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   ILIT Transfer  The process of moving ILITs from your bank to Citadel Trust Advisors (Citadel) and our trust partner 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 trusts, a strategy is formed between Citadel, our trust partner 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.
Let's take a more thorough look at the steps and potential options in transferring ILITs to Citadel. The most effective transfer strategy would be a bulk transfer 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 and our trust partner 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:
Citadel’s trust services provider will sign a document accepting the Successor trusteeship. |
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   Welcome Letter Transfer Process |
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