Life Insurance Fiduciary Review Copley Drive, Suite 395 Diamond Bar, CA
|
|
- Lynne Stevenson
- 6 years ago
- Views:
Transcription
1 Life Insurance Fiduciary Review Copley Drive, Suite 395 Diamond Bar, CA
2 Why conduct periodic life insurance reviews? While many trustees are facing increased scrutiny of their investment performance in these difficult economic times, trustees of trusts holding life insurance face additional challenges in their management of this special asset. The Uniform Prudent Investor Act ( UPIA ) and similar statutes require as rigorous a management model for life insurance as of other types of assets.
3 Some Background Statistics According to a survey reported by Trusts and Estates (April 1999), 70-95% of trust owned life insurance (TOLI) has no current service agent One might expect professional corporate trustees would provide more oversight than family members or friends serving as trustee. Not the case. A more recent survey by Trust and Estates (May 2003) of approximately 550 trustees roughly equally split between professional trustees and family or friends acting as trustee reported similarly. o Of professional trustees, 83.5% indicated that they had no guidelines and procedures for handling TOLI o More disturbing, 95.3% stated they had no guidelines of procedures for handling the asset allocation components of variable life insurance o For nonprofessional trustees, 71.2% indicated that they had not reviewed their trusts life insurance policies in the last 5 years o As with professional trustees, 94.7 reported they had no formal procedure for managing variable contracts
4 Possible reasons for the lack of management of trust owned life insurance Trustees are not aware of the variables within a life insurance contract that can affect the performance of the policies. Their primary focus with respect to the life insurance asset is accepting premiums; sending Crummey notices and paying premiums. Many trustees as well as individuals view life insurance as a long-term asset not intended to mature for many years or decades. They do not have access to insurance professionals willing to assist in the review and monitoring process. It is estimated that as much as 90% of trust owned policies are orphaned policies not having an assigned servicing agent. They may not have the time or knowledge to determine how to conduct a policy review and audit.
5 The Uniformed Prudent Investor Act (UPIA) and other standards of care Just as a trustee might monitor the investment assets in a trust to ensure their performance is meeting expectations, a trustee should also consider monitoring and reviewing the life insurance assets in a trust for which they are responsible. Bank regulatory agencies, states and the UPIA have set standards related to the selection, purchase, and monitoring of trust owned life insurance contracts with a similar standard of care. Particularly applicable are the UPIA and standards set out by the Office of the Comptroller of the Currency (OCC) with respect to standards of care for the purchase of life insurance. While these standards have not always influenced court decisions in case involving judgment or lack of judgment over life insurance, the themes of the UPIA set a standard for trustees that should be considered a minimum threshold. It is important to note that the UPIA sets a basic standard which may vary from state to state. Additionally, any specific trust documents may be drafted whereby the trustees are held to an even higher standard then set forth by the the UPIA.
6 The trustee s responsibilities First, trustees must act in what is known as a fiduciary capacity, in effect bearing the burden of carrying out the trust s objectives for all beneficiaries. The UPIA specifically notes: if a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries. Additionally, the Act is very specific in noting that when acting in such a fiduciary capacity, the trustee must consider the purpose, terms, distribution requirements and other circumstances of the trust. Clearly, the trustee of an irrevocable life insurance trust must always be aware of the purpose for which the trust was established and undertake all actions to ensure those objectives are met. The Act holds all trust assets to the same standards and requires trustees not only to monitor performance, but to also assess the risks and quality of assets in the trust. Two key provisions note both requirements: o the trustee s continuing responsibility for oversight of the suitability of investments already made, as well as the trustee s decisions with respect to new investments o Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and implement decisions concerning the retention and disposition of assets in order to bring the trust into compliance with the purpose, terms, distribution requirements of the trust
7 Practical standards a trustee should follow upon initial procurement of the policy Determining the need and quantification of the life insurance death benefit amount in conjunction with the clients counsel and other financial advisors supported by the overall estate plan. Vendor and agent selection Review and selection of the appropriate types of life insurance Product selection and diversification Carrier selection and diversification Investment policy and ongoing monitoring process for variable contracts
8 Practical standards a trustee should follow for ongoing monitoring of the policy The frequency of ongoing reviews and the monitoring process is subjective. A variable contract subject to market volatility should be reviewed similarly to any other investment portfolio and with consideration given to the current economic climate. Fixed portfolio rate contract should be reviewed perhaps annually. Review of initial, issued policy design illustration, i.e. how was the policy designed initially based on the then assumed funding schedule, crediting rates and cost of insurance. Based on actual results, in force illustrations should be requested from the insurance company projecting how the policy is expected to perform going forward. A comparison of the initial policy design and intended results, and actual performance and projected results should be compared and any shortfalls addressed with the client and counsel. If the client is still in good health and insurable, a market study should be conducted to determine if there are alternative contracts available that could better meet the objectives. Furthermore, the internal costs of newer policies can be lower than older contracts allowing for the purchase of more death benefit for the same premium commitment. Newer contracts many times also provide better guarantees. If the client is not insurable, the contract should be redesigned to maximize expected results and a suitable servicing agent should be appointed. Evaluations should include: carrier financial strength; projected date of potential lapse; funding requirements; internal rates of returns for various life expectancy assumptions. Although replacement is sometimes prudent extra care should be given with respect to surrender charges, higher internal costs, reduction of cash values, and guarantees.
9 How a trustee might be sued All cases depend on the facts and circumstances of each individual situation and the specific wording of the trust document. There is a strong sense in the legal community that many cases are settled out of court because of the relationship of the parties or because a corporate trustee wants to avoid adverse publicity. In most cases the beneficiaries bring suit. The client who established the trust and the insured typically does not have the legal standing to bring suit. However, in few circumstances of extreme negligence, the trust grantors were given the right to sue, or they attempted to sue the trustees. Negligence in maintain the life insurance policy. In one case the beneficiaries sued a CPA acting as trustee for failing to pay premiums due to problems related to the practice that caused premiums to be missed. In another, a corporate trustee failed to pay premiums despite receiving the gifts. Note, many irrevocable trusts include language allowing the trustee not to pay premiums, often a key consideration in cases such as these. Bad investment decisions. There are numerous cases where trustees have been sued due to investment decisions in variable contracts, loans or other decisions that failed. Poor initial policy design or improper policy assumptions. There are several cases where initial funding scheduled were not adhered to, or the then current high crediting rate assumptions were not met resulting in the policy not performing as expected. This is one area where regular policy reviews can identify potential problems providing time to take corrective measures. Over funding a contract for cash accumulation when maximum death benefit was the objective. In many circumstances, the premium commitment can provide a higher death benefit with the same guarantees instead of cash accumulation. Again, what is the objective for the insurance? Poor vendor selection. In one case involving a bank trustee the policy was purchased from a known felon whose life insurance license was revoked.
10 Other considerations and cautionary notes This outline was prepared by Lagos Wealth Advisors from various sources and is intended to be educational in nature and should not be considered a recommendation. The ongoing reviews should not be viewed as a planned replacement. No insurance should be canceled or replaced until the trustee is certain that any replacement offers an improvement to the trust and the beneficiaries. Any replacement will result in a new contestability period which should be disclosed and discussed with the trustee. Replacements may result in the imposition of surrender charges In some circumstances the sale of the current policy in the secondary market results in a larger economic benefit as compared to a 1035 exchange of its cash values.
Now more than ever, trustees, and in particular,
By Kimberly E. Civins Nursing the Sick ILIT How a trustee can avoid liability when a trust lacks liquidity Now more than ever, trustees, and in particular, corporate trustees, face administrative issues
More informationCompleting trust-owned life insurance reviews. Symetra UL-G Universal Life Insurance. Benefits of Trust Planning
Symetra UL-G Universal Life Insurance Benefits of Trust Planning Completing trust-owned life insurance reviews Not a bank or credit union deposit, obligation or guarantee May lose value Not FDIC or NCUA/NCUSIF
More informationPrivate Client Services. Helping preserve, grow and transfer wealth to the people and causes you care about
Private Client Services Helping preserve, grow and transfer wealth to the people and causes you care about TABLE OF CONTENTS 1 Personalized services delivered by an experienced team 3 Disciplined investment
More informationWhite Paper: Irrevocable Life Insurance Trusts
White Paper: www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC, MSRB Page 2 Table of Contents... 3 What
More informationIrrevocable Life Insurance Trust (ILIT)
Select Portfolio Management, Inc. David M. Jones, MBA Wealth Advisor 120 Vantis, Suite 430 Aliso Viejo, CA 92656 949-975-7900 dave.jones@selectportfolio.com www.selectportfolio.com Irrevocable Life Insurance
More informationTwo Ravinia Drive Suite 1705 Atlanta, GA (678)
Providing Flexibility by Adding Trust Protectors to Your Estate Planning Trust protectors (aka Trust Advisors) have long been used in British Commonwealth countries, originating with offshore asset protection
More informationPutting what s important to you first
Putting what s important to you first The MassMutual Trust Company strives to meet your unique and personal wealth management needs. Choosing the MassMutual Trust Company for your personal trust and fiduciary
More informationFAMILY PARTNERSHIPS -- AN ALTERNATIVE TO IRREVOCABLE INSURANCE TRUSTS
FAMILY PARTNERSHIPS -- AN ALTERNATIVE TO IRREVOCABLE INSURANCE TRUSTS I. Disadvantages Of Irrevocable Insurance Trusts A. Amounts Available To Purchase Premiums Are Limited To $5,000 Per Donee Per Year
More informationBenefits of Using Trusts with Selling Your Business
Select Portfolio Management, Inc. Dave Jones, MBA Wealth Adviser 120 Vantis, Suite 430 Aliso Viejo, CA 92656 949-975-7900 dave.jones@selectportfolio.com www.selectportfolio.com Benefits of Using Trusts
More informationFiduciary Duty and the Imperative of Iowa and Nebraska Uniform Prudent Investor Acts
Fiduciary Duty and the Imperative of Iowa and Nebraska Uniform Prudent Jon A. Jacobsen A previous SWILL and OEPC presenter, Jacobsen is Vice President and Senior Trust Officer at Security National Bank
More informationThe What, Why and Who of Directed Trusts
The What, Why and Who of Directed Trusts Presented By Julie A. Boswell Shareholder 615.726.5681 jboswell@bakerdonelson.com Steven K. Wood Shareholder 615.726.5679 skwood@bakerdonelson.com What is a Directed
More informationBuilding a bridge to the future
An Educational Guide for Families and Individuals Building a bridge to the future Personalized Trust and Wealth Management Services Financial Strategies Managing the details of a friend or family member
More informationGiving to Minors. Wealth Planning General. Overview. Outright Gift. Advantages:
Giving to Minors Wealth Planning 2017 General If properly structured, gifts to a child or for his or her benefit can qualify for the annual exclusion and remove the property gifted and all future income
More informationDirected Trusts: Delaware v. Florida Estate Planning Council of Greater Miami March 19, 2015
Directed Trusts: Delaware v. Florida Estate Planning Council of Greater Miami March 19, 2015 Gail Cohen Vice Chairman and General Trust Counsel 212.632.3253 gcohen@ftci.com 1 Directed Trusts: An Overview
More informationState law sets out the requirements for a trust to be valid and the rules governing trust administration.
Irrevocable Trust Overview An irrevocable trust is a trust that cannot be modified or terminated by the grantor. The grantor, who transferred assets into the trust, effectively gives up rights of ownership
More informationWhite Paper: Dynasty Trust
White Paper: www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC, MSRB Page 2 Table of Contents... 3 What
More informationFiduciary Guidelines for Foundation & Endowment Trustees
1 Legal and Regulatory Oversight 3 Selecting and Monitoring Investment Managers 2 Developing a Spending Policy 2 Investment Policy Statements 3 Administration and Records online report consulting group
More informationWhite Paper: Avoiding Incidents of Policy Ownership to Eliminate Estate Tax
White Paper: Avoiding Incidents of Policy Ownership to Eliminate Estate Tax MARKET TREND: As planning approaches and products become more complex, care must be taken to avoid the retention or acquisition
More informationBEING A TRUSTEE WHAT IS A LIVING TRUST?
BEING A TRUSTEE WHAT IS A LIVING TRUST? The Living Trust is a legal entity into which property transferred by you, either during life or at death, for your benefit and the benefit of your spouse, if you
More informationPlanned Giving Legal Basics. December 14, 2017 Association of Corporate Counsel
c Lakshmi Sarma Ramani December 14, 2017 Association of Corporate Counsel What is planned giving? Planned Giving is an approach that donors take to give funds to charities through specific structures,
More informationAdvanced Sales White Paper: Grantor Retained Annuity Trusts ( GRATs ) & Rolling GRATs
Advanced Sales White Paper: Grantor Retained Annuity Trusts ( GRATs ) & Rolling GRATs February, 2014 Contact us: AdvancedSales@voya.com This material is designed to provide general information for use
More informationThe Internal Revenue Service ruled in Rev. Rul
PAGE 1 OF 5 Trust Act 2010 Changes to Title 12 of the Delaware Code On July 2, 2010, Delaware Governor Jack Markell signed Trust Act 2010 into law, effective August 1, 2010. The Governor also signed into
More informationFIDUCIARY RESPONSIBILITIES/ PLAN GOVERNANCE
Nevada Public Employees Deferred Compensation Program FIDUCIARY RESPONSIBILITIES/ PLAN GOVERNANCE Presented by: Frank Picarelli Senior Vice President January 18, 2018 Copyright 2017 by The Segal Group,
More information1. The Regulatory Approach
Section 2601. Tax Imposed 26 CFR 26.2601 1: Effective dates. T.D. 8912 DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 26 Generation-Skipping Transfer Issues AGENCY: Internal Revenue Service
More informationTax Planning with Life Insurance
Select Portfolio Management, Inc. David M. Jones, MBA Wealth Advisor 120 Vantis, Suite 430 Aliso Viejo, CA 92656 949-975-7900 dave.jones@selectportfolio.com www.selectportfolio.com Tax Planning with Life
More informationThe ILIT Liability Minefield: Trustees and Counsels Risks. By: Melvin A. Warshaw and David Neufeld. Toronto. September 2010
The ILIT Liability Minefield: Trustees and Counsels Risks By: Melvin A. Warshaw and David Neufeld Toronto September 2010 I. The Trend of Lawsuits Against ILIT Trustees A. Irrevocable Life Insurance Trusts
More informationWith the adoption of the
With the adoption of the Uniform Prudent Investor Act (UPIA), promulgated by the National Conference of Commissioners on Uniform State Laws in 1994, a broadened and diversified world of investing was opened
More informationBASICS * Irrevocable Life Insurance Trusts
KAREN S. GERSTNER & ASSOCIATES, P.C. 5615 Kirby Drive, Suite 306 Houston, Texas 77005-2448 Telephone (713) 520-5205 Fax (713) 520-5235 www.gerstnerlaw.com BASICS * Irrevocable Life Insurance Trusts Synopsis
More informationStrategic Planning for Life and Death
Claude B. Bass, J.D. Advanced Planning Consultant - Architect Telephone (678) 580-2400 Claude_Bass@Comcast.Net Strategic Planning for Life and Death Rule Number One Beware the Short Form Estate Plan If
More informationOCC96-51.txt. Bank Purchases of Life Insurance Guidelines for National Banks Bulletin September 20, 1996
Bank Purchases of Life Insurance Guidelines for National Banks Bulletin 96-51 September 20, 1996 TO: Chief Executive Officers of all National Banks, Department and Division Heads, and all Examining Personnel
More informationIntergenerational split dollar.
Taxation - Income, Estate, and Gift Intergenerational split dollar. Summary. In Estate of Morrissette, 1 the U.S. Tax Court granted summary judgment, holding that intergenerational split dollar may be
More informationTRUST SETTLEMENT PROCESS A Roadmap for Working with Your Financial Advisor and The Private Trust Company
TRUST SETTLEMENT PROCESS A Roadmap for Working with Your Financial Advisor and The Private Trust Company TRUST SETTLEMENT IS THE PROCESS OF SETTLING AN ESTATE THROUGH A TRUST IN ADDITION TO OR RATHER THAN
More informationIRREVOCABLE TRUSTS Memorandum to the Settlor and the Trustee
Memorandum to the Settlor and the Trustee by Layne T. Rushforth 1. GENERALLY This memorandum is for the settlor (creator) and the trustee (manager) of an irrevocable trust. There is a section for each
More informationIRREVOCABLE TRUSTS Memorandum to the Settlor and the Trustee
Memorandum to the Settlor and the Trustee by Layne T. Rushforth 1. GENERALLY This memorandum is for the settlor (creator) and the trustee (manager) of an irrevocable trust. There is a section for each
More informationEstate Planning. Insight on. The Crummey trust: Still relevant after all these years. Now s the time for a charitable lead trust
Insight on Estate Planning October/November 2014 The Crummey trust: Still relevant after all these years Now s the time for a charitable lead trust Good intentions Don t let asset transfers run afoul of
More informationINFORMATION ON REVOCABLE LIVING TRUSTS
INFORMATION ON REVOCABLE LIVING TRUSTS The revocable, or living, trust is often promoted as a means of avoiding probate and saving taxes at death. The revocable trust has certain advantages over a traditional
More informationUsing Sophisticated Techniques to Manage Life Insurance Policies
keeping trusts on track Using Sophisticated Techniques to Manage Life Insurance Policies A Session Specifically Designed for The ITM TwentyFirst University December 10, 2015 Presented By: MICHAEL BROHAWN,
More informationSTATE OF NEW JERSEY. SENATE, No SENATE JUDICIARY COMMITTEE STATEMENT TO. with committee amendments DATED: DECEMBER 17, 2015
SENATE JUDICIARY COMMITTEE STATEMENT TO SENATE, No. 2035 with committee amendments STATE OF NEW JERSEY DATED: DECEMBER 17, 2015 The Senate Judiciary Committee reports favorably and with committee amendments
More informationthe Private Trust Company gain peace of mind Simplified Trust Solutions
the Private Trust Company gain peace of mind Simplified Trust Solutions What is a Trust? As the nation s leading independent broker/dealer*, LPL Financial serves the independent financial advisor with
More informationAccount Level Administration and Investment Responsibilities Specifically Unique and Hard to Value Assets
November 4, 2015 Donald F. Moore, Jr./Bearmoor, LLC and Brad Davidson/Unique Asset Partners LLC Account Level Administration and Investment Responsibilities Specifically Unique and Hard to Value Assets
More informationModel Ethics and Conflict-of- Interest Policy for Texas Public Retirement Systems PENSION REVIEW BOARD
Model Ethics and Conflict-of- Interest Policy for Texas Public Retirement Systems PENSION REVIEW BOARD 12/19/2013 Table of Contents BACKGROUND... 1 I. Overview... 3 II. Code of Ethics... 3 III. General
More informationLeveraging wealth transfer using a sale to a defective grantor trust
Sale to a Grantor Trust Strategy Leveraging wealth transfer using a sale to a defective grantor trust Not a bank or credit union deposit, obligation or guarantee May lose value Not FDIC or NCUA/NCUSIF
More informationIt s All About the Business
It s All About the Business Planning Strategies Integrated with Life Insurance to Help a Business Owner Accomplish Goals for Retirement, Business Perpetuation, Successful Business Transition, and Estate
More informationGrantor Retained Annuity Trusts ( GRATs ) and Rolling GRATs. Producer Guide. For agent use only. Not for public distribution.
Grantor Retained Annuity Trusts ( GRATs ) and Rolling GRATs Producer Guide Introduction to GRATs and Rolling GRATs The Grantor Retained Annuity Trust ( GRAT ) is a flexible planning tool which can be used
More informationBENEFITING FROM PROFESSIONAL TRUST SERVICES
BENEFITING FROM PROFESSIONAL TRUST SERVICES A professional trust company offers just the right level of specialized services and support. All so you can spend more time doing what you enjoy. BENEFITING
More informationCREDIT FOR REINSURANCE MODEL LAW
Adopted by the Reinsurance (E) Task Force and Financial Condition (E) Committee 1/6/2016 Adopted by the Executive (EX) Committee and Plenary 1/8/2016 Revisions to the Credit for Reinsurance Model Law #785
More informationBest Practice Standard for Life Insurance Stewardship. West Point Draft May 7 th, 2013
Best Practice Standard for Life Insurance Stewardship West Point Draft May 7 th, 2013 Produced By: Complements of: Illustration 1 FOREWORD: Life insurance is increasingly being promoted and considered
More informationTable of Contents. Sample
TABLE OF CONTENTS... 1 CHAPTER 1 INTRODUCTION... 3 1.1 GOALS AND OBJECTIVES... 3 1.2 REQUIRED REVIEW... 3 1.3 APPLICABILITY... 3 CHAPTER 2 ACCOUNTABILITY AND MONITORING... 4 2.1 INTERNAL CONTROLS... 4
More informationBypass Trust (also called B Trust or Credit Shelter Trust)
Vertex Wealth Management, LLC Michael J. Aluotto, CRPC President Private Wealth Manager 1325 Franklin Ave., Ste. 335 Garden City, NY 11530 516-294-8200 mjaluotto@1stallied.com Bypass Trust (also called
More informationA Guide to Estate Planning
BOSTON CONNECTICUT FLORIDA NEW JERSEY NEW YORK WASHINGTON, DC www.daypitney.com A Guide to Estate Planning THE IMPORTANCE OF ESTATE PLANNING The goal of estate planning is to direct the transfer and management
More informationEstate Tax Concepts. Presented for Valued Client
Presented for Valued Client Presented by John M. Webster HMS Insurance Associates, Inc. johnwebster@financialguide.com 443-632-3436 Page 1 of 5 The Concept A Crummy power, named after the taxpayer who
More informationConsiderations in the Termination of Special Needs Trusts. Allison Bren Ferris
Considerations in the Termination of Special Needs Trusts Allison Bren Ferris Considerations in the Termination of Special Needs Trusts A. Introduction In the world of special needs trusts ( SNT ), termination
More informationWhite Paper Trusts Overview
White Paper Overview www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC, MSRB Page 2 Table of Contents...
More informationAmerican Bar Association 2011 Joint Fall CLE Meeting Section of Taxation Estate and Gift Tax Committee
American Bar Association 2011 Joint Fall CLE Meeting Section of Taxation Estate and Gift Tax Committee Perpetual Dynasty Trusts: Tax Planning and Jurisdiction Selection October 21, 2011 Presented by: Richard
More informationFrom Edward Marin Estates, Estate and Gift Tax Planning,
Section 1035 - Tax-Free Exchange of Life Insurance Policies Volume 3, Issue 7 This issue of The Wealth Counselor From Edward Marin examines a topic that should interest all owners of non-term life insurance
More informationThe Irrevocable Trust
The Irrevocable Trust A trust is a legal way of holding, managing, and distributing property. A trust may be either irrevocable or revocable. State law and the trust instrument itself usually set out whether
More informationLegacy Gifts and Planned Giving
Conservation Districts of Iowa 945 SW Ankeny Road, Suite A Ankeny, IA 50023 515.289.8300 www.cdiowa.org Legacy Gifts and Planned Giving Legacy gifts or other planned giving options are a great way to support
More informationWHITE PAPER ON A PROPOSED BILL TO AMEND THE FLORIDA UNIFORM PRINCIPAL AND INCOME ACT, CHAPTER 738, FLORIDA STATUTES
WHITE PAPER ON A PROPOSED BILL TO AMEND THE FLORIDA UNIFORM PRINCIPAL AND INCOME ACT, CHAPTER 738, FLORIDA STATUTES I. SUMMARY The 2002 Florida Legislature enacted the Florida Uniform Principal and Income
More informationAPPENDIX. There are a variety of types of permanent insurance. Some of these include:
APPENDIX COMMON TYPES OF LIFE INSURANCE POLICIES Life insurance can be categorized into two broad types, temporary insurance and permanent insurance. There are numerous variations of these products. However,
More informationWealth Transfer and Charitable Planning Strategies. Handbook
Wealth Transfer and Charitable Planning Strategies Handbook Wealth Transfer and Charitable Planning Strategies Handbook This handbook contains 12 core wealth transfer and charitable planning strategies.
More informationWhat to Do With An Unwanted Life Insurance Policy
What to Do With An Unwanted Life Insurance Policy A Session Specifically Designed for The ITM TwentyFirst University Tuesday November 1, 2016, 2:00PM EDT Presented By: Aaron Hanson CLU ITM TwentyFirst
More informationAllocating Capital Gains to Distributable Net Income in Estates and Trusts: Achieving Optimal Tax Treatment
Allocating Capital Gains to Distributable Net Income in Estates and Trusts: Achieving Optimal Tax Treatment FOR LIVE PROGRAM ONLY TUESDAY, FEBRUARY 13, 2018, 1:00-2:50 pm Eastern IMPORTANT INFORMATION
More informationMeaningful Due Diligence in Life Insurance What does it mean?
Meaningful Due Diligence in Life Insurance What does it mean? As life insurance advocates we have discovered that the life insurance acquisition process is flawed. Here is what we believe to be the truth
More informationIN TRUSTS WE TRUST: Tax and Estate Planning Using Inter Vivos Trusts
IN TRUSTS WE TRUST: Tax and Estate Planning Using Inter Vivos Trusts Jamie Golombek Managing Director, Tax & Estate Planning CIBC Private Wealth Management Estate planning is the process of making arrangements
More informationInvestment Policy for OPEB
Investment Policy for OPEB Massachusetts Collectors & Treasurers Association 42 nd Annual School August 14, 2012 Presented by: Dan Sullivan of Sullivan, Rogers & Company and Joshua Paul of Bartholomew
More informationThe CPA s Guide to Financial & Estate Planning Planning with Life Insurance. Presented by: Steven G. Siegel, J.D., LL.M.
The CPA s Guide to Financial & Estate Planning Planning with Life Insurance Presented by: Steven G. Siegel, J.D., LL.M. (Taxation) Earn CPE #AICPApfp 2 Helpful Hints #AICPApfp 3 About the PFP Section &
More informationPractitioners often are faced with clients who would like to minimize
Trusts Corner Drafting Intentionally Defective Grantor Trusts as Silent Trusts: A Delaware Perspective By Vincent C. Thomas * VINCENT C. THOMAS, Esq., is a Partner with the law firm of Young Conaway Stargatt
More informationPLANNED GIVING PROGRAM. 1. Protocol
UNIVERSITY OF NORTHERN BRITISH COLUMBIA Policies and Procedures SUBJECT: PLANNED GIVING PROGRAM 1. Protocol University of Northern British Columbia is authorized to encourage donors to make both outright
More informationTESTAMENTARY TRUSTS WHAT IS A TRUST?
TESTAMENTARY TRUSTS REFERENCE GUIDE While most people have heard about trusts, many do not really know what they are or what benefits they offer and often incorrectly believe that trusts are only for wealthy
More informationESTATE PLANNING DOCUMENTS RIGHT TO LIFE OF MICHIGAN
ESTATE PLANNING DOCUMENTS RIGHT TO LIFE OF MICHIGAN office of gift planning CONTENTS 03 WILLS 09 LIVING TRUSTS 15 POWERS OF ATTORNEY 17. Durable Power of Attorney 18. Durable Power of Attorney for Health
More informationSPECIAL NEEDS TRUSTS
SPECIAL NEEDS TRUSTS Special Needs Trust (SNT): type of trust designed to protect a beneficiary who is disabled, enabling them to receive governmental benefits: Supplemental Security Income-automatically
More informationPreserving Family Wealth with an Estate Freeze. cn ING North America Insurance Corporation
Walton GRAT: Preserving Family Wealth with an Estate Freeze Thanks for sharing your time with me today. I d like to tell you about a powerful and flexible estate planning idea. This strategy is called
More informationERISA Fiduciary Responsibilities for 403(b) Plans: Keys to Implementation
ERISA Fiduciary Responsibilities for 403(b) Plans: Keys to Implementation ERISA Fiduciary Responsibilities for 403(b) Plans: Issues and Implementation Table of Contents Description Page I. Introduction...1
More informationTHE DRAFTING ATTORNEY: ACTING AS FIDUCIARY AND WHEN TO RECOMMEND ANOTHER
THE DRAFTING ATTORNEY: ACTING AS FIDUCIARY AND WHEN TO RECOMMEND ANOTHER February 14 th, 2011 CBA Trust Committee Christopher Shouldice J.P.Morgan, Chicago, IL I. DRAFTING ATTORNEY AS FIDUCIARY A. Can
More informationBEING AN EXECUTOR & TRUSTEE
Page1 BEING AN EXECUTOR & TRUSTEE Peter C. Kote PROFESSIONAL FIDUCIARY SERVICES 23601 Moulton Parkway, Suite E Laguna Hills, CA 92653 949.600.8625 pkote@cox.net www.trusteepro.com Chad Proctor Vice President,
More informationEastern Washington University Foundation Gift Acceptance Policies and Guidelines
Eastern Washington University Foundation Gift Acceptance Policies and Guidelines Board Approved: June 22, 2007 Revised & Approved: October 21, 2010 Revised & Approved: April 16, 2014 Finance Committee
More informationGrantor Annuity Trust A LEGACY OPPORTUNITY IN A LOW INTEREST RATE ENVIRONMENT
Grantor Annuity Trust A LEGACY OPPORTUNITY IN A LOW INTEREST RATE ENVIRONMENT The Prudential Insurance Company of America 0266054-00005-00 Ed. 06/2016 Exp. 12/29/2017 ABOUT THIS BROCHURE This brochure
More informationWhat to Do and Not Do as an ESOP Fiduciary
What to Do and Not Do as an ESOP Fiduciary This Is a Sample of One Part of the Presentation Only Corey Rosen National Center for Employee Ownership The Basic Obligations 1. Follow the terms of the plan
More informationDynasty Trust. Clients, Business Owners, High Net Worth Individuals, Attorneys, Accountants and Trust Officers:
Platinum Advisory Group, LLC Michael Foley, CLTC, LUTCF Managing Partner 373 Collins Road NE Suite #214 Cedar Rapids, IA 52402 Office: 319-832-2200 Direct: 319-431-7520 mdfoley@mdfoley.com www.platinumadvisorygroupllc.com
More informationWhite Paper Use of Trusts and Creditor Implications
White Paper Use of Trusts and Creditor Implications www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC,
More informationLife Insurance and Estate Planning
Select Portfolio Management, Inc. David M. Jones, MBA Wealth Advisor 120 Vantis, Suite 430 Aliso Viejo, CA 92656 949-975-7900 dave.jones@selectportfolio.com www.selectportfolio.com Life Insurance and Estate
More informationCharitable remainder trusts and life insurance
Life insurance Allianz Life Insurance Company of North America Charitable remainder trusts and life insurance (R-3/2018) Estate planning with highly appreciated assets When designed properly, a trust can
More informationA retirement plan guide for small businesses
A retirement plan guide for small businesses Choosing a plan that benefits you and your employees Benefits of a qualified retirement plan A qualified retirement plan is also a good strategy for reducing
More informationTHE MIAMI FOUNDATION, INC.
CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS INDEPENDENT AUDITOR S REPORT 1 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statements of Financial Position 2 Consolidated Statements of Activities
More informationACCESS TRUSTS. Using life insurance to accumulate, access and transfer wealth
ACCESS TRUSTS Using life insurance to accumulate, access and transfer wealth For transferring wealth, permanent life insurance can be an appealing strategy because it: Provides liquidity through a death
More informationThe 12th Annual Estate Planning Forum Focused on Planning With S Corporations and Partnerships By Loraine M. DiSalvo, Morgan & DiSalvo, P.C.
The 12th Annual Estate Planning Forum Focused on Planning With S Corporations and Partnerships By Loraine M. DiSalvo, Morgan & DiSalvo, P.C. On November 3, 2015, the Estate Planning and Probate Section
More informationEstate Planning Basics
Your Retirement Advisor 508-798-5115 lynnt@yourretirementadvisor.com www.yourretirementadvisor.com Estate Planning Basics Page 1 of 12, see disclaimer on final page What Is Estate Planning? Estate planning
More informationExecutive Benefits for Nonprofit & Tax-Exempt Organizations
Executive Benefits for Nonprofit & Tax-Exempt Organizations Recruit, retain, and reward your top talent with nonqualified retirement or estate planning benefits As a nonprofit or tax-exempt organization,
More informationWCI Communities, Inc., and certain related Debtors FORM OF CHINESE DRYWALL PROPERTY DAMAGE AND PERSONAL INJURY SETTLEMENT TRUST AGREEMENT
WCI Communities, Inc., and certain related Debtors FORM OF CHINESE DRYWALL PROPERTY DAMAGE AND PERSONAL INJURY SETTLEMENT TRUST AGREEMENT WCI Communities, Inc., and certain related Debtors CHINESE DRYWALL
More informationtrust describe the amount that may or must be distributed to a beneficiary by referring to the
SECTION 104. TRUSTEE S POWER TO ADJUST. (a) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent
More informationWHY YOUR PARTNERSHIP AND LLC OPERATING AGREEMENTS NEED A TUNE-UP IN 2018: THE NEW PARTNERSHIP RULES
WHY YOUR PARTNERSHIP AND LLC OPERATING AGREEMENTS NEED A TUNE-UP IN 2018: THE NEW PARTNERSHIP RULES Richard B. Robinson Robinson, Diss and Clowdus, P.C. 303-861-4154 rbrobinson@lektax.com PART I OVERVIEW
More informationAUTISM AND ESTATE PLANNING
AUTISM AND ESTATE PLANNING Part II Planning for the Parents of an Autistic Child Tuesday, November 23, 2010 Richard Niedermayer Topics Introduction Powers of Attorney for Property Personal Directives Guardianship
More informationTRUST OWNED LIFE INSURANCE WHAT EVERY FIDUCIARY NEEDS TO KNOW
TRUST OWNED LIFE INSURANCE WHAT EVERY FIDUCIARY NEEDS TO KNOW Amiel Z. Weinstock General Counsel, Thomas Brady & Associates Boston Bar Association October 28, 2015 I. What am I looking at? A. Read the
More informationThe Court s View of TOLI Trustee and Fiduciary Liability Adapted from an upcoming book entitled
The Court s View of TOLI Trustee and Fiduciary Liability Adapted from an upcoming book entitled To be published in 2018 As a general rule, the authority of a trustee is governed not only by the trust instrument
More informationGIFTING. I. The Basic Tax Rules of Making Lifetime Gifts[1] A Private Clients Group White Paper
GIFTING A Private Clients Group White Paper Among the goals of most comprehensive estate plans is the reduction of federal and state inheritance taxes. For this reason, a carefully prepared Will or Revocable
More information~~~~~ How to Make a Trust a Special Needs Trust
12 th Annual Changes and Trends Affecting Special Needs Trusts University of Texas School of Law February 4, 2016 Austin, Texas ~~~~~ How to Make a Trust a Special Needs Trust Written and Presented By:,
More informationTEXAS TRUST BASICS Once you have a basic understanding of trusts, you may find that a trust would make an excellent addition to your own estate plan.
TEXAS TRUST BASICS Once you have a basic understanding of trusts, you may find that a trust would make an excellent addition to your own estate plan. STEPHEN A MENDEL Houston Texas Estate Planning Attorney
More informationTHE MIAMI FOUNDATION, INC.
CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS INDEPENDENT AUDITOR S REPORT 1 CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statements of Financial Position 2 Consolidated Statements of Activities
More informationPlanning for a Special Needs Individual by Ted Kurlowicz, J.D., L.LM, CLU, ChFC,CAP
special needs Planning for a Special Needs Individual by Ted Kurlowicz, J.D., L.LM, CLU, ChFC,CAP > A basic insight of the requirements to plan for a special needs individual Ted Kurlowicz, J.D., L.LM,
More informationMeet the New Principal and Income Act And Say Goodbye to RUPIA
Meet the New Principal and Income Act And Say Goodbye to RUPIA PRINCIPAL AND INCOME LEGISLATION is important to every lawyer who drafts wills and trusts. It provides a basic operating system for trusts
More information