Trust-Owned Life Insurance (TOLI) Guidance By: Rania Sarkis and Barry D. Flagg, CFP, CLU, ChFC
Trust-owned life insurance (TOLI) often is the cornerstone of an estate plan and a critical fiduciary responsibility of the trustee. And, too often financial institutions face substantial risk because Irrevocable Life Insurance Trust (ILIT) trustees have not had guidance for how to the Courts will apply the Prudent Investor Act to TOLI. Now that we have new case law, you will be provided with guidelines to effectively manage TOLI, better serve ILIT clients (while potentially creating new fees/revenues) and protect your financial institution from potential problems down the road.
This 40-minute telephone briefing will examine the first court decision associated with TOLI. Lessons learned; best practices; and regulatory expectations will be discussed. You will be provided critical and practical guidance for complying with regulatory expectations and guidance on assisting management with identifying new business opportunities. In addition, other sources of guidance such as Sections 2 and 7 of the Uniform Prudent Investors Act (UPIA) and Financial Institutions Regulatory Authority (FINRA) Rule IM-2210 will also be reviewed. Additionally, the panel will cover CIP, customer due diligence and enhanced due diligence as well as ongoing monitoring and training issues.
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