An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of a thoughtful estate plan for families in Jackson and throughout Amador County. This page explains how an ILIT works, what it can accomplish for your estate and beneficiaries, and why many California residents include one when planning for wealth transfer, tax considerations, and long-term financial protection. We present clear information about setting up an ILIT, how a trust interacts with life insurance policies, and what to expect during the process, so you can make informed decisions about protecting your family’s future.
Choosing to create an Irrevocable Life Insurance Trust involves important legal and personal decisions. This guide covers common scenarios where an ILIT is appropriate, outlines the benefits and limitations, and describes how an attorney can help coordinate the trust terms with your overall estate plan, including trusts, wills, powers of attorney, and health care directives. We discuss how an ILIT may affect estate taxes, creditor protection, and beneficiary distributions, offering practical advice for Jackson residents who want to preserve assets and clarify intentions for future generations.
An ILIT helps separate a life insurance policy from your taxable estate, which can reduce potential estate tax exposure and ensure that proceeds pass according to your wishes. Beyond tax planning, an ILIT can provide a controlled way to distribute insurance proceeds over time, protect funds from creditors, and support long-term financial goals for beneficiaries such as minor children or family members with special needs. For people in Jackson, setting up an ILIT is often part of a broader strategy that includes wills, trusts, powers of attorney, and health care directives to create a cohesive plan tailored to family and financial circumstances.
The Law Offices of Robert P. Bergman serves clients across California with a focus on comprehensive estate planning and clear communication. We assist Jackson and Amador County residents in crafting trusts, wills, and related documents that reflect personal values and legal needs. Our approach emphasizes careful document drafting, thoughtful coordination of insurance and financial assets, and practical guidance through each step of the planning process. Clients can expect organized planning sessions, timely responses, and assistance with funding trusts and preparing any filings or ancillary documents that support a lasting estate plan.
An Irrevocable Life Insurance Trust is a distinct legal arrangement that owns and controls a life insurance policy for the benefit of named beneficiaries. Once established, the trust becomes the policy owner, which generally removes the policy proceeds from your personal taxable estate. Creating an ILIT requires transferring ownership and sometimes changing beneficiary designations to the trust, and it typically involves a trustee who administers the trust according to your instructions. Setting up an ILIT is a deliberate decision that affects future flexibility, so it is important to plan carefully and coordinate the trust with other estate planning documents.
The mechanics of an ILIT include selecting trustees, outlining distribution provisions, and addressing how premiums will be paid. Grantors often fund premium payments through gifts to trust beneficiaries or by transferring ownership of an existing policy, and the trust’s terms can specify restrictions or staged distributions to protect assets for long-term needs. Because the trust is irrevocable, changes are limited after it is created. However, when drafted with foresight, an ILIT can provide reliable protection, tax planning advantages, and detailed instructions for managing life insurance proceeds to meet family goals and legal requirements in California.
An Irrevocable Life Insurance Trust is a permanent legal arrangement that holds life insurance policies outside the grantor’s estate. The trust owns the policy, names beneficiaries, and appoints a trustee to manage proceeds. This structure allows for customized control over when and how beneficiaries receive payments, which can be especially helpful for families with young children, beneficiaries with special needs, or those wanting to protect proceeds from creditors. Because the trust is irrevocable, the grantor gives up certain rights to the policy, but in return the trust can offer important protections and planning advantages aligned with your estate objectives.
Key elements of an ILIT include the trust document itself, named trustees, beneficiary designations, and instructions for premium funding and distribution timing. The process typically involves drafting the trust instrument, transferring ownership of an existing life insurance policy or purchasing a new one within the trust, and possibly making gift tax filings if the grantor funds premiums through gifts to the trust. Trustees must follow the trust terms and handle administrative duties, which may include receiving notices, collecting proceeds, and distributing funds according to the grantor’s instructions. Careful coordination with financial institutions and insurance carriers completes the setup.
Understanding common terms helps you navigate ILIT planning with confidence. This section defines important concepts such as grantor, trustee, beneficiary, premium funding, gift tax implications, and estate inclusion rules. Clear definitions ensure that you and your trustees understand how ownership changes affect tax treatment and beneficiary access. Knowing these terms also clarifies the roles and responsibilities of each party involved, which supports smoother administration and helps prevent unintended consequences when establishing or managing an ILIT as part of a broader estate plan in California.
The grantor is the person who creates the trust and transfers the life insurance policy into it. Once the trust is established and ownership is transferred, the grantor typically relinquishes certain rights over the policy, which helps remove the policy proceeds from the grantor’s taxable estate. The grantor’s intent is reflected in the trust document, which instructs the trustee how to manage premiums and distribute proceeds to beneficiaries. Understanding the grantor’s role is essential because decisions during trust creation have long-term tax and control implications for the estate plan.
The trustee is the individual or institution appointed to administer the ILIT according to its terms and applicable law. Trustees are responsible for managing trust assets, paying premiums when appropriate, communicating with beneficiaries, and ensuring that distributions follow the grantor’s instructions. Trustees must follow fiduciary duties and maintain accurate records of trust activities, including any premium funding arrangements. Selecting a trustee with the capacity to manage these responsibilities carefully is a vital step in ensuring the ILIT operates smoothly and fulfills its intended purpose within the estate plan.
Beneficiaries are the individuals or entities designated to receive the life insurance proceeds held in the ILIT. The trust document can specify direct payments, staged distributions over time, conditions for receipt, and protections to preserve funds from creditors or manage funds for minors. Clear beneficiary designations within the trust help prevent disputes and ensure proceeds are used in alignment with the grantor’s wishes. Proper coordination between beneficiary designations on the insurance policy and the trust document is essential to ensure the trust receives and controls the proceeds as intended.
Premium funding refers to how the ILIT will pay the insurance premiums, often through annual gifts from the grantor to the trust or via other funding arrangements coordinated with family members. Depending on the amount and structure of gifts, there may be estate or gift tax reporting requirements under federal law. The trust can include provisions to accept gifts and instruct trustees on premium payments. Proper planning and documentation of these gifts help align funding with legal requirements and maintain the intended tax and estate planning benefits of the ILIT.
When deciding whether an ILIT is appropriate, it is helpful to compare it with alternatives such as owning a life insurance policy outright, using revocable trusts, or relying on beneficiary designations alone. Holding a policy in an ILIT can offer tax and creditor protections that ownership by the grantor cannot, but it also reduces flexibility because the trust is irrevocable. Revocable trusts allow more control and ease of change but do not generally remove the policy from the taxable estate. Weighing these factors in the context of your financial and family goals in California helps determine the best approach.
For some families, maintaining a life insurance policy in the owner’s name with clear beneficiary designations provides adequate protection and straightforward administration. This approach offers ease of change and immediate access to proceeds by named beneficiaries without the formalities of trust administration. It can be appropriate for smaller estates or situations where federal estate tax exposure is unlikely. However, this approach may not offer the same creditor protections or control over distribution timing that an ILIT provides, so it is important to assess family needs and potential risks before deciding.
A revocable living trust can centralize estate planning and make it easier to manage various assets, providing flexibility to update terms as circumstances change. It can be effective for directing distributions, managing incapacity, and avoiding probate for many assets. While a revocable trust does not typically remove life insurance proceeds from the grantor’s estate for tax purposes, it still offers valuable administrative efficiency and continuity. Individuals with moderate assets who prioritize flexibility over tax removal may find this approach meets their planning goals without the permanence of an ILIT.
Families with substantial assets, blended family structures, beneficiaries with special financial needs, or concerns about estate taxes often benefit from a comprehensive plan that includes an ILIT. A coordinated approach helps align insurance ownership, funding strategies, and distribution provisions with broader estate goals. This type of planning can protect the inheritance from creditor claims, ensure funds are used as intended, and provide detailed controls for trustees. For many California residents facing these circumstances, an ILIT is an important part of a durable, well-structured estate plan designed to address long-term needs.
When the goal is to preserve wealth across generations and manage succession in a careful, predictable way, an ILIT can be coupled with other trust arrangements to achieve specific outcomes. This may include staged inheritances, protections for beneficiaries’ creditors, and coordination with retirement accounts and real property interests. Planning can be tailored to address tax planning, long-term family governance, and the safe transfer of assets. Implementing these measures requires detailed documentation and administration, which can help avoid disputes and ensure continuity for future generations.
A comprehensive approach that includes an ILIT can reduce potential estate tax exposure, provide creditor protection for insurance proceeds, and offer controlled distribution mechanisms to protect beneficiaries. It enables a grantor to remove life insurance proceeds from the taxable estate by transferring ownership to the trust and setting clear distribution instructions. This approach also supports cohesive planning across wills, powers of attorney, and health care directives, ensuring that all documents align and that trustees and family members understand their roles and responsibilities during administration.
Beyond tax considerations, a coordinated estate plan with an ILIT can promote peace of mind by specifying how proceeds should be used, whether to fund education, care for dependents with special needs, or provide income over time. The trust structure can help avoid disputes by providing transparent rules for trustees and beneficiaries. Comprehensive planning also includes steps to fund and maintain the trust, document premium contributions, and ensure beneficiaries receive clear guidance, which supports smoother administration and better protection of family interests in the long term.
One primary advantage of an ILIT is that it can remove life insurance proceeds from the grantor’s estate for estate tax purposes when structured properly. This allows the insurance benefit to pass to beneficiaries without being subject to estate inclusion rules that apply when the grantor retains ownership rights. For families concerned about maximizing the amount transferred to heirs and minimizing tax exposure, an ILIT provides a methodical way to achieve those objectives while maintaining control over distribution timing and conditions set out in the trust instrument.
An ILIT allows the grantor to set specific distribution terms, such as periodic payments, educational disbursements, or conditions triggering distributions, which can protect beneficiaries from imprudent spending or external claims. The trust structure can also offer a level of protection from creditors and divorcing spouses, helping preserve assets for intended heirs. Having a trustee manage proceeds according to explicit instructions supports long-term financial stability for beneficiaries and reduces the risk of misuse, while also ensuring that the grantor’s wishes are carried out in a predictable manner.
Arrange how premiums will be paid before transferring a policy into an ILIT; common strategies include annual gifts to the trust to cover premiums or transferring an existing policy with a plan for ongoing funding. Clear documentation and coordination with the trustee help avoid administrative issues and unintended tax consequences. Planning premium funding early also ensures the trust has the resources to maintain the policy, preventing lapse and preserving the intended benefits for beneficiaries. Communicating the plan with family members who may assist with gifts or payments reduces future confusion.
Ensure the ILIT is integrated with your overall estate plan, including wills, revocable trusts, powers of attorney, and health care directives. Consistent language and aligned beneficiary designations prevent conflicts and confusion during administration. Documenting how the ILIT fits within broader planning goals helps trustees make decisions that reflect your intentions. Review related documents periodically to confirm they reflect current circumstances and to adjust funding or trustee arrangements as family situations and financial circumstances evolve.
An ILIT can be appropriate for people who wish to protect life insurance proceeds from estate inclusion, provide structured distributions to beneficiaries, and preserve funds from potential creditor claims. It often serves families with significant holdings, blended family concerns, or those who want to ensure minor children receive managed financial support. The trust’s terms can be tailored to provide income, education funding, or long-term care resources, all administered by a trustee according to your instructions, which offers predictability and protection for future generations.
You might also consider an ILIT if you want to reduce the risk that life insurance proceeds will be used for unintended purposes or lost through probate processes. By specifying distribution schedules and designating trustees, an ILIT helps maintain control over how proceeds are used without direct ownership of the policy. This planning tool can be especially useful when beneficiaries may not yet be financially mature or when protecting assets from legal claims is a priority, providing an enduring mechanism to preserve family resources consistent with your long-term objectives.
Typical circumstances that lead families to establish an ILIT include having a large taxable estate, planning for a beneficiary with special financial needs, seeking to shield proceeds from creditors, or managing distributions for minor children. An ILIT can also play a role when a grantor wants to remove insurance proceeds from estate inclusion for tax planning or to coordinate benefits with other trust arrangements. Each situation requires careful drafting so the trust aligns with state and federal rules and meets the family’s timing, distribution, and protection goals.
When an estate’s value crosses thresholds that may trigger estate tax liabilities, an ILIT can be a valuable planning tool to reduce potential tax exposure by removing the insurance proceeds from the taxable estate. Establishing the trust and transferring ownership of a policy requires attention to timing and documentation to ensure the intended tax treatment. For families with diversified assets, coordinating an ILIT alongside other trusts and estate documents provides a cohesive strategy to manage wealth transfer and preserve funds for designated beneficiaries.
An ILIT can be structured to provide controlled distributions and long-term financial management for beneficiaries who may not be ready to manage large sums, including minors or those with financial limitations. The trust terms can set guidelines for distributions, such as staggered payments, educational expenses, or housing needs, which helps ensure funds are used appropriately. This protective structure can reduce the risk that proceeds are squandered or exposed to legal claims, providing greater security for the beneficiary’s future needs.
An ILIT may offer a layer of protection against claims from creditors or divorcing spouses, depending on the trust’s terms and applicable law. By holding the policy outside the grantor’s estate, the proceeds can be shielded in ways that personal ownership cannot achieve. While protections vary and require proper structuring and administration, an ILIT can be an effective part of a broader asset protection strategy. Legal advice and careful drafting help ensure the trust provides the intended protections under California law.
The Law Offices of Robert P. Bergman provides practical assistance to Jackson residents considering an ILIT as part of their estate planning. We help clients evaluate whether an ILIT fits their goals, draft the trust documents, coordinate policy transfers or purchases, and advise on premium funding strategies. Our approach focuses on clear communication and careful documentation so that trustees and beneficiaries understand their roles. Residents of Amador County can rely on local knowledge of California estate rules and personalized planning to create durable and thoughtful solutions for their families.
Selecting a firm to help establish an ILIT involves trust in the legal process and confidence in the firm’s ability to coordinate documents and administration. At the Law Offices of Robert P. Bergman, clients receive thorough explanations of options, assistance with selecting trustees, and careful drafting to reflect personal intentions. We prioritize clear plans for premium funding and document transfers to ensure the trust achieves its intended tax and distribution objectives. Our goal is to provide dependable guidance so clients feel comfortable with their long-term arrangements.
Our firm assists with all stages of ILIT planning, from initial consultations through document execution and coordination with insurance providers. We help ensure that beneficiary designations and ownership transfers are handled correctly and that any necessary gift tax or reporting requirements are met. By addressing administrative details up front, we reduce the likelihood of disputes or administrative delays and support smooth trust operation when proceeds become payable. This proactive approach helps align legal documentation with family goals and financial realities.
Clients also benefit from integrated planning that connects the ILIT with other estate documents, including wills, powers of attorney, advance health care directives, and trust funding strategies. We assist in reviewing existing documents and recommending updates to ensure consistency across the estate plan. This coordinated planning supports continuity in administration and gives families a clear roadmap for how their affairs will be managed and distributed after incapacity or death, promoting clarity and reduced stress for surviving loved ones.
Our ILIT planning process begins with an initial consultation to review assets, family circumstances, and planning goals. We then draft trust documents tailored to your needs, advise on trustee selection, and coordinate transfers or purchases of life insurance policies. We also assist with premium funding strategies and any necessary tax filings. The process includes reviewing related estate documents to ensure consistency and providing clients with clear instructions on trust administration responsibilities. Throughout, we aim to keep the process efficient and transparent for Jackson clients.
During the first meeting we gather detailed information about your estate, current life insurance policies, family needs, and long-term goals. We discuss whether an ILIT aligns with your objectives and outline potential benefits and limitations, including tax and funding implications. This planning phase sets the foundation for drafting the trust document and selecting trustees. Clear communication about wishes and practical concerns ensures the trust terms reflect your intentions and that the subsequent steps proceed smoothly and with minimal surprises.
We review current life insurance policies, beneficiary designations, wills, and trusts to determine how an ILIT would integrate with your overall plan. This includes identifying policies suitable for transfer, assessing premium obligations, and checking for potential estate inclusion issues. By evaluating documents early, we can recommend steps to ensure the ILIT is funded correctly and that beneficiary designations align with the trust’s terms. This review helps avoid conflicting instructions and supports a cohesive estate plan.
We work with you to craft trust provisions that specify how proceeds should be handled, including timing and conditions for distributions, protections for beneficiaries, and trustee powers. The trust document can address educational expenses, staggered payments, or funds for long-term care, all tailored to your family’s circumstances. Thoughtful drafting ensures that trustees have clear authority and guidance to fulfill your intentions while providing accountability and structure for beneficiary distributions under California law.
After drafting the trust document and finalizing terms, the next step is to execute the trust and transfer ownership of the life insurance policy to the trust or arrange for a new policy to be purchased in the trust’s name. This may involve communicating with the insurance carrier, completing change-of-owner forms, and documenting gifts made to fund premiums. Proper documentation at this stage is essential to preserve the intended tax and administrative benefits and to ensure the trust is recognized as the policy owner when proceeds become payable.
We guide clients through signing formal trust documents and prepare any ancillary instructions for funding premiums. This includes drafting gift letters or other documentation to support annual premium payments from the grantor to the trust and advising on any necessary filings. Clear instructions and records help trustees demonstrate that premiums were funded as intended and support the trust’s legal position. Proper execution ensures that the trust operates as designed under California and federal tax rules.
We assist in contacting insurance carriers to effect ownership changes or to issue policies in the trust’s name, ensuring all paperwork is completed accurately. This coordination helps prevent lapses in coverage and ensures beneficiary designations reflect the trust’s ownership. Working directly with the carrier reduces administrative delays and supports a seamless transfer of ownership. Keeping accurate records of these communications and forms is an important part of maintaining the integrity of the ILIT and documenting its funding and operation.
Once an ILIT is established and funded, ongoing administration requires trustees to manage premiums, maintain records, and follow distribution instructions. Periodic reviews of the trust and related estate documents are important to account for life changes, tax law updates, and evolving family circumstances. We provide guidance to trustees on their duties and assist with necessary filings or modifications consistent with the irrevocable nature of the trust. Regular check-ins help ensure the ILIT continues to meet its intended goals over time.
Trustees should maintain comprehensive records of premium receipts, gifts, distributions, and communications with beneficiaries and insurers. Proper recordkeeping supports transparency and can be essential if questions arise about funding or tax reporting. We advise trustees on best practices for documentation and provide templates or guidance for maintaining consistent records. Organized reporting reduces the risk of administrative errors and supports smooth distribution of proceeds when the policy pays out.
Although the trust is irrevocable, circumstances surrounding funding, trustee changes, or beneficiary situations may require review to ensure the trust still aligns with goals. We recommend periodic consultations to review premium funding mechanisms, revisit related estate documents, and confirm trustee readiness. If adjustments are needed in supporting documents or funding practices, we provide guidance on how to implement those changes consistent with the trust’s terms and applicable law. Proactive reviews help maintain the trust’s effectiveness over time.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy and directs how the policy proceeds will be handled for beneficiaries. When the trust owns the policy, the proceeds are generally not included in the grantor’s taxable estate, provided that the trust is properly funded and ownership changes occur outside of defined lookback periods. The trust document appoints a trustee to manage the policy, pay premiums when funded, and distribute proceeds according to the grantor’s directions. This arrangement enables tailored control over distributions and can provide protections that ownership by the insured does not. The trust’s mechanics require careful coordination, including transferring ownership to the ILIT and naming the trust as beneficiary. Premiums must be funded in a manner consistent with gift and tax rules, and trustees must follow strict administrative procedures to preserve the trust’s intended benefits. Because the trust is irrevocable, the grantor gives up certain ownership rights over the policy, so planning in advance and clear documentation are essential to ensure the ILIT functions as intended for the family and beneficiaries.
When a policy is transferred into an ILIT, beneficiary designations are typically aligned with the trust terms, and the grantor generally surrenders the ability to unilaterally change beneficiaries outside the trust structure. The trust document itself controls who receives the proceeds and under what conditions, giving the grantor ways to set staged distributions or conditions for payments. This provides more structured control but reduces the flexibility to make quick changes without revising underlying arrangements, which is limited once the trust is irrevocable. If you anticipate wanting to retain the ability to change beneficiaries frequently, an ILIT may not be the best fit unless other mechanisms are built into your plan. It is important to discuss these preferences during planning so the trust terms reflect your intended level of control and allow for practical administration that meets your family’s needs while preserving the trust’s benefits.
Premiums for a policy owned by an ILIT are commonly funded through annual gifts from the grantor to the trust, which the trustee then uses to pay the carrier. These gifts may qualify for the annual gift tax exclusion if structured correctly and documented properly. Clear recordkeeping of gifts and payments is essential to demonstrate the intended funding and to support the trust’s position under applicable tax rules. Alternative arrangements may include third-party funding or pre-funding the trust, depending on financial circumstances. Because funding arrangements affect the trust’s administration and tax treatment, planning premium payments before transferring ownership is important. We advise clients on documentation practices, including gift letters and records of premium payments, and coordinate with insurance providers to ensure payments are accepted and tracked. Proper funding ensures the policy remains in force and the ILIT functions as planned.
An ILIT can provide a level of protection from creditors and certain claims because the policy is owned by the trust rather than the grantor personally. Proceeds held in the trust are subject to the trust’s terms and protections, which can make them less accessible to creditors or during divorce proceedings, depending on the circumstances and applicable law. Properly drafted trust provisions and prudent administration strengthen these protections and help preserve assets for the intended beneficiaries. However, protections are context dependent and vary with state law and the specifics of each case. It is important to approach asset protection carefully and in coordination with trusted legal counsel so the trust is structured and administered in ways that align with legal standards and the family’s goals, while avoiding arrangements that could be challenged or disregarded under certain conditions.
When structured properly, an ILIT can remove life insurance proceeds from the grantor’s taxable estate, which may reduce estate taxes at death. This typically requires transferring ownership of the policy and ensuring the grantor does not retain incident of ownership that would cause estate inclusion. Gift tax considerations can arise when funding premiums, so timely planning and documentation are needed to utilize annual exclusions or other strategies. Understanding federal estate and gift tax rules alongside California considerations is a key part of effective ILIT planning. Because tax laws change and individual circumstances vary, careful planning and documentation are essential to achieve the desired outcomes. We provide guidance on tax reporting and funding strategies to help clients navigate compliance and maximize the trust’s intended benefits while meeting legal requirements and maintaining clear records.
A trustee should be someone who can handle administrative duties reliably, communicate with beneficiaries, and manage interactions with insurance companies. Options include a trusted family member, a friend, or a professional fiduciary. Trustees must keep accurate records, follow the trust’s instructions, and act in the beneficiaries’ best interests. Naming successor trustees ensures continuity if the initial trustee cannot serve. The choice of trustee affects how smoothly the trust will be administered and how effectively distributions are carried out according to your plan. Because trustees play a central role, discussing responsibilities with the proposed trustee in advance helps confirm willingness and ability to serve. We advise clients on trustee selection and can provide guidance on training, recordkeeping, and administration best practices to support trustees in carrying out their duties faithfully and transparently.
You can often transfer an existing life insurance policy into an ILIT, but the process requires careful timing and documentation, and may involve a three-year lookback rule for estate inclusion if the grantor retains certain rights. Purchasing a new policy directly in the trust’s name avoids some transfer complexities but requires underwriting and other considerations. Each option has advantages and potential drawbacks, and the right choice depends on the age and terms of the existing policy, the grantor’s health, and planning objectives. We evaluate existing policies and advise whether a transfer or a new purchase is most appropriate for your situation. By reviewing policy terms, premium obligations, and potential tax implications, we help clients choose the path that best aligns with their financial goals and family needs, ensuring the trust arrangement operates as intended.
If the trustee fails to pay premiums and the policy lapses, the intended death benefit would be lost and the trust’s purpose could be undermined. To prevent this, plans should include clear instructions for funding premiums, backup funding mechanisms, and trustee responsibilities. Regular oversight and recordkeeping, as well as selecting a trustee willing to fulfill these duties, reduce the risk of lapse and help ensure continuous coverage for beneficiaries. In the event of a lapse, remedies may be limited, so prevention is the best approach. We help set up funding arrangements and provide guidance to trustees on administrative practices, including timely premium payments and maintaining communication with the insurer, to preserve the policy and protect the trust’s benefits for the beneficiaries.
An ILIT should be coordinated with wills, revocable trusts, powers of attorney, health care directives, and beneficiary designations to create a cohesive estate plan. Inconsistencies between documents can create confusion during administration, so aligning language and instructions helps ensure the grantor’s intentions are carried out. Reviewing and updating all estate documents together supports a unified plan and reduces the potential for disputes or unintended outcomes across different instruments. We assist clients in reviewing existing documents to confirm consistency and recommend updates when necessary. Clear coordination among documents clarifies roles and responsibilities for trustees and family members and helps ensure that life insurance proceeds held in the ILIT are managed in harmony with the rest of the estate plan.
To begin establishing an ILIT in Jackson, schedule an initial consultation to review your assets, existing life insurance policies, and family needs. During this meeting we evaluate whether an ILIT aligns with your goals, discuss trustee options and premium funding strategies, and outline the steps for drafting and executing the trust. Preparing documentation about current policies and financial accounts before the meeting helps streamline the process and allows for more detailed planning. After the consultation, we draft the trust, coordinate policy transfers or purchases, and assist with necessary filings or funding arrangements. Throughout the process we provide clear instructions for trustees and beneficiaries and help ensure that documents are executed properly to achieve the intended estate planning outcomes.
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