Skip to content

Family Trust-Individuals Use Separate SSANs?

Answered by: 

John and Cindy both have individual accounts and just created a family trust which has no tax number. Can they use their separate SSANs for the account without adding the other person as joint owner?

If the trust is a revocable family trust (John or Cindy can revoke it at any time), IRS rules treat it as owned by the grantor(s). The Trust can use the SSAN of either of the grantors to open and maintain the account.

First published on 04/14/2019

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics