Life Insurance Trust Review

Pass down your legacy, on your terms.

Pass down your legacy, on your terms.

The irrevocable life insurance trust (ILIT) is a popular tool for helping families like yours preserve and grow their legacies for generations to come. Often, families choose to incorporate ILITs into their estate-tax mitigation or asset protection plans.

The life insurance policies held by ILITs represent sizable wealth built over decades — wealth that deserves the same level of care and attention as any other financial asset.

But that’s usually not the case. Many ILIT grantors and trustees have a “set-it-and-forget-it” mentality when it comes to their life insurance assets, which can jeopardize future generations. Risks that can affect ILIT policy results are:

  • Return underperformance
  • Counterparty risk
  • Policy loan risk
  • Incorrect ownership or beneficiary arrangements
  • Failure to keep up with needs

The good news? We can help.

If you are a grantor or trustee of an ILIT, but have not actively managed the life insurance asset, you might benefit from our Policy Audit and Review (PAR) Process. The PAR Process will give you the opportunity to assess the risks outlined above, and determine whether a new or alternative policy could provide a better long-term result for trust beneficiaries.

Our team can also help you develop a plan to fulfill your fiduciary duties, as an ILIT trustee, and ensure that the trust assets are managed and supervised effectively. Contact our team.

Ready to start a Family Office?
Family Office
Learn more about our PAR Process
PAR Process

Click below for useful information from our affiliate Wipfli LLP on COVID-19

COVID-19 Resource center | Wipfli