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ILIT Transfer

 
The process of 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 NITC staff to ensure acceptability and transferability. Subsequent to this review and an audit of applicable state laws pertaining to trusts, 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 is responsible for all actions involved with management of the ILIT and analysis of the life insurance policies contained therein.
 
Let's take a more thorough look at the steps and potential options in transferring ILITs to Citadel Trust Company. The most effective transfer strategy would be conducted on a state-by-state basis, given that each jurisdiction has different laws and rules pertaining to the transfer of trust assets. After determining which state to begin in, a review of the laws in that state will give us our complete options.
 
Step 1
After determining which state to begin in, Citadel will conduct a review of the relevant state banking regulations to determine an overall strategy as well as per document analysis of whether or not we meet the state criteria and document criteria. If it is possible to transfer all of the ILIT trust assets in one bulk transfer, this would be the most preferable option. If a bulk transfer is not possible, we will move to the next step.
 
Step 2
All of the potentially transferable ILITs in this particular state will be studied to determine which category they fall into:
  • a)   A segment of the ILITs in this state will contain within the trust document a determination as to who has the power to remove and appoint a successor trustee. On these trusts, your bank will follow the directions of the trust document (including getting any successor trustee to resign if there is one listed). Once the necessary state paperwork is signed, the ILIT will transfer to Citadel Trust.

    •  
  • b)   If the trust document is silent as to the removal and appointment of a successor trustee, then we look again to the trust code for guidance.
Step 3
Citadel will sign a document stating that we are accepting the Successor trusteeship.
 
 

Welcome
 
A Letter to Welcome You...
 
Contact Information
 
8630 Delmar Blvd.
Suite 110
St. Louis, MO   63124
 
Phone: 314-997-1110
Toll Free: 800-332-2963
Fax: 314-442-0070
 
 info@citadeltrust.com

 

 

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