Professional Documents
Culture Documents
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uring out how much is FDIC-insured come in for a review every three
requires a bit more calcula-
tion. For these funds, the
Listen to Joe Karp and Anita Finley on
$250,000 coverage is per
beneficiary on a propor- Saturday, September 25 from 7:00-7:30 AM
on WSBR 740AM and on the
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tionate basis. Here’s an
example: Let’s assume you Internet at www.wsbrradio.com.
have $1,250,000 in a revo-
cable trust at Bank A, and there are years, or sooner if there have been
5 beneficiaries of your trust. If each changes in their own circumstances.
beneficiary is designated to receive For the very latest news at any time,
an equal share ($250,000), then the you can always check out my Florida
full 1,250,000 in your trust is pro- Elder Law and Estate Planning Blog
tected. But if one beneficiary gets at www.karplaw.blogspot.com, or the
50% of your assets ($625,000), that news section of The Karp Law Firm
leaves $375,000 of his share unpro- website, www.karplaw.com,
tected ($625,000 - $250,000). FDIC
protection would thus cover only Joseph S. Karp is a nationally certi-
$ 8 7 5 , 0 0 0 o f y o u r t r u s t a s s e t s fied and Florida Bar-certified elder law
($1,250,000 - $375,000) at that insti- attorney (C.E.L.A.) specializing in the
practice of Trusts, Estates and Elder Law.
tution. In summary, each of your ben- His offices are located at 2500
eficiaries is insured up to $250,000. Quantum Lakes Drive, Boynton Beach
The above rules also apply to (561) 752-4550; 2875 PGA Blvd., Palm
“Payable on Death” and “In Trust Beach Gardens (561) 625-1100; and
For” accounts. 1100 SW St. Lucie W. Blvd., Port
Second, I want to bring you up to St. Lucie (772) 343-8411.
date on the status of the federal Toll-free from anywhere: 800-893-
9911. E-mail: KLF@Karplaw.com or
estate tax. It’s widely believed that
website www.karplaw.com.
Congress will be taking up the issue Read The Florida Elder Law and
as early as this month. It certainly Estate Planning Blog at
seems like the tax will make a www.karplaw.blogspot.com.