[GNC] Reorganize Trading accounts

[Michael or Penny Novack]

On 4/24/2023 4:24 PM, R Losey wrote:
> If you have a trust (I assume that it is for someone else), a business,
> and  personal accounts, why not just have three separate books?
>
Not necessarily.

 From the description, probably only one tax ID. I am guessing the trust 
might be a revocable trust (we have one for estate planning). As long as 
you are still alive, it isn't that separate from yourself (because 
revocable) and only used so the property in it at time of death ISN'T 
considered part of your estate for will/probate purposes (and will 
follow its own rules**). Because in this state, the amount of an estate 
that can use simple, not formal probate is small, almost all of our 
property (including all but small bank accounts) is technically owned by 
the trust.

However -- even when a business is really just yourself, I would be 
inclined for it to have its own books. Especially if it is a business 
you might sell << you would be showing a potential buyer its books, but 
why show them your personal books >>

Michael D Novack

** Probably dumping whatever is in it to a second trust that will 
distribute to heirs and other beneficiaries. But that second trust needs 
no books now (it is currently empty) and things like getting a tax ID, 
keeping books, filing reports, etc. will be whoever you have designated 
as trustee(s).