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 Frequently Asked Questions  General Overview Citadel Trust Advisors (Citadel) manages existing and new ILITs. We do this in partnership with a select group of trust companies, who act as Trustee on the ILITs we manage. Together, Citadel and our trust partner acquire existing and new ILITs from bank and trust companies of all sizes, estate planning attorneys, CPA's, life insurance agents and individuals currently serving as trustee. Citadel offers unique expertise in the review, transfer and ongoing administration of ILITs. Given the charter under which our trust partner operates, we are able to accept ILITs in all 50 states. We perform thorough due diligence on each trust document, maintain top level administration of the trust and focus our expert analysis and management on the life insurance policy. Citadel has come to be known for maintaining excellent customer service. With expertise in life insurance policy analysis, Citadel and our trust partner are responsible for all actions and management of the trust after the transfer. The prior trustee releases itself from any future liability on any transferred ILITs. Citadel has the capacity to handle all of the qualifying ILITs which your bank or firm wishes to divest, and more. We work each day to become the central repository of all ILITs in America. We are in the business of managing ILITs, their grantors and beneficiaries, the administrative and fiduciary responsibilities and the policies inside the trusts. We have over 70 years of life insurance expertise on staff. Our trust partner’s ability to accept the successor and/or new trusteeship of qualifying ILITs, together with Citadel’s management, sets us squarely apart from any other alternative. Citadel Trust Advisors will:
Citadel Trust Advisors has been acquiring existing and new ILITs since 2006. Citadel’s trust partner is a full service financial services organization providing trustee services to ILITs managed by Citadel. Citadel Trust Advisors, Inc. is a registered investment advisory firm which focuses exclusively on the expert management and administration of Irrevocable Life Insurance Trusts (ILITs). Citadel and our trust partner look forward to working with you. Together we offer the full range of Irrevocable Life Insurance Trust Services. Business Strategy and Models Q: What is the business strategy of Citadel Trust Advisors? A: Citadel aims to become the central repository of all ILITs in America. Citadel is the leader in the field of expert ILIT management. Together with our trust partner, we accept, transfer and manage existing and new Irrevocable Life Insurance Trusts from banks & trust companies of all sizes, estate planning law firms, CPA firms, life insurance agents, individual non-corporate trustees, grantors and beneficiaries. Citadel actively seeks to increase its number of ILITs under management. With expertise in life insurance policy analysis and management, Citadel becomes investment advisor on existing ILITs and together with our trust partner are responsible for all actions post transfer. Bank and Trust Companies that choose to partially or completely exit the ILIT business divest themselves of all future liability on transferred accounts and are able to focus their staff time and resources towards client interactions which better impact the bottom line. Citadel has the ability to manage ILITs in all 50 states. Citadel manages the fiduciary liability and administrative management of the ILITs through its partnership with a select group of trust companies. Q: What does that mean or how does that work? A1: As it pertains to Citadel Trust Advisors: The Principals of Citadel come from three generations of life insurance expertise, together with a proven track record in business development and client relations. The staff consists of experts in life insurance analysis, ILIT administration, and the creation, review, management and transfer of ILITs. As such, Citadel is comfortable with the liability inherent to Irrevocable Life Insurance Trusts. Citadel engages with small, medium and large bank and trust companies, some of which have only a small number of ILITs, others that have thousands of ILITs and are looking to divest some or all of them. Often times, the transfer process begins with Citadel taking over the 'Stand Alone' ILITs and acting as a referral destination for individual ILITs. Other times, trust companies and law firms choose to divest all of the ILITs at once. The process for moving ILITs from your bank to Citadel involves a few steps. After a decision is made to engage with Citadel, a thorough review of each ILIT is performed by Citadel and our trust partner to ensure acceptability and transferability. Subsequent to this review and an audit of applicable state laws pertaining to bulk transfers of trusts or other trust provisions, a strategy is formed between Citadel and the participating bank. This strategy maps out the steps involved in order to transfer each ILIT to Citadel management. Once the transfer has occurred, Citadel and our trust partner are responsible for all actions involved with management of the ILIT and analysis of the life insurance policies contained therein. A2: As it pertains to the Trustee: Our trust partner is a full-service financial services organization offering trust services. While Citadel focuses on business development, client relations & account management, as well as expert life insurance analysis, management and remediation, our trust partner focuses on the acceptance and administration of the trust, mitigating account liability, collection and payment of contributions, accessibility to account information, and acting in the full capacity of Trustee. Citadel and our trust partner employ a systematic and disciplined planning process in order to better understand our clients' needs. We then implement the resulting plan with a team approach, in a way that will achieve individual goals and keep our clients informed. We are eager to partner with our clients to establish a solid foundation for long-term relationships. Our trust partner offers individuals, business owners and institutions a full range of trust and fiduciary services designed to add value to their portfolios and financial security. Our trust partner’s full portfolio of services includes professional management of fiduciary assets, personal trust administration, specialized management of Special Needs trusts and, of course, Irrevocable Life Insurance Trusts, probate estate administration, conservatorship appointments, escrow and securities custody services and consultation for foundations and endowments. A3: As it pertains to RIC: Citadel has partnered with RIC, the expert in comprehensive life insurance policy reviews and ILIT administration software. RIC services fiduciaries holding trust owned life insurance by providing compliant, cost effective risk management, incorporating appropriate best practices for administration, asset allocation and remediation, while serving the grantor and beneficiaries in the most prudent and responsible manner. RIC provides oversight in compliance, life insurance asset performance reviews, insights and analysis into the underlying data within each life insurance carrier, each life insurance policy and Citadel's portfolio of policies. RIC applies their depth of knowledge and proprietary data management systems to provide Citadel with leading edge reviews, reports, and analysis. We are able, in turn, to share this important information with our clients. Q: What is Citadel's business model? A: While Citadel focuses on business development, client relations & account management, as well as expert life insurance analysis, management and remediation, our trust partner focuses on the acceptance and administration of the trust, mitigating account liability, collection and payment of contributions, and accessibility to account information. Citadel employs a systematic and disciplined planning process in order to better understand our clients' needs. We then implement the resulting plan with a team approach, in a way that will achieve individual goals and keep our clients informed. We are eager to partner with our clients to establish a solid foundation for long-term relationships. Citadel has partnered with RIC, the expert in comprehensive life insurance policy reviews and ILIT administration software. Citadel aims to become the central repository of all ILITs in America. Citadel, together with our trust partner & RIC, is the leader in the field of expert ILIT management. We accept, transfer and manage existing and new Irrevocable Life Insurance Trusts from banks & trust companies of all sizes, estate planning law firms, CPA firms, life insurance agents, individual non-corporate trustees, grantors and beneficiaries. Citadel actively seeks to increase its number of ILITs under management. Q: How does Citadel manage its client relationships? A: Citadel works very hard to develop and maintain a lasting connection with its clients, which are both organizations divesting their ILITs and the Grantors and Beneficiaries connected to the ILITs which we manage. By working to understand the initial goals of the trust and the decisions that have gone into developing and managing the trust, we can better serve the Grantors and Beneficiaries of the trust now and into the future. As often happens, situations change and decisions need to be made. Citadel will work with you throughout the lifetime of the trust to provide information, insight, analysis, and direction. We maintain an open door policy and are always available for consultation and discussion. Several times each year meetings will be scheduled with the Grantor(s) of the trust as well as the professional affiliated with our client including the estate planning attorney, CPA, life insurance agent and financial advisor. We work with all professionals who employ the use of ILITs for their client's estate plan. Q: What is the basic structure of Citadel Trust Advisors, Inc.? A: Citadel Trust Advisors, Inc. is a Registered Investment Advisor. Information about Citadel Trust Advisors, Inc. is available on the SEC's website at www.adviserinfo.sec.gov. Citadel Trust Advisors, Inc.'s CRD number is 147976. Citadel Trust Advisors, Inc. can provide a brochure and privacy notice, upon request, with information about the qualifications and business practices of our organization. Trustee & Advisor Issues Q: Who is the Trustee of the client relationships? A: Citadel works with a select group of trust companies who act in the full capacity of Trustee and focus on the acceptance and administration of the trust, mitigating account liability, collection and payment of contributions, and accessibility to account information, among other things. Our trust partner is the Trustee of Citadel client relationships. Our trust partners are permitted to conduct trust activities with partner registered investment advisory firms. This allows Citadel to utilize its expertise in life insurance analysis and ILIT management across markets while complying with trustee laws and responsibilities. The marketing focus and client interactions, including periodic client statements, "Crummey" notices, premium and annual fee collection notices or other client interactions refer to Citadel. Q: Who is the Investment Advisor of the client relationships? A: Citadel is the registered investment advisor of the client relationships and is focused on business development, client relations & account management, and expert life insurance analysis, management and remediation. Our trust partner is the Trustee of Citadel client relationships. Our trust partners are permitted to conduct trust activities with partner registered investment advisory firms. This allows Citadel to utilize its expertise in life insurance analysis and ILIT management across markets while complying with trustee laws and responsibilities. The marketing focus and client interactions, including periodic client statements, "Crummey" notices, premium and annual fee collection notices or other client interactions refer to Citadel. Q: Who is responsible for accepting accounts, setting fees and performing due diligence on ILIT held policies? A: Our trust partner provides broad guidance for appropriate policies and procedures in running its trust business. Utilizing these established parameters, Citadel submits ILIT accounts, fee schedules, and life insurance due diligence for approval at regularly scheduled weekly and monthly meetings. Managing Irrevocable Life Insurance Trusts (ILITs) Q: What ILIT Services are offered by Citadel together with our trust partners? A: Citadel, our trust partner and RIC will:
Q: How are these services managed? A: Citadel is structured to accommodate a full array of services. The relationship and life insurance expertise is managed 'locally' through Citadel and the administration of the ILIT is managed nationally through our trust partner. Q: How is account reporting handled? A: ILIT clients typically receive an annual statement of account from Citadel. Additional account statements, a privacy notice and/or company brochure (ADV Form 2A or 2B) may be provided upon request. This report includes all account assets held for the benefit of the client without regard to custody situs or type of client asset. A request can be made to info@citadeltrust.com or by calling (314) 997-3832 or (800) 332-2963. Q: What insurance coverage is provided? A: Citadel has insurance policies providing errors and omissions coverage for directors and officers, a blanket bond, fiduciary liability coverage, certain coverage for ERISA plans and other retirement account administration. Other coverage including property and casualty insurance, and workers compensation are also maintained. |
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