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ILIT Trustees Have More Responsibility Than They Realize: How Trustees & Their Advisors Can Avoid Liability



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Many trustees, who are often family members, of irrevocable life insurance trusts (ILITs), don’t realize that they have a fiduciary duty to the trust beneficiaries and to prudently manage the life insurance policy inside the ILIT. It is important for advisors to understand and be able to explain this responsibility to those who will act as ILIT trustees, especially as life insurance is a different type of asset compared to other assets like stocks and bonds. Join Michael Geeraerts in his LISI webinar on September 20 @ 1pm ET where he will review ILIT trustee responsibility and potential liability. 

Watching this webinar, you will learn:
 

●       General responsibilities of trustees.

●       Potential issues with attorneys and CPAs acting as trustee or co-trustee.

●       What powers should be given to an ILIT trustee in the trust document.

●       Possible trustee liability for imprudent life insurance policy selection or policy management.

●       How NY Regulation 187 impacts life insurance sales and ILIT trustees.

●       Trustee responsibility when a client wants to get a life insurance policy out of an ILIT.

●       Some things to consider when reviewing a life insurance policy.



There will be no CE for this webinar


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Michael Geeraerts, CPA, JD, CGMA®, CLU® is an advanced planning consultant at The Guardian Life Insurance Company of America®. Prior to joining Guardian, Michael was a manager at PricewaterhouseCoopers LLP and a tax consultant at KPMG LLP. Michael’s experiences range from preparing tax returns for middle market companies, auditing billion-dollar mutual funds’ financial statements, to researching unique tax savings strategies for various companies.  Michael has written articles for numerous national publications and has delivered continuing education courses to CPAs and attorneys on a variety of estate, business and income tax planning strategies.



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