Did you know that forming a Revocable Living Trust can save you many months of probate proceedings and potentially thousands in probate court costs, legal, and accounting fees? A Trust can do that for you and much more. I was reading this article and found it very informative so I thought I would share it with readers of my blog. I even learned something about the increased FDIC Insurance available for trust accounts from this article. Here is an excerpt below:
Typically, an individual receives FDIC protection against losses on bank accounts, up to $250,000 per account. But many older people are invested conservatively, with much more than that in bank accounts, says Braun. With a living trust, they can maintain those accounts and still be federally insured.
According to the FDIC, each named beneficiary in a living revocable trust adds an additional $250,000 in protection. When 5 beneficiaries are added, the total trust protection maxes out at $1,250,000.
To read the whole article, please visit this link