Should a Trust Apply for a Federal Tax ID?

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A Federal Tax ID number is required for an irrevocable trust. The estate of a deceased individual is also required to have a unique Federal Tax ID number. In the case of a living or revocable trust, the grantor’s social security number is used for identification, so a separate tax ID number is not required.

Determine the Type of Trust

Creating a trust allows you to transfer wealth or assets to your beneficiaries legally, without the need for public probate. You can ensure your property and assets are distributed to your beneficiaries according to your wishes. In many cases, placing property in a trust also avoids estate taxes, increases financial privacy, and protects property from your heirs’ creditors. There are two types of trusts: revocable and irrevocable.

Create a revocable (living) trust if you want the freedom to change or terminate the trust.

Choose an irrevocable trust if you want to permanently transfer assets into the trust and remove your rights of ownership. The terms of an irrevocable trust cannot be changed or canceled without the beneficiary’s permission.

File for a Tax ID Number

The IRS uses unique numbers to identify and track businesses and trusts. It’s important to apply for an irrevocable trust tax ID number as soon as possible to simplify tax filing, asset management, and financial transactions. IRS EIN Tax ID Filing Service makes it simple to apply for your tax ID number. Just answer the questions in our online guide to complete your application quickly and easily. Our expert 24/7 support team is available to help you any time.

Establishing a trust can help you manage and distribute your assets, and IRS EIN Tax ID Filing Service can help you get your IRS tax ID quickly. Once your number has been assigned, we’ll transfer it to your email address. Start your application for a trust tax ID number or, if you’re acting as an estate executor, an estate tax ID number.

Select Your Entity Type to Apply for a Federal Tax ID Today