An Irrevocable Life Insurance Trust, commonly referred to as an ILIT, is a planning tool designed to remove life insurance proceeds from an estate and provide controlled, tax-efficient distributions to beneficiaries. For Fremont residents, establishing an ILIT can protect the policy proceeds from probate and may reduce potential estate tax exposure while ensuring a smooth transfer to heirs. Our approach focuses on clear drafting, proper funding, and trustee guidance so that the trust operates as intended. We will walk you through the key decisions, document preparation, and administration steps needed for a well-functioning ILIT tailored to your family circumstances.
Deciding to create an ILIT requires careful coordination of trust terms, ownership changes, and premium funding so that the policy is outside your taxable estate. In many situations an ILIT pairs with other estate planning tools like revocable living trusts, pour-over wills, powers of attorney, and advance health care directives to form a full planning package. Our office assists with the trust document, transfer or purchase of the insurance policy, and instructions for trust administration to make sure beneficiaries receive the intended protection. We also help trustees understand reporting, creditor considerations, and distribution mechanics to avoid common pitfalls.
An ILIT plays an important role for those who want to keep life insurance proceeds out of their probate estate and preserve value for beneficiaries. By removing the policy from the grantor’s estate, proceeds paid at death can avoid probate delays and potential estate tax inclusion, depending on the size of the estate and timing of transfers. An ILIT also provides control over distribution timing, safeguards assets from certain creditor claims, and can fund liquidity needs such as estate taxes or business succession costs. Proper drafting and trustee instructions are essential to achieve these benefits and to align the ILIT with the broader estate plan.
Law Offices of Robert P. Bergman serves Fremont and the surrounding Alameda County communities with a focus on thoughtful estate planning solutions including ILITs, revocable living trusts, wills, and related documents. Our approach emphasizes practical guidance, careful drafting, and responsive client communication. We work with clients to assess family dynamics, tax considerations, and legacy goals to build cohesive plans that reflect individual priorities. From initial consultation through trust funding and trustee instruction, our firm provides steady support to help clients protect assets and provide for loved ones in a predictable manner.
An ILIT is a trust created to own and control a life insurance policy for the benefit of named beneficiaries. The trust becomes the owner and beneficiary of the policy, which removes future proceeds from the insured’s estate when properly structured. Establishing an ILIT involves drafting trust terms, naming a successor trustee, and setting instructions for premium payments and distributions. Because the trust is irrevocable, the grantor gives up ownership of the policy to achieve estate planning goals, so careful planning is necessary to ensure the arrangement aligns with family needs and tax planning objectives.
The ILIT must be funded and administered with attention to transfer timing, premium gifts, and Crummey withdrawal powers if you intend gifts to qualify for the annual exclusion from gift tax. Trustees are responsible for managing premium payments, maintaining policy records, and overseeing distributions at the grantor’s death. In addition, coordination with other planning documents such as a revocable trust, pour-over will, and power of attorney ensures the ILIT works seamlessly with the remainder of the estate plan. Proper trustee selection and written trustee guidance help avoid unintended tax or estate consequences.
An Irrevocable Life Insurance Trust is a legal entity that owns life insurance on the grantor and provides for the distribution of proceeds to beneficiaries under trust terms. The trust is irrevocable, meaning the grantor cannot unilaterally change ownership or reclaim the policy once the transfer is complete. The trust document sets out who receives benefits, when distributions occur, and any restrictions or conditions placed on those distributions. Because ownership and beneficiary designations are in the trust name, proceeds are generally not subject to probate, and, when properly timed, may be excluded from the grantor’s gross estate for estate tax purposes.
Creating an ILIT requires drafting trust provisions, selecting and naming trustees and beneficiaries, transferring or acquiring a policy in the trust name, and establishing a funding plan for premiums. Important features include Crummey withdrawal notices to preserve gift tax exclusions, trustee powers to manage and surrender policies if needed, and clear distribution instructions to reflect the grantor’s goals. Additionally, the trust should coordinate with the rest of the estate plan and provide instructions for trustee communications with beneficiaries. Accurate documentation and attention to timing make the structure effective and enforceable.
Understanding common terms helps clients make informed decisions when establishing an ILIT. The glossary below defines key concepts such as grantor, trustee, Crummey power, life insurance ownership, and estate tax inclusion. Familiarity with these terms clarifies how an ILIT operates, what obligations trustees will have, and how premium funding and beneficiary distributions are handled. Clear definitions also help clients and trustees follow required notices and reporting, reducing the risk of unintended tax consequences and ensuring the trust serves its intended purpose.
The grantor is the individual who creates the trust and transfers a life insurance policy or gifts to fund premiums. By transferring ownership of the policy to the trust, the grantor gives up control over the policy and its proceeds under the terms of the ILIT. It is important for the grantor to understand the irrevocable nature of the transfer and the timing requirements for estate tax purposes. The grantor may still make gift tax annual exclusion gifts to the trust to pay premiums, subject to proper notice requirements, and should coordinate the ILIT with their broader estate plan.
A Crummey withdrawal power grants trust beneficiaries a limited, time-limited right to withdraw gifts made to the trust, which helps those gifts qualify for the annual gift tax exclusion. Typically, the trustee provides a written notice to beneficiaries informing them of their limited withdrawal right for a specified period. If the beneficiary does not exercise the withdrawal right during that period, the trustee retains the funds to pay premiums or otherwise manage the trust. Properly implemented Crummey powers are an important component of ILIT funding and require careful documentation and timely notices.
The trustee is the person or entity appointed to manage the ILIT, hold the insurance policy, pay premiums, and distribute proceeds according to the trust’s terms. Trustees have fiduciary responsibilities to act in the best interests of the beneficiaries and follow the written instructions provided in the trust document. Trustees must keep accurate records, provide required notices to beneficiaries, and ensure premium funding is available. Choosing a trustee who understands administrative obligations and communicates clearly with beneficiaries is essential for effective trust operation.
Estate tax inclusion refers to whether life insurance proceeds are counted as part of the deceased person’s taxable estate. If the insured retained incidents of ownership, or if policy transfers occur within certain timeframes before death, proceeds may remain includable in the estate. A properly funded and timed ILIT can help prevent inclusion of policy proceeds in the grantor’s gross estate, but the rules are technical and depend on transfer timing, ownership changes, and retained rights. Careful planning and adherence to formalities help achieve the intended tax treatment.
When weighing an ILIT against other planning tools, consider how each option handles liquidity, control, and tax exposure. A revocable living trust provides flexible management and avoids probate for assets held within it, but does not remove life insurance proceeds from the estate. A will controls bequests but requires probate. An ILIT specifically targets life insurance proceeds for exclusion from estate calculations and can provide directed distributions. Choosing the right combination depends on goals such as asset protection, ease of administration, and the desire to preserve life insurance benefits for heirs without probate delays.
For individuals with modest life insurance proceeds and straightforward estate needs, a limited planning approach may suffice. If the estate is unlikely to face estate tax liability and beneficiaries are immediate family members with clear expectations, a basic revocable trust and properly designated policy beneficiary might accomplish the client’s goals without creating an irrevocable vehicle. Simpler arrangements reduce administrative complexity and ongoing trustee responsibilities. However, even in simple cases, careful beneficiary designation and coordination with existing estate documents are important to avoid unintended results or probate delays.
When life insurance is intended as short-term protection, perhaps to cover a mortgage or temporary financial obligation, an irrevocable trust may not be necessary. Term policies with beneficiaries directly named can provide straightforward coverage for the desired period, especially if estate tax risk is low. In such scenarios, the grantor may prioritize flexibility and avoid the permanence of an irrevocable transfer. Nonetheless, a review of estate documents and beneficiary designations ensures that proceeds will be distributed as intended and that coverage aligns with the overall planning strategy.
A comprehensive approach integrates an ILIT with other estate planning documents such as revocable living trusts, wills, powers of attorney, and health care directives, creating a cohesive plan that addresses taxes, incapacity, and legacy goals. Coordination reduces conflicts between documents, clarifies fiduciary roles, and sets predictable procedures for trustees and executors. Comprehensive planning also considers business succession, special needs beneficiaries, and charitable intentions where applicable. This holistic perspective helps avoid gaps that can lead to delays, disputes, or unintended tax consequences at critical moments.
When families want to protect assets, provide for minor beneficiaries, or preserve wealth across generations, a thorough plan that includes an ILIT can provide tailored distribution terms and safeguards. Trust provisions can limit access until beneficiaries reach maturity, require staggered distributions, or set conditions tied to education or other milestones. Comprehensive planning anticipates changing family dynamics and legal developments, offering mechanisms to adjust fiduciary roles and adapt distribution rules. This forward-looking work helps preserve value and ensure that financial intentions are carried out over time.
Combining an ILIT with a full suite of estate planning documents delivers several practical advantages. It streamlines administration by clarifying who manages assets and how distributions are made, helps minimize the risk of probate for insured proceeds, and provides a framework for addressing tax and creditor considerations. A comprehensive plan also documents intentions for incapacity and end-of-life decisions through powers of attorney and advance health care directives. Clear advance planning reduces family stress during transitions and helps trustees and beneficiaries carry out the grantor’s wishes efficiently.
Another key benefit of a coordinated plan is that it supports continuity in financial affairs and business succession. Trusts can protect business interests while providing liquidity for taxes or estate settlement. Where beneficiaries include those with special needs, tailored trusts preserve eligibility for public benefits while providing supplemental support. A cohesive plan also makes it easier for fiduciaries to meet reporting obligations, maintain accurate records, and communicate with beneficiaries. Overall, the comprehensive approach enhances certainty and control over how assets are managed and distributed.
When an ILIT owns the life insurance policy and is properly funded, policy proceeds are payable to the trust rather than through probate, reducing delays and keeping the payout process private. Avoiding probate can speed distributions and reduce administrative costs involved in estate settlement. Trustees can follow the trust’s directions to allocate proceeds for immediate needs such as funeral expenses, mortgage payoff, or ongoing support for beneficiaries. This streamlined handling gives families timely access to funds when they are most needed and helps prevent disputes over distribution.
An ILIT allows the grantor to set precise terms for when and how beneficiaries receive insurance proceeds, offering protection against creditors and imprudent spending. Trust provisions can stagger payments, create discretionary distribution standards, or direct funds toward education or health care. This control helps preserve a legacy for future generations and supports beneficiaries who may not be prepared to manage a large lump-sum inheritance. Asset protection measures within the trust can also shield proceeds from certain claims against beneficiaries, offering an added layer of financial security.
Begin the planning process by clarifying the objectives for the life insurance proceeds and who should benefit from them. Consider timing of distributions, protections for younger or financially vulnerable beneficiaries, and any charitable intentions. Discuss whether proceeds should be used for estate liquidity, business succession, or ongoing family support. Knowing these goals helps shape trust provisions, trustee selection, and funding strategies. Clear direction at the outset reduces the need for later amendments and helps ensure the ILIT aligns with broader legacy planning priorities.
Choose a trustee who is willing and able to handle the administrative duties required by an ILIT, including premium payments, recordkeeping, and beneficiary communications. The trustee should understand the trust terms and fiduciary obligations, and be prepared to issue required notices and manage distributions after the grantor’s death. For complex situations, consider a corporate trustee or co-trustee arrangement to provide continuity. Clear written guidance inside the trust document about trustee powers and duties helps avoid confusion and ensures the trust operates smoothly over time.
There are several compelling reasons to consider an ILIT as part of an estate plan, especially for individuals with significant life insurance holdings or potential estate tax exposure. An ILIT can keep policy proceeds out of the probate estate, provide liquidity to pay taxes or debts, and allow for controlled distributions to beneficiaries. It offers privacy and clear instructions for trustees, which can prevent disputes and ensure funds are used as intended. For business owners, proceeds can fund succession plans or buy-sell agreements without adding to the estate tax burden.
Additionally, an ILIT can be tailored to address family circumstances such as second marriages, minor children, or beneficiaries with special needs. The trust can limit distributions, provide for education or healthcare costs, and protect assets from creditors or divorce claims in some cases. Coordination with other estate planning documents ensures that beneficiary designations and trust provisions work together rather than conflict. For many families, an ILIT enhances the predictability and durability of their legacy plan while addressing specific financial and family priorities.
An ILIT is often useful where there is a desire to exclude life insurance proceeds from the estate for tax reasons, to provide liquidity for heirs, or to control distribution timing. It can be particularly appropriate for business owners who need to fund buy-sell agreements, families with blended relationships seeking to protect inheritances, or households with significant estate tax exposure. An ILIT also offers structured support for beneficiaries who may not be ready to handle a large inheritance, ensuring funds are used for long-term family needs and aligned with the grantor’s wishes.
Business owners frequently use an ILIT to ensure there are resources available to transition ownership or buy out a deceased owner’s interest. Life insurance proceeds held in an ILIT can fund buy-sell agreements or provide liquidity without being subject to probate, allowing the business to continue operating during the transition period. The ILIT structure can also allocate proceeds to family members while enabling the business to meet obligations. Careful coordination between the ILIT and business documents helps achieve smooth succession and prevents operational disruptions.
For families concerned about preserving inheritance for children or grandchildren, an ILIT provides a way to control when and how proceeds are distributed. Trust terms can require staggered distributions, set ages for releases, or require use for specific purposes like education or health care. This structured approach helps beneficiaries avoid mismanagement or rapid depletion of funds and preserves capital for future generations. The ILIT can also be combined with other trusts to address unique family circumstances, such as second marriages or creditor exposure for intended beneficiaries.
Individuals with larger estates often consider an ILIT to reduce potential estate tax exposure by removing life insurance proceeds from the taxable estate. While estate tax law can change, an ILIT remains a tool for separating insurance proceeds from other assets that may be subject to estate tax. Properly structured transfers and timing are essential to achieve the desired tax treatment. Working with legal counsel ensures transfers, premium gifts, and trust terms comply with applicable rules, avoiding inadvertent inclusion of proceeds in the estate.
Law Offices of Robert P. Bergman is available to help Fremont residents evaluate whether an ILIT fits their estate planning goals. We assist with drafting the trust document, coordinating the transfer or purchase of life insurance policies in the trust name, drafting Crummey notice procedures, and advising trustees on administration duties. Our firm also coordinates the ILIT with revocable living trusts, wills, powers of attorney, and health care directives to create a cohesive plan. We aim to provide clear guidance and practical solutions tailored to local needs and family circumstances.
Our firm focuses on delivering practical, well-drafted estate planning documents, including ILITs, that reflect clients’ goals and family situations. We prioritize clear communication, careful attention to detail, and thorough coordination between trusts, beneficiary designations, and other estate planning instruments. We help clients understand funding mechanisms, trustee roles, and potential tax implications so they can make informed decisions. By taking a methodical approach, we reduce the risk of administrative errors and help ensure that the ILIT accomplishes its intended purpose.
We work closely with clients in Fremont and Alameda County to tailor plans that address both immediate concerns and long-term objectives. This includes integrating ILIT provisions with revocable trusts, wills, powers of attorney, and health care directives to avoid conflicts and gaps. Our office assists with document execution, funding steps, and preparation of Crummey notices to preserve gift tax treatment. We also provide trustee guidance and sample forms to simplify administration after the grantor’s death, making the transition easier for families.
Clients receive practical support throughout the planning process, from initial consultations to final document delivery and funding instructions. We explain options in clear terms and outline the administrative steps required for proper ILIT operation. Whether implementing a new policy or transferring an existing one into trust, we guide clients through timing issues and recordkeeping practices that are important for achieving the intended estate and tax results. Our goal is to create durable, well-documented solutions that protect beneficiary interests and provide peace of mind.
Our process begins with an initial consultation to review goals, family structure, existing policies, and potential tax considerations. We then recommend a tailored plan, draft the ILIT document, and coordinate policy ownership transfers or new policy purchases as needed. The process includes preparing Crummey notice templates, trustee instructions, and coordination with the rest of your estate plan documents. We also provide a funding plan for premiums and guide trustees on recordkeeping and beneficiary notices to maintain proper administration over time.
During the first phase we gather information about existing life insurance, intended beneficiaries, and broader estate planning documents. This allows us to draft an ILIT that reflects the client’s objectives and house clear trustee powers and distribution instructions. The trust language will address ownership transfer mechanics, premium funding guidance, and any beneficiary withdrawal provisions such as Crummey powers. We explain the legal and tax implications of various drafting choices so clients can make informed decisions about trust structure and funding.
We collect details about current policies, beneficiaries, family relationships, and asset values to design a trust that addresses your needs. This includes policy face amounts, ownership, premium schedules, and any existing trust provisions or estate documents that must be coordinated. Understanding these facts helps us recommend the most appropriate trust structure, trustee selection, and funding approach. Accurate information at this stage reduces the likelihood of later revisions and ensures the ILIT aligns with overall estate goals and tax planning considerations.
We prepare a trust document that specifies trustee powers, beneficiary distributions, Crummey withdrawal provisions where applicable, and instructions for premium payments. The document will also address contingencies such as successor trustees, policy surrender authority, and coordination with other estate documents. Clear drafting reduces administrative uncertainty and provides trustees with the authority needed to manage the trust effectively. We review the draft with the client to confirm it reflects their wishes before finalizing and executing the trust.
Once the trust is executed, the next step is to fund it by transferring ownership of an existing policy to the trust or by purchasing a new policy in the trust’s name. Proper documentation of transfers and premium gifts is essential to achieve the desired estate tax treatment. If annual exclusion gifts will be used to pay premiums, the trustee must follow notice procedures to beneficiaries. We assist with communications to the insurance company, endorsement of ownership, and confirmation that the trust is recognized as the policy owner by the insurer.
For existing policies, we coordinate with the insurance company to transfer ownership to the ILIT and update beneficiary designations where necessary. The insurer usually requires an owner change form and a copy of the trust document. Timing matters because transfers within three years of death can have estate tax consequences; we advise clients on these timing rules and any alternatives. Proper documentation and insurer confirmation are important to avoid disputes and ensure the trust receives policy proceeds as intended.
When a new policy is purchased, we arrange for the ILIT to be listed as the owner and beneficiary from the start. This simplifies administration and avoids certain timing issues associated with transfers. We also plan how premiums will be funded, whether through annual exclusion gifts or other means, and prepare Crummey notice templates if needed. Working with the insurance broker or company ensures the application and ownership documents are completed correctly and the trust is properly recognized on the insurer’s records.
After funding and ownership transfer, the trustee administers the trust by paying premiums, maintaining records, and issuing required notices to beneficiaries. Trustees should document gifts, Crummey notices, and premium payments to demonstrate proper administration. Periodic reviews of the trust provisions and policy performance help ensure continued alignment with the grantor’s goals. We provide guidance to trustees on recordkeeping practices, communication with beneficiaries, and steps to take when a claim is payable to ensure distributions proceed smoothly and in accordance with the trust terms.
Trustees must maintain detailed records of premium payments, gift transfers, and any notices provided to beneficiaries. Accurate documentation supports the trust’s administration and helps address potential inquiries from tax authorities or beneficiaries. Trustees should also keep copies of insurance company correspondence, trust tax filings if required, and any decisions regarding policy surrender or changes. Clear, organized records reduce the likelihood of disputes and provide a transparent trail for beneficiaries and legal advisors when the insured passes away.
When the insured dies, the trustee files the claim with the insurance company and oversees distribution of proceeds per the trust terms. The trustee manages any immediate needs such as funeral expenses or estate liquidity, and follows the written instructions for distributions to beneficiaries. If estate tax or creditor concerns exist, the trustee will coordinate with counsel to handle required filings. Prompt, organized administration by the trustee helps beneficiaries receive timely support and ensures that trust provisions are applied consistently with the grantor’s wishes.
An Irrevocable Life Insurance Trust is a trust created to own a life insurance policy for the benefit of named beneficiaries, with the grantor surrendering ownership rights to the trust. By naming the trust as owner and beneficiary, the policy proceeds are payable to the trust at the insured’s death and are generally kept out of probate. The trust document governs how proceeds are distributed and can set conditions or timelines for beneficiary distributions. The ILIT must be properly drafted and funded to achieve the intended tax and probate benefits. Transfers made by the grantor may require use of annual gift tax exclusions, which can be preserved by providing beneficiaries with limited withdrawal rights known as Crummey powers. Trustees administer premiums, maintain records, and follow the trust’s distribution instructions to ensure proceeds are handled as intended.
Transferring a policy to an ILIT can be a taxable gift if the transfer is treated as a gift for gift tax purposes. However, many transfers can qualify for the annual gift tax exclusion if beneficiaries are given a temporary right to withdraw contributions used to pay premiums, commonly implemented through Crummey provisions. Proper notice and documentation of these gifts are needed to support the exclusion. Depending on the size of the gifts and the grantor’s use of the lifetime exemption, additional gift tax reporting may be required. Timing is important because transfers made within three years of death can sometimes be included in the estate for estate tax purposes. Legal guidance helps structure transfers to achieve the desired tax treatment and ensure compliance with reporting rules.
An ILIT can help reduce estate tax exposure by removing life insurance proceeds from the insured’s taxable estate when the trust owns the policy and the insured does not retain incidents of ownership. This separation can be beneficial in states like California where federal estate tax considerations may apply for larger estates. Proper timing and transfer formalities are essential to secure the intended exclusion from the estate. It is important to remember that state-level estate taxes vary and federal law can change. Coordination with a comprehensive estate plan is necessary to align the ILIT with other planning tools and to manage potential tax exposure. Timely transfers, accurate documentation, and compliance with administrative requirements are key to achieving favorable tax treatment.
The trustee of an ILIT should be someone or an entity capable of handling administrative duties such as paying premiums, maintaining records, and communicating with beneficiaries. Many clients select a trusted family member, a friend with financial acumen, or a professional fiduciary depending on the complexity of the plan and the anticipated administrative burden. Trustee selection should balance trustworthiness, availability, and ability to carry out fiduciary responsibilities. Some situations benefit from appointing a corporate trustee or co-trustee structure to provide continuity and professional administration, especially when policy values or trust provisions are complex. Regardless of who is chosen, the trust document should clearly outline trustee powers and duties to guide decision-making and reduce potential conflicts among beneficiaries.
Crummey notices are written notifications provided to trust beneficiaries informing them of a limited, time-bound right to withdraw gifts made to the trust. These notices establish that gifts qualify for the annual gift tax exclusion by demonstrating that beneficiaries had a present, albeit short-lived, withdrawal right. The trustee issues the notice within the specified period and documents whether the beneficiary exercised the withdrawal right. Properly drafted Crummey provisions and consistent issuance of notices are important to preserve gift tax exclusions. Failing to provide notices or to document the process can jeopardize the exclusion, leading to unintended gift tax consequences. Trustees should maintain records of notices and any beneficiary responses to support the administration of the trust.
Yes, existing insurance policies can often be transferred into an ILIT, but the transfer process requires coordination with the insurance company and careful attention to timing. The insurer will typically require owner change forms and a copy of the trust document. Policy transfers should be documented and the insurer’s records updated to show the ILIT as owner and beneficiary. Timing matters because transfers made within a short period before the insured’s death may be treated as part of the estate for tax purposes. For this reason, clients should consult with counsel before transferring ownership and consider alternatives such as purchasing a new policy in the trust name if appropriate. Proper documentation and insurer confirmation are crucial to ensure the trust receives policy proceeds as intended.
Premiums for policies owned by an ILIT are typically funded by gifts from the grantor to the trust, which the trustee then uses to pay the insurer. To preserve annual gift tax exclusions, beneficiaries are often given Crummey withdrawal rights so the gift qualifies as a present interest. The trustee must track these gifts and maintain records of notices and premium payments. Alternatively, in some arrangements third parties may contribute to premium funding, and the trust can include provisions describing acceptable funding sources. Consistent premium funding is vital to avoid policy lapse and ensure the trust retains ownership and control of the policy proceeds at the time of the insured’s death.
If a trustee fails to issue Crummey notices when required, gifts used to pay premiums may not qualify for the annual gift tax exclusion, potentially exposing the grantor to gift tax reporting and reducing tax efficiency. Lack of proper notice also creates issues in demonstrating that beneficiaries had a present withdrawal right, which is central to preserving exclusion treatment. Trustees should follow the notice procedures outlined in the trust document and keep detailed records of mailing or delivery. Remedial options depend on the facts and timing, but the best approach is consistent, proactive administration to avoid these problems. Legal counsel can advise on corrective measures if deficiencies are discovered and help implement stronger administrative practices to prevent recurrence.
Because an ILIT is irrevocable, making changes after its creation can be limited. Modifications may be possible under narrow circumstances through trust instruments such as decanting, consent of all beneficiaries, or other statutory mechanisms, but these routes can be complex and depend on state law and the trust’s terms. Grantors should anticipate their goals and design the trust thoughtfully before execution to reduce the need for later alterations. In certain cases, establishing a new trust and re-funding it or using trustee powers to adapt administration may address changing circumstances. However, these approaches involve legal and tax implications that require careful planning. It is preferable to design durable, flexible provisions at the outset and revisit surrounding estate documents periodically.
To begin establishing an ILIT in Fremont, schedule an initial consultation to review your life insurance holdings, family goals, and existing estate planning documents. During the meeting we will discuss whether transferring an existing policy or purchasing a new policy in the trust name best meets your objectives. We will also explain funding options, Crummey notice procedures, and trustee responsibilities so you understand the administration that follows. If you decide to move forward, we will prepare the trust document, coordinate with the insurer for any ownership changes, and provide templates for notices and trustee recordkeeping. We will also review how the ILIT coordinates with your revocable trust, will, powers of attorney, and healthcare directives to create an integrated plan designed to protect your family and provide peace of mind.
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