A client's lack of sophistication and guidance regarding trust-owned life insurance (TOLI) can put estate-planning lawyers in the hot seat. Most states have now enacted the Uniform Prudent Investor Act (UPIA), which imposes a higher standard of care and greater liability on trustees of irrevocable life insurance trusts (ILITs) than the prior prudent investor standard. As such, the UPIA has indirectly placed a heightened standard of care and exposure on lawyers who are involved in ...

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