Does a trust have its own EIN number?
Does a trust have its own EIN number? This depends on the type of trust that you have. If you have an irrevocable trust, then it will have its own EIN number. However, you will be forced to give up control of your assets. This means that you will NOT be able to sell your assets, and full power is given to the trustee and beneficiaries, and not the settlor (or creator of the trust). People who create irrevocable trusts have trustees and beneficiaries that they trust inhere
I am getting a divorce, do I need a trust?
I am getting a divorce, do I need a trust? If you are going through the divorce process, it is always advised by our office to get a trust (also known as an estate plan). Having an estate plan will allow you the opportunity to choose people to make health care and financial decisions for you in the event that you cannot do so for yourself. Now that you will be single, this is always a good idea. Additionally, if you have minor children, you can include a guardianship provi
What is a Special needs trust (SNT)?
Special Needs Trusts (SNTs) Unfortunately, the use of SNTs is sometimes hard to understand. A special needs trust (SNT) is usually established for an individual that has a mental or physical disability that will not allow for him/her to engage in any gainful activity by reason of medical or physical impairment that will lead to death or which has lasted or will be expected to last at least 12 months (42 USC section 1382C(a)3(A). The main purpose of establishing an SNT is to
