Q: Is it possible to attain multiple EINs for one trust ?
A prospective bank for the funds insures accounts up to $250,000 per EIN. Would it be possible to obtain multiple EINs in order to gain more insurance for the trust?
Probably not for that reason.
The IRS says:
You will be required to obtain a new EIN if any of the following statements are true.
* One person is the grantor/maker of many trusts.
* A trust changes to an estate.
* A living or intervivos trust changes to a testamentary trust.
* A living trust terminates by distributing its property to a residual trust.
You will not be required to obtain a new EIN if any of the following statements are true.
* The trustee changes.
* The grantor or beneficiary changes his/her name or address.
You may want to read IRS Publication 1635, Understanding Your EIN
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.