Banks & Trust Companies
Registered Investment Advisors (RIA’s)
Certified Public Accountants (CPA’s)
BANKS AND TRUST COMPANIES
Life insurance trusts typically represent a negligible revenue source for banks and trust companies. However, they represent potential regulatory and legal liability if improperly managed. As life insurance policies require specialized management, many banks and trust companies are exiting the business to focus on core assets. A solution may be a successor trust plan, transferring the ILITs to Life Insurance Trust Company.
As law firms are increasingly focused on risk management, they are asking partners to refrain from serving as ILIT trustees. The answer may be a successor trust plan, transferring the ILITs to Life Insurance Trust Company. With Life Insurance Trust Company, the grantor can consent to the attorney receiving access to trust and policy information, including detailed annual policy reviews.
CPAs and RIAs
Today’s accountants and RIAs are taking part in almost every aspect of their client’s financial situation, and that can include acting as an ILIT trustee. As firms become more focused on risk management and the challenges associated with properly managing ILITs and policies, they are asking CPAs and RIAs to find successor trustees. With Life Insurance Trust Company, the grantor can consent to the CPAs and RIAs receiving access to trust and policy information, including detailed annual policy reviews.
For most, life insurance is a big investment and one they want to be sure will pay off. Many individuals serving as Trustee, whether it be a friend or relative, may not have the requisite skills to effectively manage this type of asset. This is where Life Insurance Trust Company can help, we have a team of professionals to step in and handle all aspects of the ever-increasing complex world of life insurance.