Does A Trust Need A Tax ID Number?

Published September 19, 2017 in Uncategorized - 0 Comments

Almost every kind of entity has a federal Tax ID number.  For example, all U.S. citizens have social security numbers.  Non-citizens who are eligible to work in the United States also have them.  All kinds of businesses have Employer ID Numbers (EIN).  Of course, the word “business” does not cover every type of entity that needs an EIN.  Nonprofit organizations, churches, and estates all have EINs.  What about trusts, though?  Is there such a thing as a trust Tax ID number?  If there is, then why does a trust need a Tax ID number?

What Is a Trust?

A trust, also called a living trust, is a fund set aside by a living person (the grantor) for his or her heirs.  The heirs will inherit the money from the trust when the grantor dies, but the inheritance process is less complicated.  People set up trusts to avoid the stressful and expensive legal issues related to estates.  Unlike estates, trusts are not subject to probate.

Trusts and Taxes

From a tax perspective, a trust is considered just another asset belonging to the grantor.  The IRS treats a living trust the same way it treats the grantor’s other bank accounts or real estate property.  A trust does not need its own EIN.  Some grantors get EINs for their living trusts, anyway.  Even if the trust has an EIN, the grantor does not file a separate tax return for the trust.

How to Get a Tax ID for a Trust

If you want to get a Tax ID for a living trust, fill out an EIN application.  It is very fast and simple to get one.  You will have the EIN for your trust within a day of submitting the application.

In summary, Tax ID numbers for living trusts are optional.

Tips For Living In A Van

Published December 19, 2016 in Traveling - 0 Comments
A new way

You have probably heard just great things about people that live in a van and travel the world. However, there is a lot more of the van life that you most likely never heard because people like telling inspiring and funny stories and they tend to leave out the problems they encountered along the way. Don’t worry I don’t want to scare you away from the nomad life, I just want to prepare you for some things that you might encounter. I wish there was someone that told me these things before I started living in my van, it would have saved me from a lot of headaches and stress.

Keep it Clean!

If you are using the van as a place to sleep in, then you must give more attention to cleaning. By cleaning I don’t mean that you wash the van from the outside to make it look clean but to clean it from the inside.

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Don’t start to throw little pieces of trash all over it because faster than you can realize you will have a pile of trash. Keep the windows nice and clean from the inside and also the floor.

Don’t Overpack

I mentioned this tip before, wherever you are going don’t bring a lot of you stuff. Most of it, you will never use because it will be under a huge pile of other things and you won’t be able to reach them. You will end up sleeping on your stuff and that can cause some back pain because the surface will not be even.

don't over pack

Most of the things that you need you can buy on the road if you have the need for something. Bring only the essentials, you will later regret bringing all that stuff!

Visit a Campsite

From time to time, you will need to visit a campsite because they provide things such as showers and electricity. Sometimes you will find difficult to find a place where you can take a shower, that’s why it is important to plan your trip ahead and make stops at some campsites.

How To Choose A Van

Published November 7, 2016 in Lifestyle - 0 Comments
Buying a van

It is always an exciting experience when you are picking a van for yourself. Nowadays there are so many different options when it comes to picking a van that is become a long and stressful process. The first thing when buying a van is that you need to ask yourself what are your goals, what are your needs and plans to do with this van. Of course, the more important question you have to have an answer to is how much do you want to spend on the van. These two questions must be answered before you make the purchase. Save money and time by not making the exact mistakes that many other people have made when purchasing a vehicle.

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I made some mistakes too, the first van I bought seemed to be great almost perfect for me, but when I got on the road I quickly realized where I was wrong. I ran out of money long before I reached my destination and that is due to a lot of gas station stops.

Yes, my first van consumed a large amount of fuel, that was something that I wasn’t planning on. Luckily, I have learned from my mistake and I bought a different one that was a lot more fuel efficient.

But that wasn’t the only problem I have encountered with that first van, one more thing that I overlooked was the size of the van. I don’t know what has gotten into me to buy such massive van because I usually travel by myself and I don’t need much space. The problem was that I could not park it in any campsite because it was huge.

Types of Vans

The Full-Size van is the standard and most common type of van that you will see other people use. However, this is a little on the bigger sized vans because it is made for more than just one person. So, if you are taking on a trip by yourself, then this might not be the best option for you.

The minivan in the other hand is smaller and perfect for one or max 2 people.

3 Things Nobody Told Me About Van-life

Published September 16, 2016 in Digital Nomad - 0 Comments
Are you ready

Pack Light

This is the best possible tip that I can give to anyone that is planning to go on a trip or start a nomad life. I must say that I went through this one time and I immediately realized how stupid it was to pack so many things with me. This happened on my first big trip to South Africa, it was a big mistake that I would never do once more.

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It is bad decision to pack up a lot of stuff into such small space as a van, especially if you use that van as a place to sleep. Van is providing you with just small space for sleeping and if you overpack it you will have to throw out some stuff in order to make room for yourself to sleep.

Use Gym Showers

When you are on a long trip, hygiene is extremely important and you must not forget about it. I’m not talking just about your hands and face, but your whole body. You need to find a place where you can take a shower. Most likely you won’t sleep in a motel where you have such option but what to do then you might ask. Well, I discovered this myself, whenever I visit a city I try to find the nearest local gym.

Shower

Most of the gyms don’t need monthly memberships and you can pay for only one day of entry which is a lot cheaper than a motel. Then you have the option of exercising and also you can use their showers to clean yourself.

Stock Up Whenever You Can

This might seem like an obvious thing to do, but I know from personal experience that it is not always like that. Having fresh food is really important, you don’t want to get sick on the road by eating expired food or food that just gone bad from the heat in the van or car.

Whenever you are visiting a town, city or you just happen to pass through one, make sure to find a store that sells fresh food.

 

Tips For Travelling Through Australia With A Van

Published September 6, 2016 in Lifestyle - 0 Comments
australia here i come

If you are planning to travel and visit Australia, then I have some useful tips that can help you along the way. First of all, you must know that the best way you can see the beauty of Australia is by taking a road trip with a van. If you don’t have one, then I suggest that you buy one immediately or if you don’t want to spend so much money you have the option of renting a van.

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One more important thing before you go to Australia is to go through a complete mechanical check, so you won’t have any surprises on the open road. Also, I would suggest that you get an international driving permit, that will serve you well when you arrive in Australia.

Monitor your Fuel

This is very important advice because sometimes the indicator in your vehicle can lie. I have gone through this many times, while I am passing a city I take a look at the fuel meter and it is pointing that I have more than half of my tank still left. So, I pass the town and after around 2 hours of driving on the open road, my van suddenly stops.

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I ran out of fuel and now I have no gas station near me. Luckily for me, I always carry an extra can bottle of fuel that is enough to save me and take me to the nearest gas station. So, my tip is to always fill up your vehicle with fuel if you have the opportunity and to carry a larger bottle of fuel with yourself just in case.

Stay Hydrated

This doesn’t mean that you have to be loaded up fully with just water but to have enough. How much is enough you might ask, well it depends if you were to visit some colder place you probably be alright with drinking about 3l per day. However, we are now talking about the Australian sun which can be very hot in the summer, especially for people that are not used to it.

I would suggest drinking about 3-4l a day and eating fruits that are full of vitamins and moist.