Trust Owned Insurance, Trustee Liability and the Prudent Investor Act
Date: Wednesday, October 13, 2010
Time: 5:30 PM - 8:30 PM
Location: University of Redlands, University Club, 1200 Colton Avenue, Redlands, CA 92374
Speaker: Frank M. Campbell, CLU and Jay Schumaker, Investment Advisor
Trust owned life Insurance, Trustee Liability and the Prudent Investor Act
Recent case law has expanded the definition of fiduciary liability for ILIT trustees as it relates to the Uniform Prudent Investors Act. Advisors who act as trustees (and advisors who have ongoing relationships with trustees) need to be aware of this new case law and the potential for increased litigation. Statistics show the majority of trustees, including professional trustees, are not following the court-referenced steps to protect trustee liability in the creation, acceptance, management, and administration of ILITs.
- Frank M. Campbell CLU
Chartered Financial Consultant, Trinity Financial Partners, Ontario, CA
With over 30 years of experience as a financial professional. Frank has established relationships with other professionals across all areas of finance and investing. Along with earning his CLU and ChFC designations, Frank is also an Accredited Estate Planner. He is a past president and current member of both the San Bernardino County Estate Planning Council and the Arrowhead chapter of the Association of Financial Service Professionals. Married for 40 years, Frank and his wife still reside in the house they purchased in 1978. They have three wonderful daughters and five delightful grandchildren.
- Jay Schumaker
Investment Advisor, Trinity Financial Partners, Ontario, CA
Jay Schumaker is an independent life and health insurance agent and investment advisor with Trinity Financial Partners, a financial services firm that has been building business relationships in Southern California for over 25 years. Jay is the co-owner of a company that organizes and presents continuing education courses to CPAs. Jay graduated Summa Cum Laude, with a Bachelor’s of Science, from Embry-Riddle Aeronautical University. Prior to joining Trinity Financial Partners, Jay was a commercial airline pilot with several major airlines. He lives in Southern California with his wife and young sons.
CPE credit 1 hour in Technical (T) subject areas of Taxation and Financial Planning.
CLE credit pending for 1 hour by the California Board of Legal Specialization of the State Bar of California for attorneys certified in Estate Planning, Trust and Probate Law.
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