Why Now Is the Time to Consider Alternatives for Your Irrevocable Life Insurance Trusts (ILITs)
Presenters on Alternatives for ILITs: Leon Wessels, Life Insurance Trust Company, John Barkhurst, ITM
Life Insurance typically falls to the bottom of the list for most corporate trustees. As a result, corporate trustees are rethinking why they continue to serve as trustees for ILITs. In this webinar, John Barkhurst and Leon Wessels will examine why now is the time to consider alternatives for ILITs amidst this growing trend.
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, 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.
Our video concerning alternatives for ILITs covers the following topics:
- Managing TOLI Risk
- The Benefits of Outsourcing ILIT Administration
- Providing a Team of Life Insurance Experts
- Focusing Trustees on What They Do Best
- Identifying and Reducing Costs
- Mitigating Risk
- Bringing Peace of Mind
- Who and What is LITCO (Life Insurance Trust Company)?
- What are the Keys to LITCO’s Success?
- How Does an Acquisition Work?
- How Does the Bulk Transfer Work?
- Why is a Strategic Partnership With LITCO Important?
All ILIT fiduciaries, as well as compliance and risk management professionals, should attend this timely and relevant session.
To watch a recording of the webinar, click here.