Information

Custodianship occurs when an individual or other entity takes control over another individual’s finances. Often, this is in the form of a Trust Account, which might need a separate EIN. Custodianship often happens when children inherit sums of money that they can’t manage on their own. The custodian will manage their money in their best […]

Yes, every charitable remainder unitrust needs a tax ID in order to maneuver a Trust bank account or to file it’s federal taxes; also because it is a separate entity from the original grantor. The grantor puts an asset into a charitable remainder unitrust, and then the trust holds onto the money and manages it […]

A charitable remainder unitrust is defined as a method by which a donor can transfer an asset into a trust account controlled by a charity. The charity will manage the asset and the donor will gain the income from that asset. Once the donor passes on, the asset transfers to the charity. Charitable remainder unitrusts […]

A charitable lead unitrust is a special type of trust that provides income to a charity for the duration of its existence. Once the charitable lead unitrust expires, the assets can be inherited by a beneficiary. A charitable lead unitrust is used as a form of wealth management, so an individual is able to retain […]

A charitable lead annuity trust is defined as a way to gift a donation to charity over time, with the remainder of the trust eventually being given to the grantor’s heirs. A donor transfers an asset into a trust, which is set to exist for a certain amount of time. During that time, the trust […]

A charitable lead annuity trust forms a separate entity (an irrevocable trust) that retains assets from a grantor. These assets then pay out income to a charity until the term has extinguished. Once the term extinguishes, the assets are passed to a beneficiary. Since this is an irrevocable trust, it will require a separate Trust […]

A receivership is when an individual is appointed to take control of a trust or a company’s assets for some period of time. The individual in question is responsible for managing the funds in a way that benefits the company, while still doing what is needed in terms of meeting their obligations and debts. A […]

A revocable trust, often known as a living trust, is a trust account that can be changed by the grantor. Living trusts are often created by grantors for the benefit of their children, while they are still alive. Once the grantor passes on, a living trust generally becomes an irrevocable trust, as the grantor can […]

Any irrevocable trust, by its very nature, needs a Trust Tax ID (EIN) Number to perform its basic functions. An irrevocable trust is a trust that the grantor no longer directly controls. Since the grantor cannot make changes to the irrevocable trust, they also are no longer responsible for the filing of taxes or paying […]

The definition of a “charitable lead unitrust” is a special type of financial vehicle that makes it possible for someone to give money to charity while still retaining their assets. An asset is placed within a trust which is managed by a trustee. The profits derived from the asset is given to charity for a […]