Does a revocable trust need a new tax number after death?

Question

As things stand, I am setting up the estate's financial records and bank account and have been told the estate needs an employer identification number. As things stand, there may also be a trust involved after the death. More than one taxpayer may be involved, potentially including the decedent, the estate or trust, and a beneficiary.

Soradin · Accepted Answer

A trust that becomes irrevocable at death may need a separate number and different reporting. For the filing analysis, an estate commonly needs an employer identification number when it opens accounts, receives post death income, or files a fiduciary income tax return. For the filing analysis, the estate should not continue using the deceased person's Social Security number for its separate activity. Save the original records used to determine the tax treatment, then ask a CPA, enrolled agent, or tax attorney to validate the taxpayer, form, basis, and deadline.

Does a revocable trust need a new tax number after death?

Soradin

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