Until now there was no good solution for offloading unwanted ILITs.
Now there is Life Insurance Trust Company.
Trustees are Questioning ILITS
Today, as a life insurance trustee, you may be questioning your decision to serve as trustee for this unique asset. Life insurance trusts represent a very small portion of revenue and carry significant potential liability.
Banks with stand-alone irrevocable life insurance trusts (ILITs) are looking for a new home for their ILITs.
Accounting and law firms realize that life insurance represents a specialized asset that needs expert care.
Trust companies and family offices understand that they do not have the requisite skills to provide the same level of care to this asset that they can to other assets.
Whether it be a friend or relative, many individuals serving as trustee may not know how to manage this type of asset effectively.