I have two irrevocable asset trusts for which I am the sole beneficiary. For tax purposes, the profits are passed through to my personal taxes. Can I depositchecks payable to the trusts directly to my personal account or do I need separate accounts for the trusts?
Your bank may not be willing to accept those checks for deposit to your individual account. However, if they are, you should first endorse them to yourself, signing as trustee, and then endorse them for deposit in your own right. If the facts are you have presented them, there should be no problem if the bank agrees to accept the checks for deposit, since you would be the only party with an interest in the funds.
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Your bank may not be willing to accept those checks for deposit to your individual account. However, if they are, you should first 