Hey all, it's been a while since I've posted. Would appreciate your guidance on my parent's revocable living trust, of which I am now the successor trustee. Specifically, regarding getting the now-irrevocable trust a TIN.
Dad died ten years ago, mom passed away a week ago. She had two accounts at Vangaurd in the name of the trust. I contacted Vanguard to change ownership of the accounts, as they called it, so I can administer them before disbursing the assets per the trust. The first Vanguard guy told me to use mom's and my socials on the new successor trust account, which later on struck me as odd -- wouldn't you get a new TIN for the trust, so I'm not getting hit with capital gains on the trust assets? Dad always used his social for the revocable trust.
So I called Vanguard back, and yes, I need a TIN for the now-irrevocable trust. Here are my questions:
I've gotten an EIN before at the IRS site, but this time it's asking questions I'm unsure about:
1. Mom and Dad's trust was revocable, but now is irrevocable because they're both passed. Does that mean I'm requesting a TIN for an irrevocable trust (it makes me pick either revocable or irrevocable)?
2. For the new TIN, what date was the trust funded -- the original date the revocable trust was funded, or the date of mom's death when the irrevocable trust came into being?
3. The IRS site is asking if the "Trust filing as an Estate under Sec. 645 (check if yes)"
I'm the successor trustee, and a lawyer, but am really not enjoying all of this. Your wisdom is greatly appreciated.
Dad died ten years ago, mom passed away a week ago. She had two accounts at Vangaurd in the name of the trust. I contacted Vanguard to change ownership of the accounts, as they called it, so I can administer them before disbursing the assets per the trust. The first Vanguard guy told me to use mom's and my socials on the new successor trust account, which later on struck me as odd -- wouldn't you get a new TIN for the trust, so I'm not getting hit with capital gains on the trust assets? Dad always used his social for the revocable trust.
So I called Vanguard back, and yes, I need a TIN for the now-irrevocable trust. Here are my questions:
I've gotten an EIN before at the IRS site, but this time it's asking questions I'm unsure about:
1. Mom and Dad's trust was revocable, but now is irrevocable because they're both passed. Does that mean I'm requesting a TIN for an irrevocable trust (it makes me pick either revocable or irrevocable)?
2. For the new TIN, what date was the trust funded -- the original date the revocable trust was funded, or the date of mom's death when the irrevocable trust came into being?
3. The IRS site is asking if the "Trust filing as an Estate under Sec. 645 (check if yes)"
I'm the successor trustee, and a lawyer, but am really not enjoying all of this. Your wisdom is greatly appreciated.
Statistics: Posted by abyan — Tue Aug 27, 2024 9:28 am — Replies 1 — Views 87