An Irrevocable Life Insurance Trust (ILIT) can be an important tool for preserving life insurance proceeds and reducing potential estate tax exposure for families in Buttonwillow and the surrounding areas. This introduction outlines what an ILIT does, how it interacts with your broader estate plan and why individuals consider forming one as part of a thoughtful approach to legacy planning. Our office discusses trust terms, beneficiary designations and funding mechanisms so clients understand how an ILIT helps manage proceeds at the time of the insured person’s death and protect those funds for beneficiaries.
Setting up an ILIT involves legal documentation, trustee selection and coordination with life insurance policies and premium funding. Many clients value the ILIT for placing proceeds outside the taxable estate, creating controlled distributions, and protecting assets from creditors or claims against beneficiaries. We explain the timing considerations, gift tax reporting and the role of ownership transfer in ensuring the trust accomplishes the intended goals. This section introduces common questions people raise when they first learn about ILITs and prepares readers for more detailed discussion below.
An ILIT matters because it can preserve life insurance proceeds in a manner that supports heirs while minimizing estate-related complications. For many families, life insurance is an immediate source of liquidity after a death, but without careful planning those proceeds can become part of a taxable estate or fall into unintended hands. An ILIT provides structured distribution instructions, potential protection from creditors of beneficiaries, and a mechanism to support specific financial goals like paying estate taxes or funding education. This approach often reduces family stress by providing clear instructions and accessible liquidity when it is needed most.
At the Law Offices of Robert P. Bergman we work with clients across California offering personalized estate planning services that include ILITs among other tools. Our team focuses on listening to individual goals, explaining legal options in plain language and drafting documents that reflect those goals. We coordinate trust provisions with insurance carriers and financial advisors and prepare the paperwork needed to transfer ownership and document gifts properly. The firm emphasizes proactive planning, thoughtful trustee selection and practical solutions so clients and families have a clear plan for the future.
An ILIT is a trust created to own life insurance policies and receive policy proceeds at the insured’s death. Because the trust owns the policy, the death benefit is typically excluded from the insured’s probate estate when properly structured, which may reduce estate tax exposure. The trust terms control who receives distributions, when funds are paid out and how they may be used. Establishing an ILIT requires careful drafting to ensure the trust remains irrevocable and that the transfer of an existing policy, or the issuance and funding of a new policy, meets applicable tax and gift reporting requirements.
Clients should know that an ILIT must be funded and administered correctly to achieve the intended benefits. This often involves making annual gifts to the trust owner to pay insurance premiums, filing gift tax returns if required, and ensuring trustee duties are clearly stated. Trustees have an ongoing role in managing interactions with the insurance company and distributing benefits according to the trust terms. We help clients understand the tradeoffs, such as the loss of direct control over a policy once it becomes irrevocable, balanced against the planning benefits that an ILIT can offer families.
An ILIT is a trust that, by design, cannot be revoked or amended by the grantor after it is created except under very limited circumstances. The trust becomes the owner and beneficiary of a life insurance policy so that the proceeds are payable directly to the trust. By holding ownership outside of the insured’s estate, proceeds can be distributed according to the grantor’s instructions without passing through probate. Trustees manage premium payments and handle distributions, and the trust document may include terms to address special needs, minor beneficiaries and long term asset protection goals.
Key elements of creating an ILIT include drafting a clear trust agreement, selecting a trustworthy trustee, and coordinating policy ownership transfer or new policy issuance. The grantor must plan how premiums will be paid, often through annual gifts to the trust using annual gift tax exclusions. Proper documentation is essential for compliance with tax rules and to avoid unintended inclusion of proceeds in the estate. Trustees must keep accurate records, communicate with beneficiaries, and execute the grantor’s instructions at the time of benefit distribution. We guide clients through each of these steps to ensure the plan functions as intended.
Understanding common terms helps clients make informed decisions about ILITs. This glossary clarifies concepts such as grantor, trustee, beneficiary, ownership transfer, gift tax, and Crummey powers, among others. Clear definitions prevent misunderstandings about how the trust operates and what responsibilities fall to the trustee or the grantor before death. The goal of this section is to provide straightforward explanations so that clients can follow planning recommendations and discuss coordinated steps with financial advisors and insurance carriers without confusion.
The grantor is the person who creates the ILIT and transfers ownership of the life insurance policy into the trust. While the grantor may no longer be able to change or revoke the trust terms after funding, they retain the ability to set the trust’s objectives, name beneficiaries and choose a trustee. The grantor often makes periodic gifts to the trust to cover premiums, and these actions should be documented accurately for tax reporting. Understanding the grantor’s role is important because it determines which actions are permissible and how the trust interacts with the grantor’s broader estate plan.
A trustee manages the ILIT on behalf of the beneficiaries, handling tasks like paying premiums, maintaining trust records, and communicating with insurers and beneficiaries. Trustees must follow the trust document and applicable law when making decisions, ensuring that distributions align with the grantor’s stated goals. Choosing a trustee involves considering availability, recordkeeping ability and discretion to carry out trust instructions. The trustee’s role may include filing required tax forms and coordinating with legal counsel and financial professionals to administer the trust smoothly and in accordance with its terms.
Beneficiaries are the individuals or entities designated to receive distributions from the ILIT when proceeds are paid to the trust. The trust document can specify timing, amounts, conditions and permitted uses for funds, so beneficiaries do not directly control how proceeds are spent. Proper beneficiary designations and clear trust language can prevent disputes and provide support for heirs, charities or other intended recipients. It is important to coordinate beneficiary designations with the trust terms to ensure that the policy proceeds flow to the trust and then to the intended beneficiaries.
A Crummey provision gives beneficiaries a temporary right to withdraw annual gifts to the trust so those contributions may qualify for the annual gift tax exclusion. These withdrawal rights are typically short-lived but must be properly communicated to beneficiaries each year. Implementing Crummey powers requires careful administration and clear notice procedures to ensure gifts are treated as present interest gifts for tax purposes. The trustee often handles sending notices and recording any withdrawals or waivers, which supports compliance with tax rules while allowing premium funding via annual exclusion gifts.
When comparing an ILIT to other estate planning tools, consider whether life insurance proceeds should remain outside the estate, how much control you want over distributions and whether creditor protection for beneficiaries is a priority. Alternatives like beneficiary designations, payable-on-death accounts or trusts with different structures each have tradeoffs. An ILIT is tailored specifically for life insurance and can offer distinct tax and distribution benefits, but it comes with administration requirements and the loss of direct policy control. Reviewing personal goals, family dynamics and tax considerations helps determine the most appropriate approach.
If a life insurance policy is modest in size and your estate is not expected to owe estate taxes, a simpler beneficiary designation or straightforward payable-on-death arrangement may meet your needs. In such cases, the administrative burden of an ILIT may outweigh the benefits. Simple designations can provide quick transfer of funds to loved ones without trust administration, but they may not offer the same level of control or creditor protection. Evaluating the size of the policy relative to overall assets and the intended use of proceeds can guide the decision between a trust and a limited planning approach.
When beneficiaries are financially responsible and creditor exposure is low, keeping the policy with direct beneficiary designations could be sufficient. This approach enables beneficiaries to access proceeds quickly and avoid trust administration. However, direct designations offer less opportunity to control distributions for long term needs, address minor beneficiaries or protect assets from future claims. Where families prefer immediate liquidity and minimal administration, a direct designation aligned with other estate documents may provide a practical solution without the complexity of a trust structure.
When life insurance proceeds are substantial or family situations involve blended families, minor children, or beneficiaries with special financial needs, a trust-based approach like an ILIT provides tailored control over distribution and protection from misuse. A comprehensive plan enables the grantor to specify timing, conditions and trustees’ duties to align distributions with long term goals. This approach helps avoid conflicts and provides a structured plan for funding education, supporting dependents or preserving assets for future generations, while offering a legal framework for resolving disputes without court intervention.
Comprehensive ILIT planning can be particularly useful when estate tax exposure is a realistic concern or when heirs will need immediate liquidity to settle estate obligations. By removing ownership of the policy from the taxable estate, an ILIT can help preserve more of a client’s legacy for designated beneficiaries. The trust can also provide ready funds to cover taxes, debts or administrative expenses so heirs do not have to liquidate assets under duress. This integrated approach coordinates insurance planning with wills, trusts and other documents to achieve coherent estate liquidity.
A comprehensive ILIT-centered plan offers controlled distribution, potential estate tax mitigation and the ability to direct funds for specific uses such as education or ongoing care. The trust structure can include safeguards for vulnerable beneficiaries and outline clear instructions for trustees to follow when distributing proceeds. For families seeking predictable outcomes and protection from future creditor claims, the trust provides legal structure that aligns with stated intentions. Comprehensive planning also allows coordination among insurance, retirement accounts and other estate planning documents to ensure consistent beneficiary designations and funding strategies.
Beyond tax and creditor considerations, the ILIT approach promotes peace of mind because it defines how proceeds are used and who will administer them. Trustees can be tasked with staggered distributions to prevent rapid depletion of benefits, or with investing proceeds to generate income for beneficiaries. Clear trust language reduces the risk of disputes among heirs and ensures that funds serve the grantor’s intended purposes. Regular reviews and coordination with financial and insurance advisors keep the plan current as circumstances change over time.
One key advantage of an ILIT is the ability to control when and how beneficiaries receive funds. The trust can specify distributions at particular ages, for education, or for health and maintenance, reducing the risk of funds being dissipated quickly. This structure is helpful for parents who want to provide for minor children or for grantors who wish to ensure long term support of a surviving spouse while preserving assets for future generations. Clear distribution standards help trustees implement the grantor’s intentions consistently over time.
An ILIT can remove policy proceeds from the grantor’s probate estate when properly structured and timed, which may reduce estate tax considerations depending on the size of the estate. Additionally, the trust structure can offer protections against creditors of beneficiaries by directing distributions in a controlled manner, rather than leaving proceeds directly payable to heirs. While each situation differs and tax and creditor outcomes depend on facts, an ILIT provides a mechanism to pursue both tax planning and asset protection objectives within a documented legal framework.
Begin ILIT planning by identifying the outcomes you want from the policy proceeds, such as funding a spouse’s needs, paying estate obligations or preserving wealth for future generations. Coordinate with financial and insurance advisors early to determine whether to transfer an existing policy or issue a new one in the trust’s name. Clear communication among all parties helps prevent administrative errors and supports proper gift reporting. Early coordination also ensures premium funding plans are in place so coverage remains in force and the trust accomplishes your intended goals.
Estate, tax and family circumstances change over time, so regular reviews help ensure the ILIT continues to align with your goals. Periodic review allows updates to funding strategies, trustee appointments and related estate documents. While the trust document itself is typically irrevocable, reviewing associated beneficiary designations, funding methods and coordination with other plans lets you adapt to life events such as births, marriages, divorces or changes in financial situation. Ongoing review supports continuity and reduces the likelihood of unexpected outcomes for heirs.
Clients consider an ILIT when they want to preserve life insurance proceeds outside of probate, provide controlled distributions for heirs, or create liquidity to settle estate obligations. For those with significant life insurance coverage, an ILIT may help keep proceeds from being included in a taxable estate when properly executed and timed. The structure also supports targeted distribution strategies to address beneficiaries’ needs without leaving large sums directly payable to individuals who may face creditor claims or have difficulty managing large disbursements.
Another reason to choose an ILIT is the desire to protect proceeds for long term purposes such as education, ongoing care or multi-generational wealth preservation. The trust can provide mechanisms for staggered payments, income generation or restrictions that promote prudent use of funds. People with blended families or unique distribution preferences also benefit from the tailored control that an ILIT provides, allowing the grantor to specify precise instructions that reduce ambiguity and the risk of family disputes after a death.
Typical circumstances prompting consideration of an ILIT include substantial life insurance holdings, the need for estate liquidity, blended family dynamics or concerns about beneficiaries’ creditor exposure. An ILIT is also considered when wealth transfer goals require more control over timing and use of proceeds or when clients seek to separate policy proceeds from the probate estate. Another common trigger is coordination with retirement plans or business succession needs where immediate liquidity or protected legacy funds are desirable for heirs or business partners.
An ILIT can ensure that proceeds are distributed in a manner appropriate for minor children or dependents who may not be ready to manage a large lump sum. Trust terms can define ages or milestones for distributions, establish funds for education or healthcare, and appoint a trustee to oversee the stewardship of assets. This structured approach provides both immediate and long term support while protecting the funds from being quickly spent or exposed to creditors. Families often use ILITs to secure a financial path for young beneficiaries while preserving capital for future needs.
In cases where beneficiaries face potential creditor exposure, directing life insurance proceeds into an ILIT can add a layer of protection by controlling distributions rather than paying proceeds directly to individuals. The trust terms can limit distributions or require trustee discretion consistent with the grantor’s goals, which helps guard against loss from judgments or unpaid debts. This protective structure is useful for clients who want to preserve assets for heirs who may have unstable financial circumstances or professional liabilities that increase their risk of claims.
Clients with larger estates or those expecting estate tax exposure sometimes use ILITs to reduce the inclusion of policy proceeds in the taxable estate and to provide cash for estate settlement costs. The trust can furnish the liquidity needed to pay taxes, debts and administrative expenses without forcing the sale of other estate assets. Coordinating an ILIT with wills and other trusts creates a cohesive plan that addresses both tax planning and practical liquidity concerns, enabling heirs to retain property rather than selling assets to satisfy obligations.
We assist residents of Buttonwillow and Kern County in designing and implementing ILITs as part of a comprehensive estate plan. Our approach begins with a careful review of existing policies, estate documents and family objectives. We then recommend trust provisions, funding strategies and trustee arrangements that align with those goals while ensuring proper documentation and compliance with tax reporting requirements. Local families benefit from personalized service that considers California law and region-specific concerns, so the plan functions effectively when it is needed most.
Clients choose the Law Offices of Robert P. Bergman for straightforward guidance, careful drafting and a focus on practical results. We prioritize clear communication, explaining trust provisions and funding obligations so you understand the steps needed to create and maintain an ILIT. Our team coordinates with insurers and financial advisors to help implement the plan efficiently, preparing documentation for ownership transfers and annual gift administration where appropriate. The firm strives to deliver responsive service and a plan tailored to your family’s needs and objectives.
When working with clients we emphasize planning that anticipates future needs and minimizes administrative surprises. We prepare trust documents with attention to detail, ensure trustees have the information needed to carry out duties, and assist with required notices and recordkeeping. Our goal is to help clients create a durable plan that supports beneficiaries and integrates with other estate documents. We also provide ongoing review and recommendations when family circumstances change or when new legal or tax developments warrant adjustments.
From an initial consultation through trust funding and administration, our office aims to make the ILIT process clear and manageable. We explain funding options, help evaluate whether to transfer an existing policy or issue a new one in the trust’s name, and coordinate the steps needed to implement the strategy. Clear documentation, careful timing, and accurate gift filings are central to making the plan work as intended, and we assist clients at each stage to ensure compliance and clarity for all parties involved.
Our ILIT process begins with a comprehensive review of your estate plan and life insurance policies to determine objectives and identify the most effective structure. We explain the legal and administrative steps, draft the trust document to reflect your wishes, and coordinate with the insurance company to change ownership or issue a policy in the trust’s name. The firm prepares necessary gift documentation and offers guidance on annual funding arrangements and notice procedures so the trust will operate properly and in harmony with other estate planning documents.
During the initial assessment we gather information about policy values, existing estate documents and family objectives to design a trust that meets your needs. This stage involves discussing funding strategies, trustee selection and potential tax issues so the plan aligns with your goals. We also evaluate whether transferring an existing policy is appropriate or whether a new policy should be issued in the trust’s name. The purpose of this step is to create a clear, implementable plan tailored to the client’s financial and family circumstances.
We review life insurance contracts, beneficiary designations and related estate documents to determine the best path for trust funding and ownership transfer. This review identifies any clauses or restrictions affecting transfer, assesses insurability concerns, and highlights coordination needs with other estate instruments. The assessment helps clarify whether premiums will be paid from personal funds, annual gifts to the trust or other funding sources. Careful document review minimizes surprises during implementation and ensures the trust can accept the policy as intended.
Trust design focuses on specifying distribution rules, naming trustees and outlining administrative responsibilities. We discuss choosing a trustee who can manage premiums, maintain records and administer benefits fairly. The trust document includes provisions for notices, withdrawal rights if using Crummey powers, and procedures for handling claims and distributions. Selecting an appropriate trustee and clear drafting of trust terms establishes a practical framework for carrying out your wishes and meeting beneficiaries’ needs in a reliable manner.
After the design phase we prepare the trust document and execute the necessary paperwork to effect ownership transfer or to issue a new policy in the trust’s name. Funding the trust may involve annual exclusion gifts to cover premiums or other transfer mechanisms, and we document these steps carefully for tax purposes. The firm assists with any required notices to beneficiaries and coordinates with insurers to ensure ownership and beneficiary designations properly reflect the trust structure, reducing the risk of unintended inclusion of proceeds in the estate.
Execution includes signing the trust document, obtaining necessary consents, and filing any related forms with the insurance company to change policy ownership and beneficiary designations. We liaise with the carrier to confirm the trust will be recognized and to ensure proper tracking of premium payments. This coordination helps prevent administrative lapses that could jeopardize the intended benefits. Clear communication with the insurer ensures the trust is set up to receive proceeds directly and that administrative requirements are understood by trustees.
If premiums are paid through annual gifts, the trustee and grantor must coordinate notice procedures and recordkeeping to document present interest gifts under the annual exclusion. The firm assists in preparing sample notice language and maintaining records of gifts and premium payments. Regular maintenance includes reviewing policy status, providing beneficiary notices when appropriate and updating associated estate documents. Ongoing attention prevents lapses in coverage and maintains the trust’s intended tax and distribution benefits for beneficiaries.
When a death occurs the trustee files a claim with the insurance company and manages the receipt and distribution of proceeds according to the trust terms. Trustees handle tax filings, beneficiary communications and distributions while preserving accurate accounting for heirs. The trust document guides how funds are used, whether for immediate liquidity, income generation or staggered distributions. Our office assists trustees during administration, ensuring compliance with the trust provisions and helping resolve any claims or questions that arise during the settlement process.
The trustee’s first tasks include filing proof of death with the insurer and obtaining the proceeds payable to the trust. Once funds are received, the trustee follows the trust’s distribution scheme, arranges any necessary investments and maintains records of transactions. Trustees should also secure documentation that supports tax and accounting requirements. We provide guidance to trustees on best practices for managing proceeds prudently and distributing funds as directed, including preparing any required tax filings or beneficiary accountings.
After distributions are complete, the trustee prepares a final accounting and wraps up trust administration according to the trust timeline and terms. This may include closing trust accounts, transferring remaining assets and delivering formal reports to beneficiaries. Proper closing ensures beneficiaries receive required information and that the trustee completes duties in a transparent manner. Our firm assists with final accounting and dispute resolution if necessary, helping bring the administration to a timely and orderly conclusion consistent with the grantor’s intentions.
An Irrevocable Life Insurance Trust is a trust that owns and is beneficiary of a life insurance policy, designed to keep policy proceeds outside of the insured’s probate estate when properly executed and funded. The trust’s terms dictate how proceeds are distributed, providing a legal vehicle to control timing and use of funds. Because the trust owns the policy, the insured typically gives up direct ownership rights, and the trustee administers the policy and handles distributions according to the trust language. People use an ILIT to accomplish goals such as providing liquidity to pay estate expenses, preserving proceeds for heirs, and limiting direct access by beneficiaries until conditions set by the grantor are met. The trust requires careful setup, including coordination with the insurer and clear documentation of premium funding, and should be designed with attention to applicable tax rules and notice procedures to beneficiaries when needed.
An ILIT can reduce the potential inclusion of life insurance proceeds in the grantor’s taxable estate when ownership is transferred and the trust is properly structured and timed. In California, where federal estate tax rules apply at the federal level and state-level estate tax is generally not levied, removing large life insurance proceeds from the probate estate can still help manage federal estate tax exposure for estates that meet applicable thresholds. Proper timing, such as a three-year rule for certain transfers, must be considered to avoid unintended inclusion in the estate. Tax outcomes depend on individual circumstances and careful administration, including accurate gift reporting and compliance with annual exclusion rules when premiums are funded via gifts. Consulting with legal and tax advisors ensures that the ILIT is implemented in a manner consistent with current tax law and that documentation supports the intended tax position. Regular review helps maintain alignment with changing rules and family circumstances.
Transferring an existing life insurance policy into an ILIT is a common approach, but it requires close attention to carrier requirements and tax considerations. When ownership is changed, the insurer must accept the transfer and record the trust as the owner and beneficiary. The grantor should confirm there are no policy restrictions and should understand how the transfer may affect insurability and premium responsibilities. Some transfers can trigger gift tax reporting or be subject to time-based rules that may affect estate inclusion. An alternative is to issue a new policy directly owned by the trust, which avoids some transfer complications but requires underwriting and possible additional premium cost. We help clients weigh the pros and cons of transferring an existing policy versus initiating a new trust-owned policy, considering the client’s health, policy terms and overall financial plan.
Selecting a trustee involves balancing trustworthiness, availability and familiarity with administrative duties like recordkeeping and communicating with insurers. Trustees can be family members, trusted friends, financial institutions or a trusted attorney, depending on the family’s needs. The chosen trustee should be capable of managing premium payments, maintaining meticulous records and following the trust’s distribution instructions. An independent trustee can provide objective decision-making when family dynamics are sensitive. Where specialized administration is expected, some clients appoint co-trustees or name successor trustees to ensure continuity. It is important to discuss trustee compensation, if any, and expectations in the trust document. Clear instructions and backup trustee provisions help ensure reliable administration over time, and we assist clients in drafting trustee provisions that reflect their governance preferences.
Once a life insurance policy is owned by an ILIT, premiums can be paid by the trust itself or by gifts from the grantor to the trust that the trustee then uses to pay premiums. Many grantors use annual gift exclusion amounts to fund the trust’s premium obligations, often with Crummey notices to beneficiaries to qualify the gifts as present interest contributions. Proper recordkeeping and timely notices support the intended tax treatment and help prevent coverage lapses. Other funding options include larger taxable gifts, trustee investment income, or designated family contributions, each of which carries different tax and administrative implications. It is important to document the chosen funding method and maintain records of gifts and premium payments so the trust remains properly funded and compliant with reporting obligations.
Crummey powers are limited withdrawal rights given to beneficiaries for a short period after a gift to the trust so that the gift qualifies as a present interest and can utilize the annual gift tax exclusion. Practically, beneficiaries receive written notice informing them of their brief ability to withdraw the gift, even if they typically choose not to do so. The trustee must track notices and document any exercise or waiver of withdrawal rights to support the tax treatment of the gifts. These powers are commonly used with ILITs when premiums are funded through annual exclusion gifts. While administratively straightforward, Crummey notices must be handled consistently and recorded carefully. We advise clients on the format and timing of notices and maintain records that support the annual exclusion designation for gifts to the trust.
An ILIT can provide a measure of protection against beneficiaries’ creditors by controlling how and when distributions occur rather than paying proceeds directly to individuals. If structured and administered correctly, a trust may limit immediate creditor access to funds by reserving distribution discretion or scheduling staggered payments. This approach helps protect assets intended for long term support rather than immediate, unrestricted use by beneficiaries who might have outstanding liabilities. However, trust protection varies based on the type of creditor claim, timing of distributions and applicable law, so it is not an absolute guarantee against every claim. Careful drafting, prudent trustee practices and timely administration are necessary to maximize protective benefits. We evaluate the particulars of each family’s risk profile and design trust terms intended to address likely creditor exposure.
An ILIT can be tailored to provide for minor children or family members with special needs by specifying distribution schedules, permitted uses and trustee discretion to address ongoing care. For minors, the trust can define ages or milestones for distributions and allocate funds for education, support and healthcare. This structure keeps proceeds available for long term needs and protects assets from being mismanaged while beneficiaries are young. For beneficiaries with special needs, the trust can be drafted to avoid disqualifying government benefits while supplementing support. Although some careful drafting is necessary to preserve benefit eligibility, the ILIT can be coordinated with special needs planning tools to provide both financial security and benefit protection. We help clients integrate ILIT provisions with special needs considerations when appropriate.
The timing for administering an ILIT after the insured’s death varies based on the trust terms, insurer processing and any necessary tax filings. The trustee usually files a claim with the insurer, which can take several weeks to process, after which proceeds are distributed according to the trust document. Trustees must also complete any required accounting, pay debts or taxes if applicable, and provide distributions as the trust directs. The process can range from a few weeks to several months, depending on complexity and whether disputes arise. Proper preparation by the trustee prior to a claim, including keeping updated trust records and clear instructions, helps speed administration. When complexities exist—such as multiple beneficiaries, tax issues or contested distributions—the timeline may extend. Our firm supports trustees through the process to facilitate efficient handling and to address any issues that may slow distribution.
For an initial ILIT consultation bring copies of life insurance policies, current beneficiary designations, wills, trust documents and any relevant financial statements. Providing a clear picture of your existing estate documents and policy details allows us to evaluate whether an ILIT makes sense and how best to implement it. Information about current premiums, policy types and values helps determine funding strategies and whether transferring existing coverage or issuing new trust-owned policies is advisable. Also be prepared to discuss family structure, intended beneficiaries and long term objectives for proceeds so the trust can be aligned with your goals. Questions about trustee selection, funding capabilities and potential tax considerations help shape an appropriate plan. With this information we can propose a tailored approach and outline the steps necessary to create and fund an ILIT that meets your needs.
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