Opening Bank Accounts for the Living Trust with the Foreign EIN
This message is concerning the use of Foreign EIN to open a bank account. Most applications want:
1. A drivers license number. Suggestions Please.
2. They want the name of the Trustee. We are the "Estate Holders" and or Authorized Agents/POA.
So, is the Trustee the all capital letter name? For example: JOHN HENRY DOE
Or is the Trustee: John Henry., House of Doe? Suggestions Please.
3. What about applying for a Credit Card Accounts for the Living Trust?
4. What to use as the Street Address for the Trust? Most will not accept a PO Box.
5. What is the Trust Name? Exactly as IRS states it on the EIN letter? For example in my letter from IRS, this is how [in form anyway] they stated that the Trust must be designated on all documents: JHD, TR; JOHN HENRY HOUSE OF DOE, SP
Re: Opening Bank Accounts for the Living Trust with the Foreign EIN
this is why you use the 98-ein to get another EIN under a 508 exclusion ... the 98-EIN is for the responsible party, the EIN Number is for the ALL CAP NAME ...
when you are done you should have the 98-EIN, a 3X series EIN for the FML Trust, and an EIN for the ALL CAP NAME that will be the trustee for the FML Trust so that trustee should now be able to open the account.
When you go to the bank, you should probably only need the 3X series EIN and the one you get from the 98-EIN being the responsible party.
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