The Federal Deposit Insurance Corp. (FDIC) in January changed its insurance rules for deposits held in connection with a living trust (www.fdic.gov/deposit/deposits/deposit/index.html).The Federal Deposit Insurance Corp. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) in January changed its insurance rules for deposits held in connection with a living trust (www.fdic.gov/deposit/deposits/deposit/index.html). Under the new provisions, if a bank fails, the EDIC EDIC Economic Development Information Center EDIC Explain Demonstrate Imitate Critique (military aviation training method) will insure up to $100.000 of deposits for each beneficiary entitled to a living trust's assets upon the account holder's death. Qualifying beneficiaries include only the account owner's spouse, children, grandchildren GRANDCHILDREN, domestic relations. The children of one's children. Sometimes these may claim bequests given in a will to children, though in general they can make no such claim. 6 Co. 16. , parents and siblings. The revised rules, which were to take effect April 1, eliminate a prior requirement that the depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. institution's records contain the names of trust beneficiaries. They also provide for immediate payment of the full amount of FDIC coverage available to beneficiaries, regardless of any limitations stipulated in the trust document. |
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