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 inherently. An irrevocable trust is its own separate legal entity and therefore does have its own EIN number. This does offer asset protection measures, but at the cost of losing control of your assets. If you decide to create a revocable trust, we recommend creating one that uses land trust principles. The land trust principles will help to hide the fact that you created the trust, and will use a variety of techniques that allow you to follow the adages of “destitute is a wonderful appearance to have,” and “live in the anticipation of litigation.” Proper estate planning should be fully comprehensive, fully protective, and customer tailored. A good estate plan is one of most important legal documents you will ever have. For more information about this or any of legal services, please call us for a free legal consultation!