What is the name of your state (only U.S. law)? MD
A revocable trust splits into a marital trust and a family trust at the settlor's death (making it irrevocable as I understand it). When applying for an EIN for the trust on the IRS website, the following choices of the type of trust has to be selected:
Bankruptcy Estate (Individual)
Charitable Lead Annuity Trust
Charitable Lead Unitrust
Charitable Remainder Annuity Trust
Charitable Remainder Unitrust
Conservatorship
Custodianship
Escrow
FNMA (Fannie Mae)
GNMA (Ginnie Mae)
Guardianship
Irrevocable Trust
Pooled Income Fund
Qualified Funeral Trust
Receivership
Revocable Trust
Settlement Fund (under IRC Sec 468B)
Trust (All Others)
Would the choice be Irrevocable Trust, Revocable Trust, or All Others?
IRS also asks if the trust is filing as an Estate under Sec. 645. Can someone explain Sec. 645 and when one should select it?
A revocable trust splits into a marital trust and a family trust at the settlor's death (making it irrevocable as I understand it). When applying for an EIN for the trust on the IRS website, the following choices of the type of trust has to be selected:
Bankruptcy Estate (Individual)
Charitable Lead Annuity Trust
Charitable Lead Unitrust
Charitable Remainder Annuity Trust
Charitable Remainder Unitrust
Conservatorship
Custodianship
Escrow
FNMA (Fannie Mae)
GNMA (Ginnie Mae)
Guardianship
Irrevocable Trust
Pooled Income Fund
Qualified Funeral Trust
Receivership
Revocable Trust
Settlement Fund (under IRC Sec 468B)
Trust (All Others)
Would the choice be Irrevocable Trust, Revocable Trust, or All Others?
IRS also asks if the trust is filing as an Estate under Sec. 645. Can someone explain Sec. 645 and when one should select it?
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