Maintaining Life Ins Coverage in ILIT 1 Credit
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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:
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.
| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Risk management planning (incl. Life Insurance) for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Finance for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Finance for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Life Insurance for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Financial Planning for Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 1 CPD | Eligible |
| Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Life Insurance for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Life Insurance for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Life Insurance for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Finance for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Finance for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Life Insurance for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Life Insurance for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| Finance for CIPM | 1 PL | Eligible |
| License details | Credits | Status |
|---|---|---|
| Finance for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Risk management planning (incl. Life Insurance) for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Finance for Chartered Financial Analyst (CFA) | 1 PL | Eligible |
| Finance for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Life Insurance for Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Financial Planning for Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Trust and Estate Practitioners (TEP) | 1 CPD | Eligible |
| Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| Life Insurance for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Life Insurance for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Life Insurance for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Finance for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Finance for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Life Insurance for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Life Insurance for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| Finance for CIPM | 1 PL | Eligible |
Credit
Course Level
Instructional Method
Pre-requisites
Advance Preparation
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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
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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.
MM
Good review of life insurance products, benefits, and pitfalls. Kind of like on life insurance trust, and you should talk about the tax consequences of life insurance sales.
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