Do the insurance premiums seem to come up and bite you before you can give notice to the beneficiaries of your Life Insurance Trust?

  When hired to assist the Trustee of an Irrevocable Life Insurance Trust, Trustconsult is pleased to be able to offer the following services:

* Notifications to trustees that the insurance policy premium is coming due 30 days before the income beneficiary notices need to be mailed out. This gives the grantor sufficient time to get the deposit into the trust before notification of the right to withdraw is mailed.
* We get confirmation from the Trustee that the deposit has been made prior to sending the beneficiary notification letters.
* Prepare and send the beneficiary notification letters outlining their right to withdraw and explaining the lapse period. These letters are sent out so that the lapse period expires at least ten days prior to the premium due date.
* Notification to the trustee in writing that the lapse period has expired so that the premium can be paid on time.
* Notification to the trustee and the Attorney that the notifications were sent to each beneficiary and that the lapse period has expired without withdrawal. This provides an appropriate paper trail in the event of future IRS audit of the procedures used to ensure compliance.
* Copies of beneficiary notification letters and payment information provided for the files of the Trustee.

Working for the trustee of self-trusteed or individual-trusteed trusts either as agent for the trustee or as a consultant to the trustee is the primary business of Trustconsult. You as trustee or Attorney can be assured of the highest standard of professional service available.

* Compliance with the rules and regulations outlined by the Internal Revenue Service may be the key in determining whether the proceeds of the insurance held in the Irrevocable Life Insurance Trust are taxable in the estate of the decedent. Using Trustconsult provides an accurate audit trail for the trustee and the Attorney. If the trust is audited the records will indicate the dates of withdrawal notices and the date of the lapse of the right to withdraw. The trustee can show the date of the actual deposit of funds into the trust before the notice letters were sent to the beneficiaries. The trustee can also show from their accounting records that the premium payment was made after the date of the lapse of the right to withdraw the income from the trust.
* Trustees and Attorneys don't need to remember when insurance premiums will be due because Trustconsult will send a reminder. Our automated tickler system will tell us when to notify trustees. Just in case, however, there is a manual back-up system to remind the trustee.
* Trustconsult will prepare and send the letters to the beneficiaries, thus relieving the trustee of the burden of preparing and keeping track of these notices.

* Become throughly familiar with the laws and regulation that govern these Irrevocable Life Insurance Trusts. Have your Attorney explain why the issuance of notices and the payment of premiums is so time-sensitive. No one wants to go through all this work without getting the benefit of having the proceeds of the insurance excluded from the estate of the decedent. Learn what must be done and than make sure it gets done right.
* Contact Trustconsult either through your Attorney or directly to get a quote on the cost of using our service. We can help! Give us a chance to show you how cost effective our services can be. Call us Today!!

Trustconsult
1338 North 1270 East
American Fork, Utah 84003
Phone 801-756-1967
Toll Free: 1-888-560-4343
Internet: ilithelp.com
E-mail: service@ilithelp.com