What is the name of your state? COLORADO
Dad set up a revocable trust which used his SSN as Tax ID. Dad died. Under the terms of the trust Mom is now sole trustee. Tax accountant asked me (daughter) to please get Dad's SSN off the trust for tax return purposes. I got an EIN and successfully changed ownership of 3 of 7 investment accounts over to the EIN. The rest seem very complicated and are not done yet. Tax man now says it would be easier to simply dissolve the trust, assets are lower than estate tax level and Mom can simply leave all her assets to me in a will (as I was the sole successor trustee on the trust). Do I (a) attempt to change the remaining accounts over to the EIN leaving the trust in place OR (b) dissolve the trust ? It seems likely to me that the assets of the trust and my Mom's lifetime remaining are pretty well-matched, which was as my Dad intended. The trust was set up in Florida. Mom and Dad moved back to NewYork and then to Colorado shortly before Dad died. My only brother passed away 15 years ago. Just Mom and me.
Dad set up a revocable trust which used his SSN as Tax ID. Dad died. Under the terms of the trust Mom is now sole trustee. Tax accountant asked me (daughter) to please get Dad's SSN off the trust for tax return purposes. I got an EIN and successfully changed ownership of 3 of 7 investment accounts over to the EIN. The rest seem very complicated and are not done yet. Tax man now says it would be easier to simply dissolve the trust, assets are lower than estate tax level and Mom can simply leave all her assets to me in a will (as I was the sole successor trustee on the trust). Do I (a) attempt to change the remaining accounts over to the EIN leaving the trust in place OR (b) dissolve the trust ? It seems likely to me that the assets of the trust and my Mom's lifetime remaining are pretty well-matched, which was as my Dad intended. The trust was set up in Florida. Mom and Dad moved back to NewYork and then to Colorado shortly before Dad died. My only brother passed away 15 years ago. Just Mom and me.