Estate Planning


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 ). Under the new provisions, if a bank fails, the FDIC 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, parents and siblings. The revised rules, which were to take effect April 1, eliminate a prior requirement that the depository 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.

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.

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Tackling TCJA changes this tax season

Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.