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I don't think so. Try it using the FDIC calculator. I think you will see the answer is different. After re-reading Example 5 in the FDIC link, I think you are right. When a revocable trust owner names five or fewer beneficiaries, the owner's share of each trust account is added together and the own...

You actually have only one ownership category here because the small accounts are not treated as individual accounts. They are POD accounts which are part of the revocable trust category. This actually helps generate FDIC coverage because the different beneficiaries on the small accounts generate t...

I think this is what is happening: The living trust and the POD accounts are all in the same “category”. Dad needs coverage for $950,000/2+$10=$475,010 Dad has 2 beneficiaries-daughter and Mom. Dad gets $250k per beneficiary. So Dad is covered. Repeat same argument for Mom. I do not have a living t...

Hmmm. Think of it this way. I believe in the eyes of the FDIC that a trust account is really equivalent to a POD/ITF account. Let's assume for a moment that the trust does not exist. Consider the following scenario with 4 POD accounts instead, each having a different balance: 1. Dad POD Daughter $4...

My understanding is that each category of account is insured separately. That would mean that account #2 and #3 would be insured for $10. However, I could be wrong on this. I believe that coverage extends across accounts per individual. The 2 accounts with $10 still provide an additional $250K in c...

My understanding is that each category of account is insured separately. That would mean that account #2 and #3 would be insured for $10. However, I could be wrong on this. I believe that coverage extends across accounts per individual. The 2 accounts with $10 still provide an additional $250K in c...

Yes. I used the FDIC calculator.

I'm planning to open a savings account at Ally Bank under the name of my living trust. My wife and I are the settlors and my daughter is the sole beneficiary. Under this scenario we would have $500K in FDIC coverage (2 settlors ($250K coverage each) X 1 Beneficiary = $500K). I'm looking to double th...