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Fixing the Imploding Irrevocable Life Insurance Trust

Fixing the Imploding Irrevocable Life Insurance Trust

Trustees face serious liability issues

Last August, a Wall Street Journal article, “Stung by ‘Universal Life,’”1 described the crisis created by the widespread use and lack of understanding about universal life policies. The article featured retirees receiving notices from their life insurance companies that the annual premiums for the policies had skyrocketed. If this type of policy is held in an irrevocable life insurance trust (ILIT) and the grantor is unwilling or unable to make the

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