Getting an EIN (Employer Identification Number) from the IRS is a critical step for your Gonen Statutory Trust. Think of the EIN as the “Social Security Number” for the trust; you cannot open a bank account without it.
Because you are using a Series Trust, you have a specific strategic choice to make regarding how many EINs you get.
1. The Strategy: One EIN or Many?
- The Master EIN: You must get one EIN for the “Master” Gonen Statutory Trust.
- Series EINs (Recommended): While not always strictly required by the IRS for “disregarded entities,” most Wyoming experts and banks recommend getting a separate EIN for each series (e.g., one for Series 1, one for Series 2).
- Why? It creates a clean “paper trail” for the legal firewall. If Series 1 has its own EIN and its own bank account, it is much harder for a creditor to argue that the assets are commingled with the rest of the trust.
2. How to Apply (Step-by-Step)
The fastest way is the IRS Online EIN Assistant. It takes about 15 minutes and you get the number immediately.
Step A: Visit the IRS Website
Go to the Official IRS EIN Link. Click “Apply Online Now.” (Note: This is only available Monday–Friday, 7 am to 10 pm ET).
Step B: Select the Entity Type
- Choose “Trusts” from the list of categories.
- On the next screen, it will ask for the type of trust. Since this is a Wyoming Statutory Trust, you should look for “Other” or “Statutory Trust” if available. If those aren’t options, select “Irrevocable Trust” (as most statutory trusts used for asset protection are functionally treated this way by the IRS).
Step C: Identify the “Responsible Party”
The IRS requires one individual (usually you, the Trustee) to provide their Social Security Number (SSN) or ITIN. This person is the “Responsible Party” who controls the trust.
Step D: Enter Trust Details
- Legal Name: Gonen Statutory Trust (or Gonen Statutory Trust, Series 1).
- State: Wyoming.
- Start Date: The date you filed your original Certificate of Trust.
Step E: Reason for Applying
Select “Started a new business” or “Banking purposes.”
3. Key IRS Terminology for Your Form
If you prefer to file via mail or fax using Form SS-4, here is how to fill out the tricky lines:
- Line 1: Gonen Statutory Trust [Series Name]
- Line 3: [Your Name], Trustee
- Line 9a: Check “Trust” and enter your SSN as the grantor/owner if applicable.
- Line 10: Check “Created a trust” or “Banking purposes.”
⚠️ A Note on the “Responsible Party”
The IRS recently changed the rules: the Responsible Party must be a human being, not another company or trust. You must use your own SSN or ITIN for this section. This does not make you personally liable for the trust’s taxes; it just gives the IRS a point of contact.
What’s Next?
Once you have the EIN confirmation letter (CP 575), keep the original! You will need to show this exact letter to the banker to open the account.
Would you like me to draft a “Tax Information Sheet” you can keep in your trust binder to track the EINs and tax filing deadlines for each series?