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November 19
How to Conduct an Interrogation
Dana Turner

November 19
Blocking Internet Gambling -- Are You Ready?
John Burnett

November 20
Understanding Letters of Credit
Adam LaBoda

December 2
Auditing for the "Orphan" Compliance Regulations
Patricia Cashman

December 8
Robbery Suppression & Apprehension -- The SAFECATCH Strategy
Dana Turner

December 10
RESPA - Completing the New Good Faith Estimate
Mary Beth Guard and
Jack Holzknecht

December 16
RDC Risk Management and FFIEC Compliance: It is harder than you think!
Paul Carrubba and
Dan Fisher

December 18
RESPA - Completing the New HUD-1/1A
Mary Beth Guard and
Jack Holzknecht



Topic Options
#1281712 - 11/05/09 01:03 PM TIN or EIN for Living Trust when trustee resigns?
PSJ Offline
New Poster

Registered: 11/05/09
Posts: 1
Which is required (TIN or EIN) on a revocable living trust account where the trustee has resigned and the successor trustee is now in control? The successor trustee opened the account in the trust name and the trustee has never signed the signature card.


Edited by PSJ (11/05/09 02:39 PM)

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#1283176 - 11/07/09 05:19 PM Re: TIN or EIN for Living Trust when trustee resigns? [Re: PSJ]
nbk2yj2 Offline
Gold Star

Registered: 08/28/06
Posts: 407
Loc: Florida
Are you sure this is living revocable trust and not a living irrevocable trust? (The grantor has given up control and the trust has been funded during the grantor's lifetime.)

From my experience, when the grantor is not the trustee the trust is usually opened up under an EIN. The original trustee should have been the one to open the account and should have signed. Since the horse is out of the barn, the successor trustee needs to sign the signature card just as the original trustee should have. If your bank uses one you would want to use a successor trustee affidavit signed by the successor trustee to cover your bank.

You should have the trust reviewed to confirm the type of trust. This will help in determining the correct set-up.

A TIN can either be a SSN, EIN or ITIN.


Edited by nbk2yj2 (11/07/09 05:21 PM)
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Tell me and I may forget, show me and I will remember, involve me and I will understand...

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#1283227 - 11/09/09 09:20 AM Re: TIN or EIN for Living Trust when trustee resigns? [Re: PSJ]
Ken_Pegasus Offline
Power Poster

Registered: 08/30/01
Posts: 9729
Loc: Another trip around the sun
There are a number of features that can make a trust a "Grantor" trust where use of the grantor's SSN is acceptable. One is where the grantor serves as trustee. Another is where the grantor has a power of revocation, something he can have regardless of whether he is a trustee. Another is when the grantor retains the power to change beneficiaries. There are others.

As noted, your choices are between an SSN and an EIN, but there is no way to know the answer to the question without reading the trust.
_________________________
Try? There is "do" and "do not," there is no "try." Yoda

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#1283986 - 11/09/09 09:53 PM Re: TIN or EIN for Living Trust when trustee resigns? [Re: Ken_Pegasus]
BBoyd Offline
Diamond Poster

Registered: 03/04/02
Posts: 2166
Loc: MI
In many cases, if a Trust has been a living revocable trust using the grantor's SSN and the grantor is the Trustee, it becomes irrevocable and must have an EIN when the grantor/trustee dies.
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Opinions are mine and never to be taken as legal advice!

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