Can a Trust own a LLC? We have a LLC acct with it's own EIN in which the owners want to add their trust to. Both owners are co-trustees of the trust. Can we add it to the business account, and if so how would we style the roles and title?
We have a client who owns several business accounts under a corporate DBA. The accounts are titled "ABC Corporation, DBA DEF Company". He also has the Family Trust listed under each account. We are told that he cannot have business accounts under the trust because once a trust, always trust. Will he then need to close and reopen these under the Corporation?
We have a savings account that was opened March of 1993 titled hypothetically: Mary Smith and John Smith Trustees for Tim Smith. Does anyone ever remember titling accounts this way for payable on death purpose?
We have a business organized as a trust that is opening an checking account for a bingo unit. There is only one person named in the Trust Agreement. His
name is Mike. Mike is named as a trustee/designated agent in the Trust Agreement. He is wanting to add his bookkeeper, Kim, to be an agent on the
account. Is this allowed for trust accounts, or are only people designated in the Trust Agreement allowed to be on the account? Also, the Trust
Agreement is not signed or notarized, which raised some questions for our New Accounts Rep. Does the Trust Agreement need to be signed and/or
How do I title an account for a child who is receiving benefits from her deceased dad? Mom is the personal representative.
When addressing Beneficial Ownership-Statutory Trusts, what is the best way to discern a trust that is a "statutory trust created by a filing with a
Secretary of State or similar office"? We have questions regarding how to tell the difference between a regular family trust and a business trust.
This question pertains to a Revocable Trust Account. Our client is reluctant to submit the entire Trust document and the attorneys version of what we
need to know does not include list of beneficiaries. Can we insure this account for more than $250,000 without knowing the exact number of
beneficiaries? What if they do submit a list, but make changes to the Trust afterwards without notifying us and the number of beneficiaries changes, are
we obligated to provide the insurance for all?
If an account owner is a Trust, is it covered more by the FDIC insurance?
Can a business trust list beneficiaries on the trust account? For example, another bank would like to set up a trust account with our bank and list their customers as the beneficiaries.
Can an account that is set up in a trust have a beneficiary listed on the account?