Easily Insert SNN Field in the Living Trust

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How to Insert SNN Field in the Living Trust

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hi Clint Kunz here with Anderson business advisors and in this video we are going to discuss living trust and have any proper estate plan alright lets get started [Music] so theres a lot of information out there in the internet how to properly plan for your state maybe youve talked to your parents before or youre friends and theyve given you some advice well I can tell you this that theres a lot of misinformation or people will steer you I think down the wrong road when it comes to estate planning because maybe they just dont know or they have some other incentives in mind like for example if you go to an attorney and you ask them how is the best way to plan for my estate a lot of attorneys will tell you to create a will now Im sure many of you are unfamiliar with the will and how it works and if youre not well Ill give you a few examples here of how a will works typically a will only operates when you die so theres no benefit while youre alive to having a will its designe

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What is an irrevocable grantor trust?

A: An irrevocable trust is a trust, which, by its terms, cannot be modified, amended, or revoked. For tax purposes an irrevocable trust can be treated as a simple, complex, or grantor trust, depending on the powers listed in the trust instrument.

Can a trust have an SSN?

During the grantors life, the trust is revocable and taxes are paid by the grantor as an individual, using the grantors SSN (Social Security Number). In other words, when an institution requests an SSN or EIN (Employer Identification Number) for trust property, the grantor just uses his or her own SSN.

Whose Social Security number is used for trust?

Upon their death, the assets are distributed to the beneficiaries named in the trust. A revocable trust uses the social security number of the person who created the trust.

Does a trust use a SSN or EIN?

This made things simple and easy for your loved one. But upon the grantors death, his or her Social Security number cannot be used to manage the trust. The successor Trustee of the trust will need to get an EIN/TIN from the IRS in order to claim the trusts assets and generally manage the trust.

Whose social security number is used for trust?

Upon their death, the assets are distributed to the beneficiaries named in the trust. A revocable trust uses the social security number of the person who created the trust.

Can you use SSN for irrevocable trust?

An irrevocable trust is going to need a tax ID (also known as an employer identification number) because it can no longer use the SSN or ITIN of the individual (or individuals) who created it.

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