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Gifts from a Trust

Cindi Mercer

Do people enter gifts from a revocable trust under the trust name or the individual (trustee) that owns the trust?

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Comments

Anne Swearingin

We enter our gifts as being from the individual.

JoAnn Strommen

Revocable living trust, payments usually entered on individual's record. Once they pass, we enter on a trust record.

"Whether or not a trust needs its own Federal Tax ID number depends on the type of trust. If you are dealing with an irrevocable trust, then a Federal Tax ID number is required. The estate is also required to have its own, separate Federal Tax ID number. However, a revocable living trust does not usually require one because the grantor’s social security number is used for identification while the grantor is alive. Once the grantor passes away, the revocable trust becomes an irrevocable one, at which time the trust would need a Federal Tax ID number."

"Irrevocable Trusts Usually Need Their Own Number. Once a trust has become irrevocable, it usually cannot use the social security number of the trust creator and must obtain its own taxpayer identification number (“TIN”) from the IRS."

Anne Swearingin

Thank you. Ours have been revocable but I will sure keep an eye out for Irrevocable in the future.

Austen Brown

We enter these under the Trust.

Trevor Kelly

I often refer back to Bill Connors' 2018 bbcon session to get his take on “best practices” for some of these types of gifts. Check out slide 36 of this deck:

https://billconnors.com/wp-content/uploads/2018-Bill-Connors-How-Would-You-Enter-THIS-Gift.pdf

Faith Murray

Found this post informative. Bookmarking for future reference. Thanks, @Cindi Mercer for posting!