An account owned by a depositor through a living trust may be insured for several hundred thousand dollars, depending on the number of beneficiaries of the trust. Different rules apply also to business and client trust accounts.
Los Angeles, CA (PRWEB) July 17, 2008
The recent run on and the subsequent federal takeover of IndyMac Bank in Pasadena has prompted many Americans to reconsider the safety of their assets. According to the nation's leading asset protection law firm, Los Angeles-based Klueger & Stein, LLP, the day after the news of IndyMac hit media outlets, the firm received hundreds of calls from concerned Americans inquiring as to the safety of their assets.
According to attorney Robert F. Klueger, a partner with Klueger & Stein, LLP, most depositors need not worry about their bank accounts. U.S. bank accounts are insured by the FDIC for a minimum amount of $100,000, but in many cases even higher, depending on how the account is owned. "An account owned by a depositor through a living trust may be insured for several hundred thousand dollars, depending on the number of beneficiaries of the trust. Different rules apply also to business and client trust accounts."
Brokerage accounts, like bank accounts, carry the same $100,000 of FDIC insurance on cash balances, but have additional coverage for the securities in the account. Many brokerage houses also purchase private insurance for their customers, with coverage sometimes exceeding $10 million.
Other assets, like real estate, are not insured, and in a troubled economy investors should carefully evaluate their risk exposure and the means of investment and how the assets are titled.
Klueger & Stein, LLP has noted that in the past week there has been a sharp increase in inquiries about offshore bank accounts. "Swiss banks have always been a lot more conservative and in many respects a lot safer than their U.S.-counterparts. The only reason Swiss banks are used by few Americans is that we all like to be close to our money. But when the choice is between losing the money and suffering from separation anxiety, many are willing to explore the Swiss option," continues Robert Klueger. "Swiss accounts are very safe, money is easy to deposit and withdraw, and the service is usually 'white-glove'."
In response to increased demand, Klueger & Stein, LLP has set up a special section on their website, http://www.maximumassetprotection.com, to educate the public about offshore bank accounts, investing and how to own assets to avoid worrying about the IndyMac's of the world. The wealth of information and editorials contained on http://www.maximumassetprotection.com is unmatched. Klueger & Stein, LLP invites those Americans who are worried about losing their assets to explore the new website.