Irrevocable living trust - Have house, does it need an EIN?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
Sediment6800
Posts: 117
Joined: Sat Aug 06, 2016 8:28 am

Irrevocable living trust - Have house, does it need an EIN?

Post by Sediment6800 »

[Moved into a new thread from: Parent passed away -- help with next steps --admin LadyGeek]
Tubes wrote: Sat Feb 01, 2025 7:59 am Yes, we had to get an EIN for the trust. The trust had small income from interest and cap gains. Agree that trust is going to see income event for rent. If I were OP, I'd get solid advice from a professional in their state and not just Bogleheads. This is pretty simple as far as estates go, but there's always something, like proposition 13 that OP mentioned, and so on.

Speaking of specific states, in CA perhaps no will needs to be filed. Well, for my parent, we had to still file a will in IL even though everything was in trust. It was a very simple process and very simple pour over will, but I guess the world needs to know via an official notice, at least in that state.

That's another area you can get tripped up with on the internet: advice is not general in these matters, each state has their own laws.
OP: sorry for your loss
Others: should any Irrevocable living trust that has a house titled to it have an EIN even when the seniors are alive and living in it?
BogleTaxPro
Posts: 887
Joined: Sat Apr 04, 2020 6:08 pm

Re: Irrevocable living trust - Have house, does it need an EIN?

Post by BogleTaxPro »

Sediment6800 wrote: Mon Feb 03, 2025 4:43 pm Others: should any Irrevocable living trust that has a house titled to it have an EIN even when the seniors are alive and living in it?
Not unless the house is producing income. If there are other assets in the trust that produce income, then that's a different story.
toddthebod
Posts: 8473
Joined: Wed May 18, 2022 12:42 pm

Re: Irrevocable living trust - Have house, does it need an EIN?

Post by toddthebod »

Irrevocable trusts almost universally have their own EIN.
Post Reply