Month: June 2019

Best Practices for ILIT Funding & Administration

Obtaining a Taxpayer Identification Number (TIN) Acquisition of Life Insurance by an ILIT Retention of Original Insurance Contracts by ILIT Trustee Calendar Premium Notices for a Period of Years Establish Checking Account for the ILIT Remind Grantor When and How much to Gift Confirm Funds Available and Date of Gift  Notify Beneficiaries of Withdrawal Rights […]

Adjusting For Longer ILIT Trusteeships

With grantors living longer, the trustee’s tenure has also increased.  It’s worth taking a look at the responsibilities of the trustee today and how stricter compliance and administrative needs have led some trustees to reevaluate how they carry out their responsibilities. Choosing a Trustee There are two skills required to administer an ILIT; judgment and administrative […]

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