“ILIT trustees have significant fiduciary duties that can result in serious liability if breached. To properly perform their duties and minimize exposure, ILIT fiduciaries should act independently, conduct or obtain regular, independent evaluations of the ILIT and policy performance, document their deliberations and decisions and, as appropriate, disclose and obtain waivers or consents from ILIT grantors and/or beneficiaries. Life insurance producers can add value by offering post-sale services, like policy monitoring and annual reviews of trust-owned life insurance products, as ways to support ILIT trustees in carrying out their duties.” 

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