ILIT funding: Do I transfer my existing life insurance?

Posted: Mon Jun 21, 2010 03:44 pm Post Subject: ILIT Management

Also make sure that the ILIT Trustee has all of the tools needed to lawfully carry out their duties to the grantor, the beneficiaries, the law itself. Many Trustees struggle to take care of the demanding job that faces them, and are barely equipped to deal with the personal liability they'd face if things really go awry.

**Edited by dgoldenz for spam**

Posted: Tue Jun 22, 2010 02:20 am Post Subject:

And I'm sure if people are doubting their trustee's ability to do his or her job, the trust company you work for would be more than happy to step in for a small fee.

Posted: Tue Jun 22, 2010 07:41 am Post Subject:

Choosing a third-party trustee can be a wise decision. They should have the ability to approach specific situations impartially and without all the drama that could be imposed on a person with closer ties to the trust or its beneficiaries.

One problem that used to plague some trusts which were initially established through a local "community bank", where the grantor and the trustee had a personal relationship, was the acquisition of the smaller banks by their greedy national competitors, and the loss of personal service that resulted. It often made it impossible for the beneficiaries to change trustees before they did actual harm to the value of trust assets.

The most important thing about life insurance trusts is the timing and method of placing the insurance in the trust. As several have pointed out, the best plan is to make the trust the owner at the time of application so there is no doubt about the intent concerning ownership. Outside that, the three year lookback rule could be the inspiration for a real-life "Weekend at Bernie's" event.

Kind of like the two guys who wheeled their dead friend in an office chair to a Social Security Office in NYC a couple of years ago in a fraudulent attempt to collect his check. When the SS Rep asked where the recipient was, they said, "Oh he's outside, 'cause he's not feeling too well." Unfortunately, by that time a small crowd had gathered around the dead guy because he was about to fall out of the chair, with his pants down around his thighs (the two knuckleheads couldn't figure out how to dress the corpse properly), and it was apparent that he was dead.

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