Tax ID for a revocable living trust

Asked over 2 years ago - Santa Clarita, CA

I recently just got a revocable living trust setup for my wife and I. For some of the financial institutions that we are trying to retitle our accounts at, they are asking me for the tax id for the trust. Can anyone clarify this? would this just be our social security numbers since we are the trustees and grantors.

Attorney answers (3)

  1. L Christopher Arvin

    Contributor Level 13

    11

    Lawyers agree

    1

    Answered . Hi -

    Tell them its a revocable living trust - and NO TAX NUMBERS ARE ISSUED FOR REVOVABLE LIVING TRUSTS IN WHICH TRUSTORS/TRUSTEES/BENEFICIARIES ARE SAME!

    Amazing - 5 % of the banks still mess this up .. usually its the credit unions

  2. Robert Paul Bergman

    Contributor Level 13

    7

    Lawyers agree

    1

    Answered . Yes, it is either of your social security numbers, unless your trust specifies whose social security number is to be used.

    Revocable living trusts are "grantor trusts," which means that they do not exist as separate tax entities for state and federal income tax purposes. All interest and dividend income, capital gains and losses, etc. are reported under your own social security numbers and directly on your own 1040 income tax returns as well as your 540 tax return for California.

    If the bank still insists on you obtaining a tax identification number after pointing this out to them, then you always have the option to take your business to another bank. If you do so, make sure to let your old bank know why you are moving your accounts. It's the only way they learn.

    Please remember to mark what you believe to be the best answer to your question. This answer is provided by... more
  3. C. Kelley Corbridge

    Contributor Level 11

    9

    Lawyers agree

    Answered . Yes - your social security number would be the applicable number. Once a person dies and the trust becomes irrevocable, a separate tax ID number would be required and a separate trust income tax return would then be due.

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