Posts Tagged ‘FDIC’
EDIE the Estimator helps you with your FDIC
Written by Christopher J. Berry, Esq. on October 15, 2008 – 9:52 pm -
EDIE the Estimator
The FDIC has came out with a webpage that hels you calculate your FDIC coverage for you deposit accounts. In this turbulent time, this type of information is key. In addition to consulting EDIE, it is probably a good time to contact you financial adivsor, financial professional to make sure you have a plan to weather this storm that is sending investment portfolios south.
To use EDIE, go here.
Tags: Bailout, Estate Planning, FDIC, Financial Planning, NewsPosted in Estate Planning, Financial Planning, News | No Comments »
FDIC Updates Revocable Trust Rules
Written by Christopher J. Berry, Esq. on September 29, 2008 – 1:32 pm -Using a revocable living trust is a common estate planning tool. On September 26th, 2008 the Federal Deposit Insurance Corporation (FDIC) updated their deposit insurance regulations regarding revocable trust accounts. This interim rule can be summarized as follows:
The FDIC is adopting an interim rule to simplify and modernize its deposit insurance rules for revocable trust accounts. The FDIC’s main goal in implementing these revisions is to make the rules easier to understand and apply, without decreasing coverage currently available for revocable trust account owners. The FDIC believes that the interim rule will result in faster deposit insurance determinations after depository institution closings and will help improve public confidence in the banking system. The interim rule eliminates the concept of qualifying beneficiaries. Also, for account owners with revocable trust accounts totaling no more than $500,000, coverage will be determined without regard to the beneficial interest of each beneficiary in the trust.
If you have any questions on how this effects your accounts or estate planning documents, please contact our office at (248) 865-4700. For the rest of the update you can go here: http://www.fdic.gov/regulations/laws/federal/2008/08sep26rule.html
Tags: Bailout, Estate Planning, FDIC, Living TrustPosted in Estate Planning, Financial Planning, Living Trusts, News, Off Topic | No Comments »
