A Shot Across the Bow

Last year, a ruling by the Indiana Court of Appeals, In Re Stuart Cochran Irrevocable Trust,1 sent a shot-across-the-bow warning to trustees trying to navigate the changing irrevocable life insurance trust (ILIT) environment. In ruling for the trustee, the court provided valuable guidance as to how courts may apply the Uniform Prudent Investor Act (UPIA) to cases involving ILITs. The court examined