From:  Kent
Date:  28 Sep 2008

Dear Mr. Gray,

I established a Special Needs Trust for my parents and got a tax identification number for that trust. We are going to revoke that trust and establish another Special Needs Trust with new provisions, with the same trust name. Do I need to apply for a new identification number, or can I just report using the old one?

Thanks so much,
Kent

Answer

Date:  1 Oct 2008

Hello Kent,

Since it's a new trust and you're not just amending the previous trust, you should get a new identification number. Your attorney should be providing guidance to you on this issue, and you should be working with a professional tax return preparer/advisor for tax compliance requirements. All Special Needs Trusts are not treated the same. (That's our business!)

Good luck!

Mike Gray

For answers to new questions, subscribe to our newsletter, Michael Gray, CPA's Tax & Business Insight by filling out the form below.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.