Tax Advisors and Financial Advisors often want to know how to report income on trust assets. What tax ID number (EIN, FEIN, TIN) is used? For Revocable Living Trusts, if the creators of the trust are living, you use their SSN, or for a couple with a joint Revocable Living Trust, you use either SSN, you choose.
After the death of the creators of the Revocable Living Trust, you must apply for a new tax ID number with the IRS.
For irrevocable trusts, it is more complicated; the general rule is that an irrevocable trust must have a separate EIN. However, some irrevocable trusts are created so they use the SSN of the creator(s) of the trust as long as that person is living. It all depends on the drafting language when the trust was created.
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