries
, but the Trusts have different Trustees.