The Financial Impact of Healthcare Planning for High-Income Families
Explore how healthcare costs can impact high-income households and how strategic financial planning may support tax and estate planning goals.
EP Wealth Advisors
Are my deposits covered? FDIC insurance automatically covers certain deposit accounts. For individuals, here is a quick checklist to confirm whether your bank deposits are safe in the case of a bank failure. (Credit Unions have their own insurance fund, called the NCUA).
Living Trust Example with 5 or fewer beneficiaries – A husband and wife have a living trust leaving all trust assets equally to their three children upon the death of the last owner. All deposits held in the name of this trust at one FDIC-insured bank would be covered up to $1,500,000. Each owner is entitled to $750,000 of insurance coverage because they each have three beneficiaries who will receive the trust deposits when both owners have died.
Informal Revocable Trust accounts, often called payable-on death (“POD”) accounts – Created when an account owner signs an agreement directing the bank to transfer the funds in the account to one or more named beneficiaries upon the owner’s death. When an owner names five or fewer eligible beneficiaries, the owner receives up to $250,000 in deposit insurance coverage for each unique beneficiary. Thus, in the case of a “POD” account owned by one person that names her three children as beneficiaries, the account is fully insured up to $750,000.
Confused? Use the FDIC calculator to confirm your FDIC coverage: https://edie.fdic.gov/calculator.html
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Explore how healthcare costs can impact high-income households and how strategic financial planning may support tax and estate planning goals.
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