I've only experienced having to file a trust after death using a tax ID #. However, my own trust which is functioning while I'm alive and administering it myself, I file using my SS#. Once you obtain a tax ID# it really doesn't make any difference - I don't think. I just haven't had to get an ID# yet.
I'm so glad to know you've provided for your daughter's future. You're so right that many parents of children with special needs aren't aware of the importance of trusts. IMO, it should be something that's addressed in a special class in the school system. Not only is educating the children important, but so is educating the parents on how to be the best advocates for their kids and how to protect and provide for their futures.
There are many kinds of trusts. A common one used by 'everyday people' like me is a
revocable living trust in which you list yourself or others as trustees. In my case, I'm trustee of my own trust until a time comes when I'm incapacitated or die and then a successor trustee steps in to carry out my wishes - basically like a will. The revocable living trust can be changed or discontinued. There is also an
irrevocable living trust which means that once it's established, it cannot be changed.
I can only speak from personal experience (handling spouse and parental trust settlements as their personal representatives and drawing up my own) our trusts were drawn up to avoid probate court at the time of our death and to specify exactly what we wanted done with our assets (how they were to be divided, given to whom, etc). Everything I own is (owned) titled in my trust name(car, house, bank account, all investments, CD's, etc). BUT, because I'm trustee of my own trust, the assets are being used for my benefit, any of my assets could be taken from me if I was sued - because I control the assets, someone could lay claim to them.
To shelter money and possessions so that no one can touch it, the trust has to be for the sole benefit of someone else, managed by someone else and irrevocable in that regard (most people do not choose this option).
A trust only pays you when you tell it to. In other words, if you're talking about the Gosselin's and if they set up a trust for their children; even if the parents are still alive, the trust would pay out only with whatever frequency was set up (monthly, yearly, or
even not until the parent's death). Even if assets have been set aside for the Gosselin children no one knows when the children are eligible to access it, or (heaven forbid this is the case)if the parents will retain control for their whole lifetime and the kids only get access when the parents die. Or the trust could be one in which the parents are not the trustees and someone else has the duty to distribute the assets in the manner in which the trust specifies. The person who establishes the trust is the one who has control over how the trust operates - they can bll be different in many aspects.
To be honest, it really isn't much different than a will except that a trust is in operation while the party is alive. A trust doesn't really shelter money, it's just sets up specific rules for the management of assets. As
daughtersrus said, trusts can put specific limits on assets and protects them for special purposes - depends on how you write the trust. A trust sheltered some assets from specific state taxes and of course avoided having to go through probate (which is long drawn out and sometimes costly process) for 3 estates I handled.