QUESTION

how do I set up my parent's trust with an EIN number?

Asked on Feb 19th, 2020 on Trusts and Estates - California
More details to this question:
My parents had a living trust. Both grantors have passed away. I need to set up an EIN number. The original trust is named the Murin Living Trust dated 12,5,2012 - When creating the EIN should the name mirror the original trust? Should it now be called an estate for the IRS purposes or just an irrevocable trust?
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1 ANSWER

Estate Planning Attorney serving Lake Forest, CA at TrustCounsel PC
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Most commonly, parents establish Revocable Living Trusts, in their names, using their own Social Security Numbers. Subject to the terms of the original trusts, continuing irrevocal trusts will likely require EIN numbers, separate accountings, reporting to beneficiaries, their agents, etc., as part of ongoing trust administration. To specifically answer your question, the original trust documents, and actions taken since it was established should be reviewed to determine the history and current status of the estate, With that, you'll be in a much better position to coordiante with tax, accounting, and other professionals to move forward with your process.
Answered on Feb 20th, 2020 at 7:52 PM

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