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Maintaining Life Ins Coverage in ILIT 1 Credit

Maintaining Life Ins Coverage in ILIT 1 Credit

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Sep 27, 02:00 PM ET

Learning Objective

  • To explain to current trustees of your clients' ILITs (Irrevocable Life Insurance Trusts) various opportunities and strategies.
  • To discuss among trustees their responsibility and fiduciary liability for maintaining the life insurance funding the trust.
  • To provide insights and guidance on enhancing trust planning to create a larger legacy for the trust beneficiaries.

Course Overview

Life insurance policies are complex and often misunderstood financial instruments that require active management by the policy owners. 

These same individuals have plans for reviewing and managing other types of assets, such as stocks, bonds, and real estate, but rarely have a review plan or conduct proper management of life insurance.  Differing from most other life insurance instruments, the policy owner of a trust-held life insurance policy is the trust. Also, it is administered by a trustee named by the grantor at the time the trust is established or amended.

A trustee may be an individual or an institution that serves in a fiduciary capacity. Their primary responsibility is to protect the interests of the trust’s beneficiaries and manage the trust assets for their benefit.

Major Topics Covered:

  • Attributes and funding purposes of an ILIT (Irrevocable Life Insurance Trust) for estate planning
  • Overview of the six most popular types of life insurance policies and their recommended uses
  • Current challenges faced by consumers with non-guaranteed universal life insurance policies
  • Advisors' proactive role in preventing issues for clients in life insurance planning
  • Trustees' fiduciary responsibilities in identifying and addressing problems to avoid liability
  • Strategies and options available for paying future estate tax obligations, including guaranteed second-to-die policies for estate planning

Join this CPE Finance Webinar to understand the importance of proper maintenance and to discover best practices for ensuring the longevity and effectiveness of life insurance policies in ILITs/Trusts/Agreements.

Dive into the world of CPA CPE courses with MY-CPE. Our online courses are here to help you complete your CPA CPE credits seamlessly. We cover a wide range of topics delivered by professional subject matter experts. Forget the traditional way of learning with flexible scheduling and learn at your own pace. Join us and start your journey toward professional growth today!

  • 1 CPE Credit of Finance for Certified Public Accountants (CPA-US)
  • 1 General Credit of Finance for Accountant/Bookkeeper/Tax Professionals
  • 1 CPD Credit of Risk management planning (incl. Life Insurance) for Personal Financial Specialist (PFS)
  • 1 PL Credit of Finance for Chartered Financial Analyst (CFA)
  • 1 CE Credit of Life Insurance for Chartered Financial Consultant (ChFC)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CE Credit of Life Insurance for Retirement Income Certified Professional (RICP)
  • 1 CE Credit of Financial Planning for Certified Wealth Strategist (CWS)
  • 1 CE Credit of Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS)
  • 1 CE Credit of Life Insurance for Financial Services Certified Professional (FSCP)
  • 1 CE Credit of Life Insurance for Wealth Management Certified Professional (WMCP)
  • 1 CE Credit of Life Insurance for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Finance for Iowa Licensed Public Accountant (IA-LPA)
  • 1 PL Credit of Finance for CIPM
  • 1 CPE Credit of Finance for Delaware Licensed Public Accountant (DE-LPA)
  • 1 CPE Credit of Finance for Maine Licensed Public Accountant (ME-LPA)
  • 1 CE Credit of Life Insurance for Chartered Special Needs Consultant (ChSNC)

  • 1 CPE Credit of Finance for Certified Public Accountants (CPA-US)
  • 1 General Credit of Finance for Accountant/Bookkeeper/Tax Professionals
  • 1 CPD Credit of Risk management planning (incl. Life Insurance) for Personal Financial Specialist (PFS)
  • 1 PL Credit of Finance for Chartered Financial Analyst (CFA)
  • 1 CE Credit of Life Insurance for Chartered Financial Consultant (ChFC)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CE Credit of Life Insurance for Retirement Income Certified Professional (RICP)
  • 1 CE Credit of Financial Planning for Certified Wealth Strategist (CWS)
  • 1 CE Credit of Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS)
  • 1 CE Credit of Life Insurance for Financial Services Certified Professional (FSCP)
  • 1 CE Credit of Life Insurance for Wealth Management Certified Professional (WMCP)
  • 1 CE Credit of Life Insurance for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Finance for Iowa Licensed Public Accountant (IA-LPA)
  • 1 PL Credit of Finance for CIPM
  • 1 CPE Credit of Finance for Delaware Licensed Public Accountant (DE-LPA)
  • 1 CPE Credit of Finance for Maine Licensed Public Accountant (ME-LPA)
  • 1 CE Credit of Life Insurance for Chartered Special Needs Consultant (ChSNC)

Additional Information

Credits

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Henry Montag
Henry Montag, CFP

Managing Partner, The TOLI Center East

  • 4.4
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I as the managing partner of The TOLI Center East help people better understand their life Insurance portfolio regardless of whether a person owns their life Insurance policy individually or through a trust. Whether the person is a CPA, an Attorney, or another type of an advisor, one thing remains the same.  Most people are not familiar with their life Ins and incorrectly assume that their coverage will be there for the rest of their lives.

But because the majority of life insurance purchased over the last 25 years is Not Guaranteed and has significantly been affected by years of decreased interest rates and neglect on the part of the amateur trustee that wasn’t aware that they should have been increasing the annual premium, an increasing percentage of those policies are now expiring years earlier than anticipated.

Lastly, Life Insurance today is an 'Asset Class' and as such can significantly benefit the Insured with its 'Living Benefits' as well as the beneficiary with its traditional death benefit.

The more you and your clients know about your & their life insurance portfolio, the better off everyone’s family will be.

Co-authored American Bar Association Flagship book ‘The Advisors’ & Trustees’ Guide to Managing Risk. Featured in Bloomberg, Trust & Estates, NYS Bar Association, Accounting Today, Tax Stringer, Wall Street Week TV, Fox News, Wall Street Journal, Investor’s Business Daily & More ★

Contact me at ✉ henry@thetolicentereast.com or ☎ 516-695-4662. Visit ? www.thetolicentereast.com

Clients Say

  • “Mr. Montag gives new meaning to be a knowledgeable representative of what is best in insurance protection for you & your loved ones. A man of his word, his character is stellar & his breadth of understanding of an individual’s needs is enormous.”Mrs. Barbara G. NYC    

  • “Henry evaluated my insurance needs (financial wealth & personal objectives) & he changed 1 policy significantly by almost doubling the policy for the same premium. He truly cares about protecting you & is always easily accessible.” Dr. Barry B. Roslyn LI

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

4.7

Excellent

Very Good

Average

Poor

Terrible

Owen Mccafferty
Owen Mccafferty, CPA (US)

ILIT's are a viable alternative to passing wealth to loved ones that you are sure will always have high regard by you . The Irrevocable nature of an ILIT is one of the drawbacks. Mr. Montag gave a detailed tax and non-tax narrative that provided context to the decision. Thank you.

JC

Julian Conner, IA LPA

Great class. Instructor is very knowledgeable on life insurance.

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