Trust Accounts
Can you add current accounts to the trust?
Yes!
Does Fairwinds offer estate accounts?
Yes!
What can you do when you sign into your IRA portal?
Request a deposit or withdrawal
Review or update your beneficiaries
View your tax documents
Are sweep accounts insured?
Yes!
What is the name of the person who creates the trust?
The grantor
What are the three ways you can open an estate account?
Complete online
In branch
Call member services
When members ask what the best IRA is, you say…
That’s a great question! I am unable to advise you on what type of IRA to open but I would suggest sitting with a professional to help you with your long term savings goals. Have you spoken with Andrew?
When did sweep accounts start and with whomst?
Merrill Lynch in 1977
How many trusts are there and what is the difference between them?
Two trusts: one revocable, the other irrevocable. The main difference is control and flexibility. Revocable trusts allow total management and changes while irrevocable trusts permanently give up ownership.
What is an estate account?
A temporary bank account opened for a deceased person to manage their money, pay debts and taxes, and give remaining funds to heirs.
What’s the difference between roth and traditional?
When you pay income taxes. Traditional uses pre-tax dollars, roth uses after tax dollars for tax free withdrawals later.
What is an insured sweep?
It helps protect business funds while maximizing coverage and convenience by automatically sweeping excess balances each business day into a network of participating, NCUA-insured credit unions
What is needed to open a trust?
Full trust agreement (including any attachments)
Proof of an EIN for the trust if applicable
Death certificate for a grantor or trustee listed in the agreement
If a member needs to open an estate account, what do you do?
1. Make sure member has all documentation
2. Submit ticket to operations
3. Bonus: Ask them if they’ve spoken to a wealth advisor
How many IRA’s are offered at Fairwinds?
3; roth, traditional, and an inherited IRA
What does a sweep account offer?
Expanded NCUA insurance coverage, daily automatic sweeps, competitive yield, and consolidated reporting.
Yippee, good job!
- Allie
What is a trust account?
A legal arrangement where one person (the trustee) manages the money or assets for someone else (the beneficiary)
What is needed to open an estate account?
Letters of administration naming the personal representative
TIN or EIN
Death certificate
When can you withdraw from your IRA penalty free?
59 1/2
What’s the monthly service charge?
$50