I was recently asked about my thoughts as to the use of an EIN vs. social security number for a revocable trust.
Under Treas. Reg. § 1.671-4: https://www.law.cornell.edu/cfr/text/26/1.671-4, most grantor trusts may use either the grantor’s social security number or a separate employer identification number. Given the choice, most trustees (and their accountants) prefer to use the grantor’s social security number but some trustees (and their accountants) prefer to use a separate employer identification number.
Details as to how to report the income are set forth in the regulations.
To discuss your NJ trust matter, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at fniemann@hnlawfirm.com. Please ask us about our video conferencing or telephone consultations if you are unable to come to our office.
By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold Township, Monmouth County, NJ Trust Attorney