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.

Where to find July’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Better decision-making with data analytics

Data analytics has become a hot topic, but many organizations have not yet managed to understand its potential, let alone put it to work. This report will take a deep-dive on how to best introduce or enhance the use of data in decision-making.