This is another in a series of blogs on the basics of estate planning. This week, we’ll look at taxpayer identification numbers. Frequently, there’s confusion regarding Taxpayer Identification Numbers. A Taxpayer Identification Number (“TIN”), is the number which is used to identify a taxpayer. For most individuals, it’s simply their social security number (“SSN”). For many businesses and trusts it’s an employer identification number (“EIN”). Here is a link for more information on TINs, … [Read more...] about Basics of Estate Planning: Taxpayer Identification Numbers
EIN
Grantor Trusts
Estate Planning attorneys often have misperceptions about “grantor trusts.” Certainly, clients understand them even less. Grantor trusts are an income tax concept, not an estate tax concept. When a trust is a grantor trust, it is income taxed to the grantor, pursuant to sections 671 to 677 of the I.R.C. (If a trust is not a grantor trust as to the original grantor of the trust, then it may be taxed to a beneficiary if they had a general power of appointment, pursuant to section 678). All … [Read more...] about Grantor Trusts
Grantor Trust Reporting
For tax purposes, does a grantor trust use a different taxpayer identification number or the grantor’s social security number? It depends. This blog explains. Stephen C. Hartnett, J.D., LL.M. Associate Director of Education American Academy of Estate Planning Attorneys, Inc. 9444 Balboa Avenue, Suite 300 San Diego, California 92123 Phone: (800) 846-1555 www.aaepa.com … [Read more...] about Grantor Trust Reporting
