Why Now Is the Time to Consider Alternatives for Your Irrevocable Life Insurance Trusts (ILITs)
Presenters: Leon Wessels, Life Insurance Trust Company, John Barkhurst, ITM TwentyFirst
For most institutions in 2021, life insurance trusts are not core to their trust business. With the regulatory, reputational, and legal risks ever increasing, many corporate trustees are currently rethinking their ILIT services, contemplating other alternatives. This webinar will explore the current trust-owned life insurance (TOLI) landscape, focusing on corporate fiduciaries (banks and trust companies) that manage approximately 20 percent of all irrevocable life insurance trusts (ILITs).
We will address current trends in estate planning affecting the use of life insurance in a trust. Using 20 years of “real world” data collected by ITM TwentyFirst, we will highlight the challenges today’s corporate ILIT trustees face. And we will discuss two unique solutions being utilized by many institutions to mitigate and eliminate ILIT fiduciary liability.
All ILIT fiduciaries, as well as compliance and risk management professionals, should attend this timely and relevant session.