Can an irrevocable trust use a social security number?

An irrevocable trust generally does not use a Social Security Number (SSN) of the grantor or trustee. Instead, it requires a separate Employer Identification Number (EIN) issued by the IRS. Once an irrevocable trust has been created, it is, in itself, a separate legal entity from the grantor, and its assets and income are no longer the grantor's estate. This would mean using the SSN of the grantor, thereby combining personal and trust-related financial activities, something which is not in conformance with tax regulations.

Here at One Pacific Trust, we guide our clients in establishing an irrevocable trust while considering all legal and tax requirements. In the case of an irrevocable trust, we help apply for an EIN that the trust uses to file its separate tax return, accounting for any income the trust generates. This is an important separation that may be necessary for asset protection, tax planning, and making sure the trust is truly independent from the originator.

Whether it's for asset protection or another reason entirely, one of the various skills that professionals like One Pacific Trust can offer when establishing an irrevocable trust includes properly setting up your trust, obtaining the needed EIN, and managing the underlying assets in accordance with the law.