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Comprehensive Management of
Trust-Owned Life Insurance (TOLI) for
Irrevocable Life Insurance Trust (ILIT) Compliance AND Profitability
More than $1 trillion in life insurance is now held by irrevocable trusts, and it's estimated that as much as 30% of this total is held in bank trusts. The aggregate amount in TOLI is increasing as life insurance plays a larger role in wealth transfer planning. As many of these policies are older and underperforming, a huge opportunity exists for trustees to get these ILITs back on track. In order to do so, it is important to understand the Uniform Prudent Investor Act (UPIA) and the impact it has on trustees.
Barry D. Flagg presented "Comprehensive Management of Trust-Owned Life Insurance (TOLI) for Irrevocable Life Insurance Trust (ILIT) Compliance AND Profitability" at the National Financial Partners (NFP) 2008 Spring Conference in Dallas, TX and at the Tallahassee Regional Estate Planning Council in Tallahassee, FL. He discussed how ERISA parallels UPIA, the Prudent Process for ILITs (monitor, investigate, and manage), the need for TOLI Services, and the complete solution.
Feedback from attendees shows the topic of TOLI is among the most relevant topics in the financial planning industry and that Mr. Flagg clearly demonstrates a command of the topic, like...
- "Barry Flagg's breakout session in Dallas on TOLI and fiduciary liability was excellent! Well worth the time invested. Upon my return to the office here in New York, we subscribed to THEInsuranceAdvisor.COM...We see the benefits of what Barry offers not only in conducting annual reviews for our clients, but also in developing a new story to tell in the marketplace and a new business opportunity for our firm's growth. More than any other session, this session struck a very positive business note with us and for National Madison Group", says Thomas Bonhag in New York City.
- According to William J. Kalmer, CLU, ChFC, "Barry did a terrific job of laying out the concerns/exposures of fiduciaries on the subject of life insurance policies that have not been reviewed...his program does a great job of displaying the alternatives available to address the problem."
THEInsuranceAdvisor.COM (TIA) is an essential ingredient in the TOLI management process endorsed by the New York Bankers Association (NYBA). For more information about THEInsuranceAdvisor.COM (TIA) or to request this PowerPoint Presentation *, please contact Barry D. Flagg, CFP, CLU, ChFC at BFlagg@theinsuranceadvisor.com or call toll free 888-908-8242.
*This presentation has been approved for continuing education and can be presented to your company/firm per your request.
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