Do Irrevocable Trusts Need an EIN?
Yes, irrevocable trusts generally require an Employer Identification Number (EIN), also known as a Taxpayer Identification Number (TIN), from the IRS.
Why an EIN is Necessary:
- An irrevocable trust is often considered a separate taxable entity from the grantor (the person who created the trust).
- The EIN functions like a Social Security Number (SSN) for the trust, allowing the IRS to identify the trust for tax reporting purposes.
- It is required for filing tax returns for the trust, especially if it generates income exceeding $600 annually.
- An EIN is necessary for managing trust assets, completing financial transactions, and setting up a bank account in the trust's name.
- In general, irrevocable trusts offer protection from creditors, as assets transferred into them are no longer legally owned by the grantor. This means that creditors of the grantor generally cannot access those assets to satisfy debts. Only the Trustee/Excutor can.
- We will apply for your EIN through the IRS for you.
- Please be advised there are absolute no REFUNDS.
Irrevocable Trust EIN(Donation Package)
$350.00価格
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