A great deal has been written in the last decade about trust-owned life insurance (TOLI) and the responsibilities and obligations of trustees/fiduciaries of irrevocable life insurance trusts (ILITs). Although descriptions of a TOLI “crisis” may be hyperbolic, clearly, trustee responsibilities have grown more complex in recent years with the introduction of new investment standards dictated by various state laws, as well as the needs and demands of ILIT beneficiaries, new ...

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