With all the news about the debt ceiling and the stock market in crisis, it is natural to wonder just how safe is the money we hold in bank accounts. This question may be particularly important to for trustees and beneficiaries of Trust accounts. Most of us
You can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements. For instance, if you have a joint account then each person listed on the account can have $250,000. This is where living revocable trusts fit in. A living revocable trust account at an FDIC insured bank can have more than $250,000 as long as it has more than one beneficiary.
How can you protect your assets ahead of time? There are certain questions you need to consider. How risky is your business? Are you a detail person? Do you have a family? What state are you living in? It is always a good idea to hold your home in your own name for tax reasons.
Question: How do I protect the assets from lawsuits, bankruptcy and the courts? -D.O., Maryland It is best to get your asset protection take care of well before you get sued, go bankrupt, or have some other type of trouble. Which instruments you use depends of the
