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  • Home
  • About Tom
  • Estate Planning
    • How to Plan Your Estate (Intro FAQ)
    • Revocable Living Trust
    • Inheritance Protection Trust
    • Home Equity Protection Trust
    • Medicaid Asset Protection Trust
    • Asset Protection Planning
  • Scheduling
  • Fees
    • Fee Schedule
    • A Personal Note
  • Articles Library
  • Office Info
  • New Client Forms
  • Make a Payment
  • Recent Law Updates
  • Bouman Law Firm Blog
  • Health Care Directives Registry
  • Probate & Trust Administration
  • Free PDF Books
  • Legal Disclaimers

FDIC Insurance Rules for Trusts are Changing

10/30/2023

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The FDIC recently approved a rule to change how it calculates the amount of insurance is available for bank accounts held in trusts.  Effective 4/1/2024, a trust account will be insured up to $250,000 per beneficiary, not to exceed five, regardless whether the trust is revocable or irrevocable or how the trust allocates inheritance among beneficiaries. 

For example, a joint living trust for a married couple with 2 children might qualify for up to $1,000,000 of FDIC deposit insurance.  But a joint living trust for a married couple with 5 children would only qualify up to $1,250,000. 

The new rule is intended to simplify the calculation of an insurance pay-out in the event of a bank failure, which I do believe it accomplishes. 

Initially posted on March 11, 2022

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