Andrea Chimakas

Join Andrea Chimakas, a fiduciary counsel fellow and trustee practitioner from Charlotte, as she dives into the intricacies of managing Irrevocable Life Insurance Trusts (ILITs). She unpacks the differences between grantor and non-grantor classifications and emphasizes the importance of Crummey withdrawal rights for tax efficiency. Andrea also discusses how to value life insurance policies as trust assets, the duty of diversification for trustees, and the complexities in detecting triggering gifts. Her insights provide a roadmap for effective trust management.