Elder Law Today Show #10 The Ins and Outs of FDIC Insurance

In show number 10 of
his podcast, Elder Law Today, practicing elder law attorney, Yale
Hauptman interviews Anthony Aiello, a compliance officer at Commerce
TD Bank on the hot topic of FDIC insurance. For many Americans, the
collapse of financial giants such as Lehman Brothers, AIG, Merrill
Lynch and Wachovia reminds them of other troubled economic times.
Many seniors grew up during the Great Depression of the 1930’s
and remember the Savings and Loan scandal of the late 1970’s
and early 1980’s. The FDIC insurance program was instituted in
the 1933 to protect depositors who lost money when their banks went
under. Many Americans are now concerned once again about whether
their assets are protected.

Yale and Anthony
discuss the basics of how this insurance coverage works. Learn about
the ways to stretch the amount of insurance coverage well beyond the
$100,000 limit which most people assume, erroneously, is the maximum.
There are different categories of accounts, which are treated
separately for insurance purposes. For example, coverage for IRA and
other retirement accounts is now $250,000 per person.

In his “In the
News” segment, Yale discusses a recent government inquiry into
accusations that a company which owns assisted living facilities in
20 states is kicking out residents once they have run out of money
and apply for Medicaid. He also discusses a recent court case which
highlights the pitfalls of having a joint owner on a bank account
who then applies for Medicaid. In that New Jersey case, the judge
sided with the applicant but learn why the fight may not yet be over.
Finally, Yale talks about a new federal law effective October 1,
2008, intended to protect Americans from abusive practices in the
sale of reverse mortgages to seniors.

This 10th
show is timely and informative in light of the current turbulent
economic times. Be sure to tune in.

Click here to listen to the show

Visit the FDIC website for more information.

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