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I recently withdrew the funds with a financial advisor. I need to set up a checking account Titled "Name Family Trust".. I was wondering if they need a SS# to open account. To my understanding it's not taxable!.

Has anyone done this?

There's no threat of medicaid look back it's been well over the 5 yrs.

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Yes, the account as well as all the other assets would be retitled in the name of the trust. New checks will be issued reflecting the name of the trust. I don't recall offhand if both of us as joint trustees had our names on the checks - we probably did but this was several years ago so I'd have to dig out the old checks to see.

You will have to provide a copy of the trust or something such as a Trust Certificate of Existence and Authority, identifying you as the Settlor.

Just a comment on transferring all your capital....you are aware of course that tax on trust assets is at a compressed rate after you die? We kept selected assets out of the trust for that very reason.

I assume also that your attorney will be preparing a deed to transfer title to your house from you to your trust. You will have to keep homeowners insurance in your name though as insurance underwriters want to insure real people, not a legal entity such as a trust. Same with your vehicle.
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I have set up a trust. I want to put all my capital into the trust, including my bank account and the checking account. Should the checks have the name of the trust and the name of the trustee on them ??
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JP, are you asking if an existing bank account is FUNDED into a Trust, meaning that the funds in the account will be handled according to the Trust's terms?

Or are you asking about setting up an account for Trust funds, which would be used to make payments required and allowed under the Trust?
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If a bank account is put into an active trust, should the checking account and the checks, in the bank account have the name of the trust and trustee on it ?
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All set! spoke to the bank.. The trust has been set up all ready, I just need to bring original trust so they can copy and use the original tax I'd #...... Thanks.............
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When I set up my family (parents) trust account, I supplied the bank with the legally filed trust papers, my guardianship papers, and funded the account. The monies are taxable depending on their origin. I used my mother's SS# when the account was opened, but ended up using an IRS supplied tax ID number. The number can be obtained by a phone call.
At this point, I don't file a 1040 on the tax ID number, but I do file using mother's SS# and a note - with the blank tax form - is included with the Trust ID#.
I definately recommend that you have a CPA advise you as to whether the funds are taxable. because it depends on where the money originates as to whether or not it's taxable.
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Here is some information I pulled off the internet from LegalZoom. Perhaps this helps:

Most banks offer trust accounts as an optional service. In a trust account, a trustee controls funds for the benefit of another party - an individual or a group.The bank trust account is a useful way to convey and control assets on behalf of a third-party owner. One such trust, a Totten trust, allows a trustee to control the assets of an estate, while a real estate trust holds funds for payment of costs associated with a property.

Trustees and Assets
With a bank trust account, the bank serves as custodian and a trustee keeps legal control of assets in the account. These assets can include cash, savings bonds, stocks, bonds, mutual funds, real estate and other property and/or investments. A trustee may be a family member or a professional such as a lawyer or accountant who has accepted responsibility for handling the trust account.

Account Name
On the directions of the trustee, the bank sets up the trust account with a name and trustee designation. This includes “as trustee for the benefit of” to indicate the individual or organization for whom the trustee is handling the assets. A minor child who has inherited from a parent, for example, may not yet be competent to handle money on his own behalf. In this case, a bank trust account allows a trustee to authorize payments and deposits for the minor.

Beneficiaries and Totten Trusts
The trust account may also carry the name of a beneficiary. This is the individual or group who will take legal control of the assets on the death of the trustee (also known as the settlor). These trust accounts are also known as "Totten trusts," after an important case that settled their legality in the early 20th century. In some states, a Totten trust is known as a “POD” account, meaning “payable on death” to the named beneficiary. Such a trust is covered by the Federal Deposit Insurance Corporation (FDIC), like other deposit accounts, and does not have to clear probate in order to pass the funds to the beneficiary on the death of the trustee.

Legal Authorities
While handling a bank trust account, a trustee may make changes to the account. He may name another beneficiary or a successor trustee. He may close the account or open a sub-account to which he may transfer some or all of the assets. If he is handling the account by the terms of a bequest or a financial trust set up according to law, he must follow the directions in the will or other document that established the trust.

Real Estate Trusts
Another kind of bank trust account handles money for the benefit of a property owner. Funds are placed in the account for the payment of real estate taxes, property insurance and other liabilities, and paid to the appropriate agency when the bills become due. In this manner, a monthly mortgage payment can include payment for other costs and the pro-rated funds placed into the trust account when the homeowner's payment is received.
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We have a trust and within the trust are held the accounts that we put into it. I don't think you can just set up a 'trust checking account' because the trust has to be established first, with the account subsequently put into it. In our case, we didn't change anything about how our check read either.
The intention of the trust account (revocable) was so that when we die, first of all, nothing will have to pass through probate and all of our business, including our will, will be private rather than public knowledge. We named each other the other's trustee with fall back trustee(s) in case either of us were to become incapacitated.
I am not sure when you are mentioning Medicaid if we are talking about he same thing, since you probably need to have a fairly sizable estate as well as real estate if you want to do a trust. But when I say sizable, I don't mean millions. Check with an attorney. What is your intention in doing this?
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