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Important Update: FDIC Insurance Coverage Increased in Late 2008

In the fall of 2008, Congress temporarily increased the basic FDIC insurance coverage limit from $100,000 to $250,000 through December 31, 2009. In addition, the FDIC simplified the rules for the calculation of deposit insurance coverage for revocable trust deposits, including an expanded definition of the "eligible beneficiaries" for additional insurance coverage. As a result, certain previously published information related to FDIC insurance may not reflect the current insurance coverage. For more information, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time. For the hearing-impaired, the number is 1-800-925-4618.

Fall 2005 - A Special Guide for Seniors and Families

Professionals Can Help With Daily Money Management

Each day, millions of people help their ill or elderly relatives with everything from medications to money management. But some financial tasks – including bill paying, deposits, insurance claims, benefit claims, investment decisions and other daily money matters – may be too much for family members to handle alone.

Your accountant, lawyer or financial planner may be willing to help, but another option, perhaps at a lower cost, is to hire a "daily money manager." If you need help finding one, a possible resource is a state or local government agency that provides referrals and other information to elderly people and their caregivers. To locate these agencies, use the "Eldercare Locator" service of the U.S. Administration on Aging at 1-800-677-1116 or www.eldercare.gov.

When hiring a professional, even one who comes recommended by a friend or relative, look for someone with professional credentials from an organization that requires a commitment to a code of ethics. Ask for several references from clients and other professionals. Clarify the job you want performed and the cost. Closely monitor their work to prevent theft or mismanagement. If you rely on friends or relatives for money management, you should closely monitor their work, too. (Note: For information about adding someone to a bank account as a co-owner or to conduct transactions on your behalf, see Naming Names: Points to Consider Before Giving Friends or Relatives Access to Bank Accounts and Safe Deposit Boxes.)


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Last Updated 11/14/2005


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