Margaret CPA in OH Posted February 12 Report Posted February 12 Long time clients have had a substantial revocable trust in their SSN's. One has now passed away (2025). Does the trust now become irrevocable with that death and require and EIN? Is it split into a remaining revocable and half irrevocable with EIN? It's been a while since I was actively involved with trusts and am not sure of correct search terms. Need I look at the trust document (usually the best source of info, I know )? 1 Quote
Lion EA Posted February 12 Report Posted February 12 Yes, read the trust document. (I haven't had a joint trust.) 1 Quote
Sara EA Posted February 13 Report Posted February 13 Definitely read the trust docs. You might even end with the A-B trusts that used to be the way to go when the estate tax exemption was small. 1 Quote
Margaret CPA in OH Posted February 13 Author Report Posted February 13 Thanks for feedback. It seems the trust fiduciary and attorney are already on it. No worries for me for 2024 as the client passed early 2025. It was a grantor trust that must have had directions for survivor when one died. I'll have all the information needed well in time for 2025 filing but business as usual for 2024. And I've been promised a copy of the original trust and new creation. The bank officer said the grantor was the deceased with both spouses as trustees so trust is now irrevocable with EIN. I suspect that surviving spouse will receive income but will know more when we meet. 2 Quote
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