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Two Trusts w/ Two Separate EINs One Account?

Question: 
Can there be two trusts with two separate EINs as owners on one account?
Answer: 

Answer by Randy Carey: Not normally. Trust funds have to be managed separately under most circumstances. The two trusts could have entered into a partnership, etc., but it is a bit unusual and would require its own EIN. I suggest running this by legal counsel.

Answer: 

Answer by John Burnett: The other problem with such an arrangement would be how it affects FDIC insurance coverage. Joint account status for insurance is only recognized for owners who are individuals.

First published on BankersOnline.com 10/22/12

First published on 10/22/2012

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