ITM

👨👩👧👧 What do trust departments need to know about millennial estate planning? In our latest blog, we dive into a recent Trust & Will study to explore how banks and trust companies can better support this younger generation. Millennials are redefining estate planning, bringing fresh perspectives and unique challenges to an industry historically dominated by older generations. As trust officers and heads of trust departments, it’s essential to understand these shifts to serve this growing demographic effectively. In this post, we cover: - The Millennial Financial Dilemma - Knowledge Gaps in Estate Planning - Family Dynamics and the "Sandwich Generation" - Digital Legacy and Changing Preferences - Philanthropy and a Personal Touch Prepare for millennial estate planning, read the full blog post:  https://lnkd.in/ggFGHBUj #EstatePlanning #LifeInsuranceTrusts #WealthManagement

VALUE YOUR CLIENTS’ ASSETS EARLY TO PREPARE FOR THE SUNSET! The current generous estate tax exemption is set to expire, potentially reverting to its pre-2018 amount, which could have far-reaching implications for an estimated 1.3 million households and their estate planning strategies. Should the estate tax exemption decrease, more estates could be subject to taxation, necessitating proactive measures to minimize tax liabilities and preserve wealth for future generations. One step that financial advisors can take now to prepare for the potential sunset is getting current, accurate valuations of their clients’ assets. Want to dive deeper into business valuations and how they can protect your clients? Join us for a new webinar next week, Wednesday, October 9th, with our affiliate, LITCO! Register here: https://lnkd.in/g6aui5TJ #BusinessValuations #PrivatelyHeldBusiness #WealthManagement

📬New Post: Business Valuation Basics: Importance of Fair Market Value Understanding fair market value (FMV) is crucial for banks and trust companies in managing privately held business interests within trusts. Relying on business owners or CPAs for valuations can lead to conflicts of interest, inflated taxes, or breaches of fiduciary duty. By working with independent, qualified appraisers, you can ensure compliance with IRS standards while protecting your clients' assets. Brush up your knowledge with this week's blog post where we cover: - Understanding Fair Market Value (FMV) and Its Role in Business Valuations - Where to Obtain a Fair Market Value Indication - How Fair Market Value is Derived - The Impact of Shareholder-Level Discounts on Fair Market Value - The Importance of Fair Market Value in Business Decision-Making To learn more, read the full post here: https://lnkd.in/gXAnQP8b #BusinessValuations #FairMarketValue

Are you attending the 47th Annual National Trust Closely Held Business Association conference? This year's event promises to be one of the most engaging and informative yet, and we're thrilled to be attending! Our team members, Eric Scow and Patrick Avery, will be attending the conference and are eager to connect with you. With their extensive experience in closely held businesses, they're ready to discuss industry insights, share best practices, and explore how we can help with your business goals. See you in Pittsburgh! #CloselyHeldBusiness #NTCHBAConference #NTCHBA

There are over 33.2 million privately held businesses in America, and about 40% are owned by baby boomers—the generation set to transfer $84 trillion in wealth over the next 20 years. If your clients fall into this group, a privately held business valuation is crucial to ensure a comprehensive estate planning strategy. KEY BENEFITS OF BUSINESS VALUATIONS: - Asset Clarity: Understand the value of your clients’ business assets to ensure fair distribution among heirs. - Tax Liability Insight: Gain a clear view of the tax implications associated with wealth transfer, helping clients see how much their beneficiaries will receive after taxes. With the potential 2025 Estate Tax Sunset approaching, understanding the value of privately held businesses is more vital than ever for effective estate planning. Privately held business valuations are a complex process that requires an understanding of the business's nature to choose the most appropriate valuation method. Our team of qualified appraisers are here to lead the process and prepare independent, objective valuation reports for businesses that are customized to your client’s specific valuation needs. Our valumonitor solution is ideal for advisors who need to value their clients’ privately held businesses accurately. #EstateTaxSunset #WealthManagement #TaxLiability #BusinessValuations

Leveraging life settlements can transform policy management, fulfill fiduciary duties, and maximize client outcomes. But when should trustees consider them? 🤔   As a TOLI trustee, it's crucial to be aware of all policy remediation options, including life settlements. These are becoming an increasingly useful tool for managing trust-owned life insurance portfolios due to longer life expectancies and higher policy values. Combined with increased regulation and the attractiveness of life insurance as a non-correlated asset class, this trend has drawn the interest of major financial entities seeking diversification.   Here are some examples of situations where trustees should discuss the possibility of selling a policy on the secondary market with their client: #lifesettlements #trustees #lifeinsurance #estateplanning

Last chance to sign up for our free webinar tomorrow with Aaron Hanson, CLU® and Greg Kizer, CAIA! #toliadministration #trustadministration #toliremediation

Are you confident your team is performing all of their TOLI trustee duties? Serving as a trustee for Trust-Owned Life Insurance involves significant legal and fiduciary responsibilities. It's crucial to act in the best interest of beneficiaries while adhering to the trust document and relevant regulations. 📝 In our latest blog post, we explore: - The essential responsibilities of a TOLI trustee - Key sections of the Uniform Prudent Investor Act - Guidance from the OCC's Unique and Hard-to-Value Assets Handbook - A case study of the Cochran Case Brush up on your knowledge of trustee fiduciary duties: https://lnkd.in/gc5fkgys #trustee #lifeinsurance #trustownedlifeinsurance #fiduciary

Join us for a remediation-focused webinar where we delve into the top 5 common pitfalls faced by TOLI trustees on Wednesday, August 14, at 11 am! ITM’s Director of Remediation Aaron Hanson, CLU® will explore effective strategies to resolve and avoid these common mistakes. If you act as a trustee on ILITs or run a trust department, this webinar will help you keep your trusts on track by touching on vital remediation tactics.     The 5 Common Mistakes of TOLI Trustees  -Failing to Understand Your Responsibilities and To Whom You Owe Them  -Failing to Understand the Policy When Taking in a Trust  -Failing to Adequately Document a Prudent Process  -Failing to Adequately Communicate with Both Grantor and Beneficiary  -Failing to Analyze Policy Options    At the end of the webinar, we will open the conversation for a live Q&A on any of the topics covered. This webinar is pre-approved by the American Bankers Association (ABA) for the following CE credits: 1.25 CTFA   Don't miss this opportunity to enhance your knowledge and ensure your practices are aligned with industry best standards. Register for free to secure your spot!

⚠️ Avoid These 5 Common Mistakes: TOLI Trustees, Take Note! ⚠️ As a trustee managing Trust-Owned Life Insurance, you carry the weight of fiduciary responsibility, often with complex policies and numerous stakeholders. To navigate these complexities successfully, you must avoid some common, yet significant, mistakes. At ITM, our team of trust-owned life insurance experts spends a significant amount of time working to remediate policies for our clients. This week, we're diving into the top five mistakes TOLI trustees often make and how to fix them: - Failing to Understand Your Responsibilities as a Trustee and To Whom You Owe That Responsibility - Failing to Understand the Policy When Taking in a Trust - Failing to Adequately Document a Prudent Process - Failing to Adequately Communicate with Both Grantors and Beneficiaries - Failing to Analyze Policy Options Read our latest blog post to gain a deeper understanding of these mistakes and learn our tips to fix them. https://lnkd.in/dXmcwfUB #TrustOwnedLifeInsurance #FiduciaryResponsibility #PolicyRemediation