Sample Irrevocable Trust With Grantor Social Security Number
Description
How to fill out Irrevocable Trust Agreement For Benefit Of Trustor's Children And Grandchildren With Spendthrift Trust Provisions?
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FAQ
An example of an irrevocable trust is a living trust created during the grantor's lifetime. In this trust, the assets are transferred out of the grantor's control, making it difficult to alter or revoke once established. A sample irrevocable trust with grantor social security number could include stipulations for beneficiaries, asset management, and distribution guidelines.
An EIN is a federal tax ID number that a trust, estate, or business must use to file federal and state income taxes. Not all types of trusts require an EIN. Revocable trusts generally don't need EINs because their income is included on the tax return of the trust creator, who's known as the grantor or trustor.
Creators of irrevocable trusts are commonly called grantors. A grantor of an irrevocable trust creates the trust and contributes funds or property to the trust. However, the grantor cannot amend or revoke the trust agreement.
If the trust is irrevocable, on the other hand, it's a separate legal entity. It cannot be changed by the grantor of the trust. The beneficiary would need to allow for any changes on their own end. Consequently, the irrevocable trust will need its own tax ID number, also known as an EIN.
Revocable trusts do not necessarily require an EIN as you can use the grantor's social security number, yours if you created the trust if you wish. However, the IRS recommends that both revocable and irrevocably trusts have their own Tax ID (EIN) Number.
Even though federal tax law permits you to use your social security number as the TIN for a grantor trust, your accountant or other tax advisor may recommend having a separate TIN for an irrevocable trust that is classified as a grantor trust.