Answer:
The sooner the better if it is an interest-bearing account because you don’t have the correct TIN for IRS interest reporting once the grantor dies and the trust becomes irrevocable. The trust TIN needs to be obtained soon enough that if it is an interest-bearing account you can properly report interest for the year broken down between the SSN (for interest accrued up to date of death) and the trust’s TIN (for interest earned later).
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Learn more about Mary Beth Guard’s webinar
Common Issues and Errors with Living Trust Accounts
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