Last year we did the health care power of attorney, a durable power of attorney for financial management, a will and a declaration of trust and I am the trustee for my mom. I have cleaned and fixed up her home and going to sell. I would like to put her money in a trust account for her care and would like to find out the best to create for the sale of the house.
Is there already a trust checking account? Are the proceeds expected to be less than $250,000? If yes, you can put the proceeds into the account. If not, you’ll need to open one or more accounts as appropriate to maximize FDIC insurance.
I wouldn’t recommend investing the money unless you expect it to last more than 5-10 years. You can use an FDIC insured high yield savings account to get 1.6+% online if you like.
Consult the attorney if it’s a Medicaid trust, especially if you expect the money to last more than 5 years.