Now more than ever, trustees, and in particular, corporate trustees, face administrative issues that arise in relation to an irrevocable life insurance trust (ILIT), in which the primary asset is one or more policies of life insurance on the grantor's life. These ILITs are sometimes referred to as “unfunded ILITs” although that name is a misnomer, as these ILITs are funded with life insurance policies and sometimes a small amount of cash. Recently, trustees have encountered ...

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