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ILIT Services
Why should you bring your existing and new ILITs to Citadel Trust Advisors (Citadel)?
We are uniquely dedicated to the complexities of Irrevocable Life Insurance Trusts. We have a staff committed to ILIT management, oversight, analysis, recommendations and support. Our staff includes trust officers, attorneys, a team of life insurance experts and trust administration experts.
The ongoing activities this team performs include:
- Comprehensive review of the ILIT vehicle
- Pre-acceptance & annual review of insurance carrier
- Ongoing performance reviews of insurance policy
- Manage annual contributions
- Maintain account status
- Prepare and send all "Crummey" notices
- Pay annual premiums
- Assist in managing assets of variable universal life insurance policies
- Prepare trust income tax returns
- Help to redesign, sell or exchange non performing life insurance policies
Benefits to your Bank & Trust Co., Law Firm or Financial Practice
There are several benefits to having Citadel manage your existing and new ILITs:
- Eliminate Liability - with average face values above $1.5 million, the size of the liability is enormous
- Avoid common pitfalls - without the proper expertise in life insurance policy analysis, on average, 27% of existing ILITs are scheduled to lapse within the lifetime of the grantor
- Generate Revenue - there are potential opportunities to manage the grantor or beneficiary accounts upon funding
Why Citadel Trust?
- Expertise is needed to understand, administer, analyze and restructure under-performing trusts
- If the trust is not set up, administered and reviewed properly the liability rests with the fiduciary
- Citadel Trust accepts existing ILITs from banks and trust companies across the country, law firms, financial practices and individuals serving as trustee
Insurance expertise is tremendously important
Complex questions concerning life insurance policies and companies
require unique analysis by a team of life insurance specialists.
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 Welcome Letter
Transfer Process
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