Frequently Asked
What is a Homeowners/Condo Association? | IRS Definition of a Homeowners/Condo Association
A Homeowners Association or Condo Association is an organization formed out of homeowners within a specific development, or condo owners within a specific condominium complex, to create and enforce rules on the property. An HOA or CA (also known as an Apartment Owners Association or AOA) will have a board that oversees it, will collect […]
Why Do I Need an EIN Number if I have a Trust?
First: You might not. But you probably do. If you have a revocable trust, you don’t need an EIN Number. Instead, you can use your own social security number for the trust. But having a revocable trust is also a bit of a double-edged sword, because while you still have control over your assets, you’re […]
Why Should a Trust Apply for a Federal Tax ID?
There are a wide spectrum of trust accounts, from living revocable trusts, to funeral trusts. But the basic rule of thumb is: If you are putting money into a trust, and you aren’t going to be responsible for the taxes, then that trust needs a federal tax ID. While this is a simplistic point of view […]
What is a Pooled Income Fund? | IRS Definition of a Pooled Income Fund
A pooled income fund is a special type of income fund in which multiple donors donate to charity together. Both the donors and the charities are able to benefit from this type of arrangement. Pooled income funds are managed by charities, usually, and because they are separate from the charity’s own assets and the donor’s assets […]
What is a Charitable Lead Annuity Trust? | IRS Definition of a Charitable Lead Annuity Trust
There are many types of charitable trusts available, depending on whether a donor wants to maintain their assets moving forward, or whether they would prefer to have regular payments given to their beneficiaries. A charitable lead annuity trust holds a donor’s assets within a trust account, managed by a trustee, and then sends payments to […]
What is a Custodianship? | IRS Definition of a Custodianship
Custodianship has a fairly broad definition. Any time an individual takes control of another person’s assets for their benefit, it’s considered custodianship. For example, a custodian could be a bank that protects the individual’s money, or a financial advisor that invests the money for them. Custodians don’t take ownership of the funds, but they do take […]
What is a Charitable Remainder Unitrust? | IRS Definition of a Charitable Remainder Unitrust
Often abbreviated to CRUT, a charitable remainder unitrust is a special financial tool that helps a high net worth individual give assets both to a charity and to a beneficiary, such as a child or a grandchild. A CRUT is best explained through the use of an example. Let’s say a grandmother wants to give […]
What is a Conservatorship? | IRS Definition of a Conservatorship
Sometimes an individual is not able to take care of their own financial or legal responsibilities. This can be because someone has aged, because they have a physical incapability (such as being in a coma), or because they have a mental disability. A conservatorship lets someone else become their guardian. Conservators will maintain the individual’s […]
Does a Social or Savings Club need a Tax ID (EIN)?
A social or savings club will likely need a tax ID if it wants to start a bank account. Most social or savings clubs are designed to pool money from multiple individuals into a single account, and consequently they need to be properly structured, and they need a tax ID. Once the tax ID is […]
What is a Joint Venture? | IRS Definition of a Joint Venture
Unlike a legal partnership, a joint venture is by nature impermanent. Joint ventures are undertaken on a project-by-project basis, pooling the resources of two or more entities towards a common goal. During a joint venture, multiple labs may pool their resources to complete specific research, or factories may pool their resources for the purposes of research […]
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