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Taxation & Estate Planning

: Florida Probate Litigation Blog

Florida Bankers Association proposes new legislation: risk management for insurance-trust trustees

By Juan C. Antúnez

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The Florida Bankers Association prepared this white paper proposing new legislation to be titled 'Prudent Investor Rule Not to Apply,' aimed at relieving trustees of Irrevocable Life Insurance Trusts (ILITs) from a duty to determine whether decisions made by settlors in the selection of life insurance companies, particular types of life insurance policies, and the continuing payment of policy premiums from funds provided by settlors, are appropriate investments and in the best interest of their beneficiaries. I regularly come across articles discussing how to manage the unique fiduciary risks inherent to ILITs (click here for example), so this new legislation seems like a good idea. If anyone has any questions or comments, contact the chair of the Trust Law Committee of the Florida Bar's Real Property, Probate and Trust Law Section: Barry Spivey.

Full post as published by Florida Probate Litigation Blog on May 22, 2009 (boomark / email).

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