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  • Home
  • About Tom
  • Estate Planning
    • How to Plan Your Estate (Start Here)
    • Revocable Living Trust
    • Inheritance Protection Trust
    • Financial POA
    • Health Care POA
    • Living Will
    • Asset Protection Planning in Arizona
    • Intro to Arizona Domestic Asset Protection Trusts
    • Asset Protection Exemptions in Arizona
    • Protect Home from Creditors in Arizona
    • Car/RV/Mobile Home Titling
  • Fees
    • Estate Planning Fees
    • Estate Administration Fees
  • Scheduling
  • Recent Law Updates
  • Office Info
  • New Client Forms
  • More Articles
  • Bouman Law Firm Blog
  • Probate & Trust Administration
    • How to Administer an Estate (START HERE)
    • Probate in Arizona
    • Small Estate Affidavit
    • Final Arrangements & Organ Donation
    • Trust Beneficiary Notices and Trustee Reports
    • Annuities
    • Debts of Decedent
    • Transfer Real Estate of Nonresident
    • Tax Filings for Estate
    • Duties of Trustee
  • Make a Payment
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BOUMAN LAW FIRM blog

FDIC Insurance Rules for Trusts are Changing

3/11/2022

 
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. 

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    Thomas J. Bouman
    Attorney at Law
    Tucson, Arizona

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