A living trust document specifies 15 beneficiaries, with a first group of three beneficiaries getting a specific distribution of $xx each (relatively small in the grand scheme) and a second group of 12 beneficiaries being the primary beneficiaries receiving equal shares after expenses and the first group receives their distribution.
Nothing is said in the trust regarding specific bank or credit union or
Would the FDIC and NCUA consider the beneficiaries as "unequal
beneficiaries"? Or would they rely on the trustee to make that
The investor just wants to figure out with some degree of certainty what the
FDIC and NCUA insurance limits are on her living trust accounts.
What if $xx mentioned above exceeds $250,000?
Thus far, she has been going under what seems to have been the old rule (or
a previous understanding) that the insurance was limited to 5 x $250,000, as
there were more than 5 beneficiaries, but it seems there is a higher level
of insurance actually available.
- posted 5 years ago