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If the irrevocable trust is properly drafted and is not, in fact, a grantor-owned revocable trust, then it should have its own unique Taxpayer Identification Number ("TIN").
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∙ 9y ago
Wiki User
∙ 11y agoNo
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How can you tell if a trust is irrevocable?
Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.
What is the difference between credit shelter trust and irrevocable trust?
What is the difference between credit shelter trust and irrevocable trust?
If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?
no
What determines the dollar amount of a retired employee's monthly Social Security check?
The number of fiscal quarters the employee worked during his or her lifetime and the amount of money the employee contributed to the Social Security Trust Fund
Can the beneficiary of an irrevocable trust open a bank account with trust's EIN?
Absolutely....All one needs is to be the trustee of the irrevocable trust, have a Tax Identification number for the trust, and all documents for the estate, investments, shares, and accounts you are planning to transfer into the Trust account.
Can a testamentary trust be revocable?
No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.
Is a Grantor Retained Annuity Trust revocable or irrevocable?
A Grantor Retained Annuity Trust (GRAT) is an irrevocable trust that allows the grantor to transfer assets to beneficiaries while retaining an annuity interest for a specified period. Once the GRAT is established, the terms cannot be changed or revoked by the grantor.
Can an irrevocable trust be changed by the trustor?
In general, irrevocable trusts cannot be changed by the trustor once they are established. These trusts are designed to be permanent and the trust assets are no longer considered part of the trustor's estate. However, some irrevocable trusts may include provisions that allow for certain changes to be made under specific circumstances.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
Is there a settlor in an irrevocable trust?
if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do
Where can I get more information for an irrevocable trust?
You can get information on what a irrevocable trust is at the following sites I found for you to have a look at www.dummies.com/.../revocable-versus-irrevocable-trusts.htm ,en.wikipedia.org/wiki/Trust_law
Can Trust Numbers Be SSNs?
You have to call the IRS or go on its website (On the Internet, it will be given to you in minutes). and apply for a number. It is not a social security number. You will have to get an Employer Identification Number (EIN) for the trust . (as I recall, it is nine digits, like 12-3456789, not like a social security number reads 123-45-6789). If it is a trust set up in a will (which I am more familiar with), you will need some basic information, like name of decedent, name of trustees, addresses, social security numbers, date of death, etc.
