This is an entry from the firm’s news archive. It is kept as it was written, and it describes an event that has already happened. For current guidance, start with our articles or a Right Fit Call.
(From the February 2015 Cain & Cain Newsletter)
For many married couples, they often have one primary checking account that they pay all household expenses and bills from. Deciding which spouse’s trust to fund that account to can have significant implications for the client.
If the social security number associated with the account is changed during the funding process, banks will generally insist that the old account be closed and a new account opened. Thus, maintaining the same social security number post funding may help to eliminate added frustration for the client.
As a general rule, most banks monthly statements will list the spouse whose social security number is associated with the account first on the statement. Thus, you may wish to fund bank accounts to the spouse’s trust whose name appears first on the monthly statement.
-Mitch Janik
Trusts & wills
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Estate planning is a process, not an event. Start with a Right Fit Call: a short, no-pressure conversation to see whether we are the right firm for your family, and what a plan that walks alongside you would look like.
