1. Foundations:
Chapter 4: Reclaiming Your Status

Lesson 7: How to Form a Trust Pt.2

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Get an EIN (Employer Identification Number):

  • Required if:

    • Trust is Irrevocable

    • You need to open a bank account in the trust's name

  • Use IRS Form SS-4 (you can file online)

Open a Trust Bank Account:

  • Open a private trust account at a credit union or private bank

  • Use trust name + EIN

  • Keep all personal and trust funds completely separate

Fund the Trust (Asset Transfer):

  • Use Assignment of Interest forms or Quitclaim Deeds

  • Assets to transfer:

    • Real estate

    • Vehicles

    • Intellectual property (e.g., music, books)

    • Business shares or LLC interests

    • Cash and investments