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#814846 - 09/13/07 08:46 PM estate accounts
fraud gals 01 Offline
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Joined: Jan 2007
Posts: 3
Is an Estate account required to have an EIN?

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#814982 - 09/13/07 10:37 PM Re: estate accounts fraud gals 01
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,296
Cape Cod
Absolutely yes. A decedent's estate is a separate legal entity. It must have its own EIN and you must obtain it in your CIP process.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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#817646 - 09/18/07 10:06 PM Re: estate accounts John Burnett
vmosby Offline
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Joined: Sep 2007
Posts: 1
Little Rock,AR
We have a check given to us by a law is made payable in this format....Lawyer & Lawyer fbo Estate of Jane Doe...the lawyer wants to open a money market account under the tax ID number of the law firm...he says he is earning the interest and putting it towards the legal fees...

I think it should be opened under a tax ID for the Estate with the law firm as trustee...

Who is right?

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#817853 - 09/19/07 01:30 PM Re: estate accounts vmosby
LoisLane Offline
Diamond Poster
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
I agree with you that the estate needs it's own TIN.

When a federal bankrupcy court appoints a trustee over a bankrupt estate, each estate account has it's own TIN. Fees for the trustee are paid from the account, just as this attorney refrerences his legal fees.
And where is Superman when I need him?

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#819314 - 09/20/07 04:31 PM Re: estate accounts LoisLane
BrendaC Offline
Power Poster
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
IRS form instructions are useful in understanding what TINs should be used for various entities. Look at the instructions for form SS4 and W-9. You can pull them easily from the Web Site.
Life without Jesus is like an unsharpened pencil - it has no point.

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#819350 - 09/20/07 04:42 PM Re: estate accounts BrendaC
Al Miller Offline
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Al Miller
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
I'm not sure this is an estate account in the normal sense.

Might this be an Attorney Client Trust Account for a specific beneficiary. Is the estate suing someone for wrongful death or some such thing? Then the attorney request makes sense.

Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.

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