12 Apr 2023

NYCLA Webinar Replay – What you Need to Know about Drafting and Funding the ILIT

I was invited by the New York County Lawyers Association to take part in a webinar titled “Strategies to Draft & Maintain Client’s Life Insurance Coverage Funding ILITs.”

Please watch the replay featuring me and my co-presenter, Andrea Schanker Esq., discussing the finer points of drafting and funding an Irrevocable Life Insurance Trust (ILIT).

Click here to watch.

Click here to download a set of handouts I published to accompany the webinar. Please note, the link provides a direct download to a PDF of an article titled “Maintaining Life Insurance Coverage in a Life Insurance Trust (ILIT)” just written for Bloomberg Estates, Gifts & Trusts Journal.

About the Webinar:

The great majority of current trustees responsible for your client’s ILITs are their eldest sons and daughters acting as unskilled/amateur trustees. For the most part, they are not aware of various opportunities and strategies available to them, nor are they aware of the responsibility and fiduciary liability they’ve assumed for the maintenance of their trust’s life insurance coverage.

In the near future, (2025), trust planning & trustee guidance will become more in demand as the estate tax exemption will be reduced from $11 million to approximately $5,600,000.  

Our presentation will focus on various strategies to enhance trust planning and techniques to maintain the life Insurance funding these ILITs, so as to create a larger Legacy.