Estate planning at ORNL FCU

Yes. Visit any ORNL FCU branch with your trust document (or Certificate of Trust), government-issued photo ID for all trustees, and the trust EIN or SSN. You will need to complete new account paperwork in the trust name. Existing accounts may need to be closed and reopened under the trust title. IRA accounts cannot be retitled to a trust but can name a trust as beneficiary. HSA accounts cannot be retitled to a trust per IRS rules. Investment accounts through LPL Financial are handled separately by the Wealth Management Team.

IRA accounts cannot be retitled to a trust. However, you may name a trust as the beneficiary of your IRA. Consult a tax advisor before doing so, as naming a trust as IRA beneficiary can have significant tax implications for distribution timelines and required minimum distributions. Contact ORNL FCU at 800-676-5328 for specific procedures.

ORNL FCU provides investment and advisory services through its Wealth Management Team in partnership with LPL Financial, a registered investment advisor and broker/dealer. Available products include brokerage accounts with stocks, fixed income, mutual funds, annuities, and insurance products, as well as Guided Wealth Portfolios (algorithm-based investing with advisor support, $5,000 minimum, age 68 or younger). Services include financial planning, retirement planning, wealth transfer and legacy planning, education planning, and account/portfolio reviews. Investment accounts can be titled to a trust or have TOD designations. These products are not NCUA insured, not credit union guaranteed, and may lose value. Online account access at myaccountviewonline.com.

Membership is open to anyone who lives, works, worships, or attends school in 19 East Tennessee counties: Anderson, Blount, Campbell, Claiborne, Cocke, Grainger, Hamblen, Jefferson, Knox, Loudon, McMinn, Meigs, Monroe, Morgan, Rhea, Roane, Scott, Sevier, and Union. Immediate family members of current members are also eligible. Membership requires opening a Membership Account with a $1 minimum deposit.

ORNL FCU offers Health Savings Accounts (HSAs) for members with High Deductible Health Plans. Contributions can be made by individuals or employers. Accounts are accessible via Visa Debit Card or check. An HSA Share Certificate option is available for higher tax-free dividends. HSA accounts earn 0.01% APY on the savings balance. HSA accounts cannot be retitled to a trust and use individual beneficiary designations.

Spending Plus is a high-yield checking account earning 3.25% APY on balances up to $5,000, with 0.01% APY on amounts above $5,000. One account per primary member. It requires a $25 initial deposit with no minimum balance and no monthly fees. Dividends are paid monthly. Includes two free boxes of standard checks yearly, free domestic wire transfers, and up to four free cashier's checks or money orders quarterly. Members under 60 pay check shipping. Access to 30,000+ fee-free ATMs.