The Impossible Dream or A Match Made in Heaven - UPIA and TOLI!
Welcome to our first meeting for 2013. This year we will be hosting the Estate Planning Council of San Bernardino County. Note the date is the second Wednesday in January, January 9. The Board felt you probably would not be ready for a big meeting on January 2!
The Uniform Prudent Investor Act (UPIA) and Trust -Owned Life Insurance (TOLI): The Impossible Dream or a Match Made in Heaven-UPIA Compliance, Risk Management and the Evaluation of Permanent Life Insurance
We are pleased to welcome Gary L. Flotron from St. Louis, who is principal of G. L. Flotron & Associates, and specializes in estate and business planning, and executive and employee benefit plans. He is also an Adjunct Faculty member at the College of Business Administration, University of Missouri at St. Louis, where he teaches courses in estate and trust planning, employee benefits and life insurance. In addition, he is an Adjunct Professor with The American College of Bryn Mawr, Pennsylvania. An author and frequent national speaker, Gary has spoken to numerous professional associations and groups. He recently presented this program as a panel at the NAEPC National Convention in November and it was very well received.!
He is a Past President of the National Association of Estate Planners & Councils (NAEPC) and The NAEPC Education Foundation, as well as past Chair of The NAEPC Education Foundation Committee and past Chair of the Accredited Estate Planner® (AEP®) Designation Committee for NAEPC. A past Member of the National Board of Directors of the Society of Financial Service Professionals (SFSP), Mr. Flotron, in addition to having served on numerous National Committees and Task Forces, is the current Editor of the Estate Planning Section Newsletter for SFSP.
He is Chair Emeritus and a Member of the Executive Committee for the Synergy Summit, an organization and think tank composed of representatives from ten major national legal and financial services professional organizations involved in estate planning. Previously he has served on the Executive Committee and is a Past Chair of the Professional Education and Development Committee for the Synergy Summit. (Mr. Flotrin's bio is continued below)
While the Uniform Prudent Investor Act (UPIA) provides for the duty for all trustees/fiduciaries to manage, monitor and evaluate assets and investments under their care for the benefit of the beneficiaries of the trust - and despite numerous professional articles pointing out the applicability of UPIA to Trust-Owned Life Insurance (TOLI) – the vast majority of trustees/fiduciaries have thoroughly ignored this duty with respect to TOLI. However, the Stuart Cochran Irrevocable Trust v. KeyBank, N.A. case [In re Stuart Cochran Irrevocable Trust, 901 N.E.2d 1128 (Indiana Court of Appeals, March 2, 2009)] should cause trustees/fiduciaries to become aware of their duties with respect to the risk management, monitoring and evaluation of permanent life insurance. This presentation – which attempts to integrate multiple discipline perspectives – will examine the methods and systems to manage the risk and evaluate permanent life insurance, and which methods and systems will comply with UPIA and are “dispute defensible” for the trustee/fiduciary.
GARY L. FLOTRIN, BIO CONTINUED; A past President of the SFSP Greater St. Louis Chapter, Gary is also a past President of the Estate Planning Council of St. Louis, and past President of the National Association of Insurance and Financial Advisors St. Louis Chapter. He is a past Member of the Board of Directors of the Foundation for Financial Service Professionals and a past Regional Chair for the National Council of The American College. Mr. Flotron has also served as a Member of the Chartered Financial Consultant (ChFC®) Curriculum Advisory Board for The American College.
An MBA graduate of the Washington University John M. Olin Graduate School of Business Administration, where he was inducted into Beta Gamma Sigma, the National Business Honors Fraternity; Flotron completed his undergraduate work in engineering management (B.S.E.Mgt.) at the University of Missouri at Rolla (now Missouri University of Science and Technology). He received the Chartered Life Underwriter (CLU®) designation in 1984 and the Chartered Financial Consultant (ChFC®) designation in 1985, both granted by The American College. In 1995 he was awarded the Accredited Estate Planner® (AEP®) designation by NAEPC. Gary is the 1996 recipient of the Stan Towerman Excellence in Professional Education Award from the SFSP Greater St. Louis Chapter, and a 1994 recipient of the Paul F. Mills Scholarship from the Foundation for Financial Service Professionals. He was inducted into the National Association of Insurance and Financial Advisors St. Louis Chapter Hall of Fame in 2003.
In addition to his professional activities, Flotron is involved in other civic and social organizations. Some of the organizations and activities that he has been involved with include: The St. Louis Zoo; St. Louis Zoo Safari Club; Retired Greyhounds As Pets (REGAP); Rescued Racers; Wild Canid Survival and Research Center (Wolf Sanctuary); The World Affairs Council of St. Louis, host for foreign dignitaries and international visitors; World Trade Club of St. Louis; Missouri Athletic Club; and various political campaigns, including being the Campaign Committee Chair for (Franc) Flotron for Congress 2000. He is also a past President of the Frontenac Forest Subdivision.
Gary has two sons, Paul and John, a daughter in law Anna who is married to John, and one grandson, Luke, and one granddaughter, Liliana. Flotron's hobbies include reading and learning, traveling, exercising, hiking, modern era architecture, photography, and walking/running his greyhound Jackson.