Watch Your Back and Cover Your Tracks

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