Revocable Living Trust

Forum|Forum|1 year ago
October 30, 2024
3 replies
65 views

Should I obtain an EIN for a revocable living trust while I am living, so that the trustee does not have to do that after my death? Or can that not be obtained until I am deceased?

Anonymous_

Level 15

evelynm

Employee Tax Expert

Until a 1041 Trust return needs to be filed you continue to use your SSN and file everything on your personal tax return. You may apply for an EIN in various ways, and now you may Apply for EIN on-line . This is a free service offered by the Internal Revenue Service and you can get your EIN immediately so it is likely you should hold off.

Have an amazing day. Evelyn M (CPA 20+ years). I would love a thumbs up :) + Mark the post that answers your question by clicking on "Mark as Best Answer".

SwapnaM

Employee Tax Expert

No, you do not have to obtain an EIN. A revocable, living trust remains under control of the grantor of the trust, and because of this it doesn't need a tax ID.

Grantor Trust: A revocable living trust is considered a “grantor trust” for tax purposes, meaning it uses your Social Security Number (SSN) instead of an EIN. Any income or deductions from the trust are reported on your personal tax return.
No EIN Needed: Since the trust is revocable and you are the grantor, there is no need for a separate EIN during your lifetime

After the Death of Grantor:

Irrevocable Trust: Upon death of grantor, the revocable living trust typically becomes irrevocable. At this point, the trust will need its own EIN because it is now a separate taxable entity.
Trustee Responsibility: The trustee will need to apply for an EIN for the trust to handle tax filings and manage the trust’s assets.

@EGreene21 Thanks for the question!!

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