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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!

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