In April, the Federal Deposit Insurance Corporation (FDIC) implemented a final rule to simplify deposit insurance regulations for trust accounts. These changes aim to make the rules easier to understand for both depositors and bankers. Here are the key highlights:

Trust Accounts:

The previous categories of revocable and irrevocable trust accounts have been merged into a new “trust accounts” category.

Business Accounts and Joint Accounts:

While the recent rule primarily focuses on trust accounts, it’s essential to understand that business accounts and joint accounts are subject to the same coverage limits.

Totten Trust Accounts (Transfer on Death Accounts):

Totten trust accounts, also known as Transfer on Death (TOD) accounts, allow an account owner to designate a beneficiary who will inherit the account upon the owner’s death.

Personal Financial Planning Considerations:

Review Existing Accounts –

Account Location – 

Consult a personal financial planner – 

Tax laws directly impact an individual’s personal financial plan. At Paraklete® Financial we work with CPA’s as part of our client’s collaborative team of advisers. The collaborative team is essential to the personal financial planning process. For more information, please visit us at

The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax, or legal advice. Keep in mind that current and historical facts may not be indicative of future results. The information contained in our presentations have been compiled from third party sources and is believed to be reliable; however, accuracy is not guaranteed.

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