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?
A:
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.
(https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein)
You may want to read IRS Publication 1635, Understanding Your EIN
(https://www.irs.gov/pub/irs-pdf/p1635.pdf)
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