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Dianne Reis, attorney at law. Wills, living trusts, estate planning, and probate for Texas residents.

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Irrevocable Life Insurance Trusts (ILITs) were designed as estate planning tools to minimize income and estate taxes. The ILIT, as a separate legal entity, holds a life insurance policy outside of the estate and is not subject to the insured's estate taxes. When structured and managed correctly, the life insurance proceeds are used to pay taxes without the need to liquidate non-liquid assets of the estate. It is estimated that 40% of all life insurance policies held in trust have a high probability of not performing as planned and 25% have a high probability of never paying a death benefit due to a potential lapse of the policy within the lifetime of the grantor. Trustees are responsible for: Implementing Strategies to Actively Manage Assets Under Their Care, Monitoring the Impact of Current Regulatory Environment, Maintaining a Familiarity of Insurance Contracts, Companies and Agents, Conducting an Annual Performance Review Relative to Stated Goals, Employing an Insurance Policy Selection to Maximize Return, Documenting Administrative Functions (Premium Payment Reminder Letters, Crummey Notices, Collecting and Paying Insurance Premiums), Communicating Policy Status to Grantor, Wealth Management Advisor and Beneficiaries, Citadel Trust provides comprehensive ILIT administration, life insurance policy management services, as well as policy review. Citadel Trust realizes that at the intersection of the corporate fiduciary world and life insurance world resides a product that brings with it a tremendous amount of liability to the fiduciary, challenges in its administration, and opportunities in its review. Given Citadel's long standing expertise with life insurance management combined with an understanding of the corporate fiduciary environment, we are able to act as successor trustee for ILITs currently held at banks and with individuals alike. The Uniform Prudent Investors Act and regulations set out by the OCC require formal procedures for Trustees. This fiduciary responsibility can be complicated by many of today's complex life insurance policies. For instance, some polices are now tied to market performance instead of being tied to strictly fixed rate investments as they had in the past. Many of these newer policies could be subject to mismanagement. It has been found that the majority of life insurance policies held in trust could be restructured to provide either a 40% increase in death benefits or a 40% savings on the premium. These opportunities are identified through Citadel's objective comparative analysis to determine each policy's competitiveness. These expert reviews are enhanced by the management team's collective experience within the life insurance industry of over 100 years. Citadel's insurance policy review and risk analysis is ongoing relative to the goals of the trust. At a minimum, they are conducted on an annual basis or whenever there are revisions to applicable tax laws or changes in the insured's financial position, health or lifestyle. Trust administration requires careful attention to details. Citadel procedures ensure: Annual gift notices are sent to grantors, Crummey letters are sent to beneficiaries, Insurance premiums are collected and paid, Reviews are documented, Documents are safeguarded and retained; Because the ILIT is so important to the family legacy of the insured, the status of the insurance policy must be communicated effectively to the interested parties. Citadel's easy-to-read reports are provided on an annual basis and highlight financial standing of the insurance carrier, policy details, and current market comparisons as well as actual vs. projected performance.

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