Land trust bank account question - EIN vs SSN - Posted by John(NH)

Posted by CarolFL on April 23, 1999 at 19:16:46:

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Land trust bank account question - EIN vs SSN - Posted by John(NH)

Posted by John(NH) on April 23, 1999 at 09:20:58:

I’ve opened an account at the bank for one of my land trusts. I used the SSN of the trustee as the identification number. Now the bank calls and says they need an EIN from the state for the trust and cannot use someone’s SSN. Is this right? What should I tell them?

Re: Land trust bank account question - EIN vs SSN - Posted by Rob FL

Posted by Rob FL on April 24, 1999 at 22:12:43:

In all truth it sounds like you are complicating things. If you open up a separate bank account for every land trust, you could end up having 50 bank accounts, if you have 50 properties. It is much easier to (1) have a corporate trustee (the same one for each trust) or (2) have a property management company. Have all the checks made out to them instead of the land trust. This is just for simplicity’s sake; obviously if you only have 1 or 2 properties this is no big deal.

Re: Land trust bank account question - EIN vs SSN - Posted by John(NH)

Posted by John(NH) on April 23, 1999 at 10:06:57:

Whoops. Ok my SSN was used for the account. However the bank is asking for a separate EIN for the trust and won’t use the SSN… I was looking on what to do/say to them…(?)

Revocability - Posted by Sean

Posted by Sean on April 23, 1999 at 10:02:25:

The EIN should be the beneficiary’s tax identification or social security number, UNLESS the trust is set up to be irrevocable (meaning that the beneficiary cannot cancel the trust and reclaim the property). Most trusts are not set up that way. Good luck.

Re: Land trust bank account question - EIN vs SSN - Posted by Bronchick

Posted by Bronchick on April 23, 1999 at 09:41:09:

The land trust’s SSN# is the beneficiary’s #.

Re: Land trust bank account question - EIN vs SSN - Posted by CarolFL

Posted by CarolFL on April 23, 1999 at 12:46:45:

So, Bill, when you assign the beneficial in the trust to someone else, do you change the SSN too?
Carol

Re: Land trust bank account question - EIN vs SSN - Posted by Bronchick

Posted by Bronchick on April 23, 1999 at 14:45:43:

Yes