Do I need a new trust identification number for a new trust?

August 22, 2011

From:  Kent
Date:  28 Sep 2008

Dear Mr. Gray,

I established a Special Needs Trust for my parents and got a tax identification number for that trust. We are going to revoke that trust and establish another Special Needs Trust with new provisions, with the same trust name. Do I need to apply for a new identification number, or can I just report using the old one?

Thanks so much,
Kent

Answer

Date:  1 Oct 2008

Hello Kent,

Since it's a new trust and you're not just amending the previous trust, you should get a new identification number. Your attorney should be providing guidance to you on this issue, and you should be working with a professional tax return preparer/advisor for tax compliance requirements. All Special Needs Trusts are not treated the same. (That's our business!)

Good luck!


Mike Gray

For answers to new questions, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight by filling out the form below.


Home    Newsletter Archive    Introducing Michael Gray, CPA    Articles    Tax FAQ   Need Help?    Other Links


Michael Gray, CPA
2190 Stokes St. Ste. 102
San Jose, CA 95128
(408) 918-3162
FAX: (408) 998-2766
Hours: 8am - 5pm PDT Monday - Friday

Find us on Facebook
Follow me on Twitter
Connect on LinkedIn
Connect on Google+
Our Blog

Sign up for our free monthly newsletter,
Tax & Business Insight,
for the latest tax news!

subscribe html
unsubscribe text only

We respect your email privacy!