Skip to content
BOL Conferences
Learn More - Click Here!

New Reply Thread Options
#1058968 - 10/06/08 06:10 PM $250,000 and Trust Accounts!!
Anonymous
Unregistered

I wanted to post this in response to a question in the Deposits and Payments thread, but I am having trouble logging on so hopefully someone can repost this there. I was looking at EDIE today and located this:

Second, the new rules provide for a streamlined method of calculating insurance coverage depending on the number of beneficiaries who are entitled to receive the deposits when the trust owner (or owners) dies. Specifically, the rules provide that:

For Revocable Trusts with Five or Fewer Beneficiaries: All revocable trust deposits belonging to one trust owner are insured up to $250,000 times the number of beneficiaries. For example, if a revocable trust owner has one beneficiary, his or her maximum coverage is $250,000 for all trust deposits at the same insured bank. If a revocable trust owner has five beneficiaries, his or her maximum coverage is $1,250,000 for all trust deposits at the same insured bank.

For Revocable Trusts with Six or More Beneficiaries: All revocable trust deposits belonging to one trust owner are insured to the greater of either $1,250,000 or the aggregate amount of all the beneficiaries’ actual proportional interests in the revocable trust(s), up to a maximum of $250,000 per beneficiary.

So, it looks like FDIC is no longer looking at the dollar amount, but the number of beneficiaries?? Hopefully they issue something soon regarding this...

Return to Top Reply Quote Quick Reply Quick Quote
#1059007 - 10/06/08 06:51 PM Re: $250,000 and Trust Accounts!! Anonymous
Pickles Offline
Gold Star
Joined: Apr 2006
Posts: 275
Beach Bum, East Coast, USA
_________________________
Living life in the fast lane, hitting bumps along the way, but enjoying the ride!!!!

Return to Top Reply Quote Quick Reply Quick Quote
#1059013 - 10/06/08 06:55 PM Re: $250,000 and Trust Accounts!! Pickles
Anonymous
Unregistered

Yes, but that still references the $100,000 insurance and $500,000 threshold. EDIE is now calculating it with a $1,250,000 threshold. See the thread I linked to in my original post.

Return to Top Reply Quote Quick Reply Quick Quote
#1059170 - 10/06/08 08:11 PM Re: $250,000 and Trust Accounts!! Anonymous
#Just Jay Offline
10K Club
#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
Pickles, that is dated prior to the law changes this past Friday.
_________________________
I don't repeat gossip, so listen closely...

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale