[WSBAPT] EIN for settlement trust req'd

[Jennifer L White]

Hi John,
Yes, you will need an EIN. It will be required at any financial institution in order to set up the trust account that will house the settlement funds. Whether a tax return is required turns on how much reportable income is earned, which I believe is a $600/year threshold.


Jennifer L. White, Esq.
[cid:image001.jpg at 01D6A3B6.E4022710]

jen at appletreelaw.com<mailto:jen at appletreelaw.com>
PO Box 11037
Yakima, WA 98909
509.225.9813

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of John Keckemet
Sent: Friday, October 16, 2020 11:58 AM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] EIN for settlement trust req'd

Settlement trust (irrevocable) approved by court to receive funds related to a minor settlement for personal injuries.  Must an EIN be obtained for the trust?   None would be required if the parents were simply acting as guardians!  Would like to avoid requirement to prepare return or suffer trust tax rate.  Thanks.

John Keckemet, Attorney
[LKA Email 500]
1200 5th Avenue, Ste 1550
Seattle, Washington  98101
p. 206.728.5858  f. 206.728.5863
keck at lka-legal.com<mailto:keck at lka-legal.com>
www.lka-legal.com<http://www.lka-legal.com>

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