MUST SPECIAL INCOME TAX RETURNS BE FILED?

Not under most circumstances. According to the IRS, it is not necessary to establish a separate tax ID number for a Revocable Trust or to file a separate return provided that the Settlors are also serving as Trustees. Therefore, as long as you are the Settlor and the Trustee, you will continue to file your return on a 1040 Form using your own social security number.

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WHY IS IT IMPORTANT TO TRANSFER ASSETS INTO THE TRUST?

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REVOCABLE OR IRREVOCABLE?