The Senior Lawyer -- What Your Clients Wish You Told Them About the Life Insurance Funding Their Personal, Corporate Trusts and Business Agreements

Life insurance is often used in many of the structures attorneys establish for their clients. Think Irrevocable Life Insurance Trusts, Buy-Sell Agreements, Special Needs Trusts, Deferred Compensation Plans, and more. These structures have numerous applications and can address your client's needs in an efficient manner.

However, these are often left in the hands of amateur trustees who are not specially trained to deal with the nuances of a life insurance-girded arrangement. Life insurance requires proper monitoring and without skilled, ongoing review, the trust or agreement may face issues due to the underlying policy lapsing.

In my latest article for the NYSBA The Senior Lawyer, I discuss the importance of educating the amateur trustee, your clients oldest child who is asked to be the trustee. But is given no guidance about the underlying dangers their policy faces as a result of years of reduced interest rates and neglect.

Read the full article by clicking here.