Totten AccountsThe Totten Account is a great way to bequeath funds in your account should you die while still retaining full use of the funds. An individual (Trustee) establishes this account with named beneficiaries. This account is revocable that is, the Trustee may change or cancel the designation of beneficiaries. The Trustee retains all power over the account.
This account is federally insured separately from the Trustee's individual accounts, up to $250,000 for each qualified beneficiary, if the beneficiary is the spouse, child, sibling, parent, or grandchild of the Trustee. If the beneficiary is not the spouse, child, or grandchild of the Trustee, the account is insured collectively with the owner's other share accounts, if applicable, up to $250,000. More information about NCUA federal insurance.
DCU cannot provide legal, tax, or estate planning advice. We suggest you discuss your particular situation with a tax consultant or advisor.
Use our Savings Calculators to help you determine the savings plan to meet your goals. |
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