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About this Product
WHAT ARE A TRUSTEE'S RESPONSIBILITIES WHEN A TRUST OWNS LIFE INSURANCE POLICIES?
HOW DO THE UPIA AND RECENT CASES INFLUENCE DECISIONS ON CHOOSING AND RETAINING LIFE INSURANCE POLICIES?
ILITs present a unique fiduciary and ethical minefield through which clients, trustees, and attorneys have been walking blindfolded. Life insurance policies may be considered "special assets" causing ILITs to be treated differently than other trusts, at least until the insured's death and the receipt of the policy death benefit. New case law and expanded theories of liability and new developments regarding life insurance policies may signal any special treatment no longer applies. Attorneys advising trustees or serving as trustees need to watch out for ethical and liability issues, including:
Who is the client may change during the life of the trustee -- from the grantor to the trustee to the beneficiaries?
Complying with the Uniform Prudent Investors Act or other state law on how the trust assets are invested
What do recent cases tell us about trustee responsibility on acquiring and maintaining life insurance?
How should attorneys advise trustees on their responsibilities?
Changes in the law may mean the old approach to ILITs can be a financial detriment to your trustee clients and possibly you.
MODERATOR: David S. Neufeld, Law Office of David S. Neufeld, Princeton, NJ
PANELISTS: Gerard G. Brew, McCarter & English LLP, Newark, NJ Melvin A. Warshaw, Financial Architects Partners, Boston, MA
