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FDIC Consumer News - Summer 1997

Important Update: Changes in FDIC Deposit Insurance Coverage

The FDIC deposit insurance rules have undergone a series of changes starting in the fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.

When a Child Has a Disability

If you're the caregiver for a child with a disability, experts recommend planning for the possibility that the child will outlive you. Here's estate planning advice from the National Information Center for Children and Youth with Disabilities, a federally funded clearinghouse in Washington, DC:

  • Find a lawyer who specializes in legal and estate-planning matters for people with disabilities. For referrals, contact a local disabilities group or your local bar association.
  • Ask your lawyer about a "special needs trust" or similar arrangement that enables parents to leave assets for a child's long-term needs and still preserve the child's eligibility for valuable government benefits such as Social Security payments, health care, subsidized housing and personal attendant care.
  • Parents of a child with a mental disability (such as mental retardation or a mental illness) may need special financial or estate plans if the child is unable to earn income or manage his or her own financial affairs. Consider whether to name a guardian or conservator in your will who would make decisions for your child after your death.

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Last Updated 08/05/1999 communications@fdic.gov