An Irrevocable Life Insurance Trust (ILIT) can be an effective part of a comprehensive estate plan for individuals in Maricopa and across Kern County. This page explains how an ILIT works, who typically benefits, and what to consider when integrating life insurance policies with trust planning. We outline the role the trust plays in managing death benefits, protecting assets from certain taxes, and ensuring proceeds are distributed according to your intentions. If you are evaluating estate strategies that include life insurance, this guide provides clear, practical information to help you make informed decisions for your family and beneficiaries.
Choosing the right structure for life insurance within an estate plan requires careful consideration of timing, ownership, and beneficiary designations. An ILIT removes the policy proceeds from your taxable estate in many situations and can provide liquidity to pay expenses, equalize inheritances, or support ongoing financial needs of heirs. This page covers common questions people have about funding an ILIT, naming trustees and beneficiaries, and how the trust interacts with other estate planning documents. We describe potential advantages and tradeoffs so you can weigh whether an ILIT aligns with your long-term plans and family circumstances.
An ILIT matters because it provides a structured way to hold life insurance outside of an individual’s taxable estate, potentially reducing estate tax exposure and simplifying administration after death. Beyond tax considerations, the trust grants control over how proceeds are used, allowing instructions for distributions, asset protection for vulnerable beneficiaries, and management of funds for minors or those with special needs. An ILIT also creates liquidity to cover estate settlement costs without requiring the sale of other assets. Understanding these benefits helps homeowners and families in Maricopa plan for a smoother transition when a policyholder passes away.
Law Offices of Robert P. Bergman helps clients throughout California develop estate plans that reflect their values and practical needs. Our approach emphasizes clear communication, careful drafting, and coordination with existing financial arrangements such as retirement accounts and insurance policies. When creating an ILIT, we work to ensure the trust document, funding mechanism, and beneficiary designations align with your objectives. We prioritize practical solutions that reduce complexity for survivors and preserve family wealth in a way that honors your wishes and provides stability for the people you care about.
An Irrevocable Life Insurance Trust is a legal arrangement where a person transfers ownership of a life insurance policy into a trust that cannot be revoked. Once the policy is placed into the trust, control over the policy and the death benefit shifts according to the trust terms. The trust is administered by a trustee who follows your written instructions for distributing proceeds to named beneficiaries. Because the policy is no longer in the insured’s ownership, the proceeds generally are not counted toward the insured’s taxable estate, provided certain timing and transfer rules are satisfied under federal and state law.
Funding and maintaining an ILIT requires careful attention to details like premium payments, gift tax considerations, and the trust’s terms for distribution. The trust typically receives gifts to cover ongoing premiums, and the trustee is responsible for making payments and managing the policy. Proper drafting can avoid unintended tax consequences and ensure benefits are distributed according to your goals, whether that means providing income to a surviving spouse, establishing trust distributions for heirs, or creating conditions that protect assets for future generations. Planning ahead reduces the risk of disputes and administrative complications.
An ILIT is a trust created to own and control one or more life insurance policies. The trust document names a trustee to hold the policy, collect proceeds after the insured’s death, and make distributions in accordance with your instructions. The key feature is that the trust is irrevocable, meaning the grantor typically cannot unilaterally change the terms or reclaim the policy once it is transferred. This structure separates policy proceeds from the grantor’s estate for many tax and administrative purposes. Careful timing and precise legal language in the trust instrument are essential to achieve the intended outcomes.
Important elements include the trust document, trustee appointment, funding mechanism for premiums, beneficiary designations, and administration procedures for receiving and distributing proceeds. The trust should specify who may act as trustee, how gifts for premiums are handled, and the conditions under which distributions occur. The trustee must document payments, manage the policy, and provide accountings as required by the trust. Coordination with other estate documents, like a pour-over will or power of attorney, helps ensure the ILIT functions as part of a cohesive plan and that assets flow according to your intentions after death.
Understanding common terms helps you read trust documents and discuss options with your advisor. This glossary covers definitions that frequently appear in ILIT planning, from grantor and trustee roles to terms regarding premium gifts and policy ownership. Familiarity with these concepts lets you ask focused questions about how the trust will operate and what steps are required to fund and maintain it. Clear definitions also reduce the chance of misunderstandings between family members and the trustee when the policy proceeds are distributed.
The grantor is the person who creates the trust and transfers the life insurance policy into it. The grantor outlines the trust’s terms, selects beneficiaries, and names a trustee to oversee the trust. Once the trust is irrevocable, the grantor generally cannot change the terms or reclaim the policy, so careful planning and legal review are important before funding the ILIT. The grantor may continue to have indirect involvement, such as making gifts to the trust to cover premiums, but the legal ownership of the policy rests with the trust and its designated trustee.
The trustee is the individual or entity appointed to manage the trust’s assets, including paying policy premiums, maintaining records, and distributing the death benefit according to the trust terms. The trustee has fiduciary duties to act in the beneficiaries’ best interests and to follow the trust document’s instructions. Selecting a trustee who can handle administrative responsibilities and who understands the trust’s purpose is important. The trustee’s actions at the time of the insured’s death determine how quickly and efficiently proceeds reach beneficiaries and how well the trust’s goals are carried out.
A beneficiary is a person or entity designated to receive benefits from the trust when the life insurance policy pays out. Trust terms can specify outright distributions, structured payments, or conditional distributions based on age, education, or other criteria. Naming beneficiaries through the trust, rather than directly on the policy, allows for more control over timing and use of funds. Beneficiaries may include family members, charities, or other entities, and the trust can provide protections to ensure proceeds are used in ways the grantor intended.
Premium funding refers to the process of providing money to the trust so it can pay insurance premiums. The grantor typically makes gifts to the trust for this purpose. Properly documenting these gifts and following applicable tax rules is important to avoid unintended consequences. Some ILITs use annual exclusion gifts to fund premiums, while others may require larger transfers. The trust document should outline how premium payments are handled and how the trustee should manage contributions to ensure the policy remains in force and the trust maintains its intended status.
When weighing an ILIT against other options, consider factors like tax objectives, control over proceeds, administrative complexity, and family circumstances. Alternatives such as keeping the policy within the estate, naming beneficiaries directly, or using different trust structures each have advantages and tradeoffs. An ILIT offers control and potential estate tax benefits but requires irrevocability and ongoing administration. Assessing these differences helps you determine whether the ILIT aligns with your goals or whether supplemental or alternative planning tools would better serve your needs and provide the right balance of flexibility and protection.
A limited approach can be appropriate when the size of the estate and the amount of life insurance do not create significant estate tax exposure or administrative burdens. For individuals with modest assets or policies intended primarily to cover funeral expenses and immediate debts, designating beneficiaries directly on the policy may provide the necessary liquidity without the complexity of a trust. This route reduces ongoing administrative requirements. However, even in smaller estates it is important to review beneficiary designations and coordinate them with other estate planning documents to avoid unintended results and potential conflicts among heirs.
If your distribution goals are straightforward and beneficiaries are all capable of managing a lump-sum payment responsibly, a limited approach may suffice. Direct beneficiary designations allow proceeds to pass quickly to heirs without trust administration. This simplicity can be beneficial when there is mutual trust among family members and no anticipated creditor or tax complications. Even so, reviewing how proceeds interact with other estate elements such as wills and retirement accounts ensures the overall plan aligns with your objectives and does not create inadvertent gaps or overlaps in intended distributions.
A comprehensive approach is often necessary when family dynamics, blended families, or complex financial holdings increase the risk of disputes, unintended disinheritance, or inefficient transfers. An ILIT can be part of a broader strategy that addresses creditor protection, retirement plan coordination, and legacy objectives. Detailed planning helps ensure life insurance proceeds complement other assets and that trust terms reflect your intentions for long-term management. In these scenarios, thorough drafting, funding strategies, and clear instructions are important to reduce uncertainty and provide a roadmap for trustees and beneficiaries.
When potential estate tax exposure or liquidity needs are significant, a comprehensive plan that includes an ILIT can help manage tax consequences and ease the settlement process. Proper structure and timing of transfers to the trust, along with coordination with retirement accounts and other assets, may reduce complications for survivors. Trustees can be given instructions to use proceeds for tax payments, debts, or equalizing distributions among heirs. Thoughtful planning in advance decreases the administrative burden on family members and helps preserve value for intended beneficiaries.
A comprehensive approach considers the ILIT alongside wills, powers of attorney, advance health care directives, and beneficiary designations. This coordination ensures assets transfer smoothly and according to your directions, while minimizing the potential for conflict and avoidable taxes. By aligning an ILIT with other documents, you can set clear expectations for how proceeds should be used, who manages funds, and how distributions support long-term family needs. Holistic planning addresses contingencies and provides a cohesive strategy that takes into account both legal and practical concerns for survivors.
Comprehensive planning also allows for tailored solutions, such as funding trusts to cover premium payments or structuring distributions to support education, healthcare, or ongoing living expenses for beneficiaries. This level of planning gives flexibility in how benefits are deployed and provides protections for beneficiaries who may be young or vulnerable. It also creates continuity between financial accounts, retirement assets, and the trust, reducing administrative delays and helping ensure proceeds fulfill the grantor’s intended purpose with minimal disruption to family members following a loss.
Including an ILIT in an integrated plan can preserve estate value by separating life insurance proceeds from estate calculations in many cases, providing liquidity for final expenses, taxes, and debts without forcing the sale of other assets. This structure helps protect long-term investments, real estate, and family businesses that might otherwise need to be liquidated to cover immediate obligations. Clear trust instructions also reduce delays in access to funds, allowing trustees to act promptly to stabilize the estate and support beneficiaries during a difficult period.
A comprehensive plan using an ILIT allows the grantor to set conditions and schedules for distributions, helping ensure proceeds serve intended purposes such as education, healthcare, or ongoing support. Trust provisions can protect beneficiaries from creditors and poor financial decision-making, while allowing trustees to manage funds prudently. This control reduces the potential for disputes among heirs and helps maintain family stability. Properly drafted provisions balance protection with flexibility so beneficiaries receive appropriate support while preserving the grantor’s preferences for use of the funds.
Before transferring a policy into an ILIT, review current ownership and beneficiary designations to ensure the transfer will achieve your intended outcomes. Confirm that policy assignments and beneficiary forms are consistent with the trust document so that the trust receives and controls the proceeds. Misaligned designations can create unintended results that undermine the trust’s purpose. Take time to document the timing of transfers and any premium gifts used to fund the trust, as accurate records help avoid disputes and ensure proper administration by the trustee when the policy pays out.
Selecting a trustee who can handle administrative tasks and manage funds responsibly is key to the ILIT’s long-term success. The trustee should be willing to maintain records, pay premiums, file claims, and communicate with beneficiaries. If a family member lacks time or financial management experience, consider a corporate or professional trustee to provide continuity and impartial administration. Clear instructions in the trust about trustee powers and reporting expectations help prevent misunderstandings and ensure the trust functions smoothly when it becomes active.
Families often consider an ILIT to provide liquidity at the time of death, preserve estate value, and control how life insurance proceeds are distributed. In households where there are valuable illiquid assets, business interests, or blended-family considerations, removing a policy from the estate and placing it into trust can address tax planning and distribution concerns. The trust structure offers a way to direct funds for specific purposes such as education or healthcare needs while protecting proceeds from certain creditors and providing a plan for orderly distribution that reflects the grantor’s intentions.
Other reasons include simplifying estate administration and avoiding probate delays when properly coordinated with other estate documents. An ILIT can make it easier for heirs to access funds for immediate needs without disrupting long-term holdings. It also supports the grantor’s desire for privacy, since trust distributions can be handled outside of public probate proceedings. For many families in Maricopa, these practical benefits combine to offer both peace of mind and a clear mechanism to support loved ones after the policyholder’s death.
An ILIT is commonly considered in circumstances where estate tax planning, asset protection, or structured distributions are priorities. Typical scenarios include owners of significant life insurance policies, individuals with complex asset mixes, people with beneficiaries who are minors or who may need oversight, and homeowners with illiquid assets that should not be sold to cover estate costs. The trust can also be useful for those who wish to gift premium funds while removing the policy proceeds from their estate. Each situation requires tailored drafting and attention to funding mechanics to achieve the desired outcomes.
When policy proceeds are likely to add substantially to an estate’s value, an ILIT can help manage potential estate tax implications by removing the death benefit from the grantor’s taxable estate under appropriate conditions. Careful timing of transfers and compliance with tax rules are necessary to realize this benefit. This planning is especially relevant for individuals with sizable life insurance policies intended to preserve family wealth, provide liquidity for taxes or debts, or ensure that business interests continue smoothly without forced sales to cover estate obligations.
When beneficiaries include minors, adults with special needs, or those who may require oversight, an ILIT allows the grantor to set terms that manage distributions over time and direct funds for specific uses. The trustee can be instructed to release funds gradually for education, healthcare, or living expenses rather than issuing a lump sum that might be imprudent. This approach can protect assets from creditors and provide ongoing financial support while preserving the long-term well-being of beneficiaries through structured trust administration.
When the estate includes a family business or significant retirement accounts, an ILIT can provide liquidity to address taxes, debts, or business succession needs without disrupting ongoing operations. The trust proceeds can be earmarked to stabilize cash flow, pay estate settlement costs, or equalize inheritances among family members involved in a business. Coordination with retirement planning and ownership transfers ensures the overall plan supports continuity for both family and business interests while meeting the grantor’s distribution objectives.
If you are considering an ILIT in Maricopa, our office can help you understand whether this tool fits your estate plan and how to implement it properly. We focus on practical planning that aligns with your family goals, financial circumstances, and timing needs. Our process includes reviewing current policies and beneficiary designations, advising on funding strategies, and drafting clear trust documents to reflect your intentions. We also coordinate with other estate documents so that the ILIT functions smoothly within your overall plan and reduces surprises for your heirs.
The firm brings years of experience working with California families on estate planning matters that include trusts, wills, and health care directives. Our approach combines careful drafting with plain-language explanations so clients understand the implications of transferring a life insurance policy into a trust. We emphasize documentation and practical steps to fund and maintain the ILIT, helping clients avoid common pitfalls and ensure the trust performs as intended. Clear communication and responsiveness are central to our client relationships throughout the planning process.
When creating an ILIT we focus on aligning the trust terms with your larger estate plan, including powers of attorney, pour-over wills, and any caregiving or guardianship nominations you have made. We coordinate the timing of transfers and premium funding to support the trust’s intended status and assist in selecting a trustee who can fulfill administrative duties effectively. Our goal is to reduce ambiguity and provide a dependable framework for trustees and beneficiaries during administration.
Clients working with our office receive clear guidance on trust operation, premium funding approaches, and reporting expectations for trustees. We help document transactions and prepare the trust to withstand scrutiny while keeping the focus on practical outcomes such as liquidity for expenses, protection for beneficiaries, and adherence to your wishes. Throughout the process we aim to make implementation as smooth as possible so families feel confident their arrangements will operate effectively when needed.
Our process begins with a thorough review of your current policies, financial profile, and estate planning goals. We assess whether an ILIT suits your objectives and explain funding options and tax implications. If you proceed, we draft the trust document, coordinate the transfer or issuance of the policy to the trust, and outline a premium funding plan. We also prepare any complementary documents, such as a pour-over will, powers of attorney, and advance health care directives, to ensure the ILIT integrates smoothly with your overall estate plan and administration procedures.
During the initial consultation we gather information about your insurance policies, assets, family structure, and planning priorities. We review existing documents, beneficiary designations, and policy ownership to identify issues that could affect the trust. This stage focuses on clarifying objectives, explaining options, and recommending a plan tailored to your needs. We discuss trustee selection and funding strategies so you understand the administrative responsibilities and ongoing steps needed to maintain the ILIT once it is established.
We examine policy types, ownership records, and beneficiary designations to determine whether transferring a policy into a trust is feasible and prudent. This review identifies any changes required to align the policy with the trust, such as assignments or new policy issuances where necessary. Understanding the current structure allows us to recommend the most efficient approach to fund and maintain the trust while meeting your objectives, minimizing delays, and avoiding potential tax or administrative pitfalls associated with improper transfers or mismatched designations.
We walk through premium funding options, including annual gifts and other funding mechanisms, and explain the documentation needed to support those transfers. This conversation covers potential tax implications and how to record gifts to the trust to ensure clarity for trustees and beneficiaries. Establishing a reliable funding plan reduces the risk of a policy lapse and helps trustees manage premium payments effectively. We tailor funding recommendations to your financial situation and future objectives so the trust remains operational and aligned with your estate plan.
Once we agree on the structure and funding approach, we prepare the trust document with clear instructions regarding trustee powers, distribution terms, and premium funding procedures. We coordinate execution to ensure the trust is properly signed and witnessed under California law. If a policy transfer is required, we assist with assignment paperwork or with applying for a new policy owned by the trust. We also prepare any supporting documents, such as notices to beneficiaries or coordination letters for financial institutions, to streamline future administration.
The drafted trust includes provisions for how proceeds will be managed and distributed, trustee powers, successor trustees, and reporting obligations. Instructions for premium funding and recordkeeping are set forth to guide trustees through the policy’s life cycle. Clear provisions help prevent disputes and ensure the trustee understands the grantor’s intent. We focus on language that provides flexibility for reasonable management while preserving the grantor’s goals for distribution and protection of funds for beneficiaries.
After execution of the trust, we assist with the formal transfer of an existing policy or the issuance of a new policy owned by the trust. This may involve completing assignment forms with the insurance company, updating records, and confirming the policy is properly titled in the trust’s name. Documentation of the transfer and any premium gifts is maintained to support the trust’s proper administration. We verify that the insurance carrier recognizes the trust as owner and beneficiary as intended.
After the ILIT is established, ongoing administration includes funding premiums, maintaining accurate records of gifts and payments, and keeping beneficiaries informed as appropriate. The trustee must ensure premiums are paid to keep the policy in force, preserve documentation of transactions, and provide accountings if required. Periodic reviews of the trust and policy are also advisable to confirm the arrangement continues to meet your needs and to adapt to any changes in tax law, financial circumstances, or family dynamics that could affect how the trust should operate.
Trust accounting requires documenting gifts to the trust, premium payments made by the trustee, and any distributions from trust assets. Maintaining clear records supports administrative transparency and helps trustees respond to beneficiary inquiries. Proper accounting also assists with tax reporting where relevant and demonstrates that the trust has been managed according to its terms. Trustees should regularly review the trust’s funding status and policy performance to ensure continuity and to make informed decisions about maintaining or adjusting the arrangement.
Periodic reviews ensure the ILIT remains aligned with your estate plan and life changes. Updates to wills, powers of attorney, or beneficiary designations may affect trust planning, and regular check-ins allow adjustments to reflect new circumstances. Coordination with financial advisors and other professionals helps address tax law changes, changes in family dynamics, or evolving financial goals. These reviews help maintain the trust’s effectiveness and ensure that trustees and beneficiaries have a clear framework to follow when the trust becomes active.
An Irrevocable Life Insurance Trust is a trust created to own life insurance policies and receive the proceeds when the insured dies. Because the trust is irrevocable, the policy is generally removed from the grantor’s estate, which can affect tax and administrative outcomes. The ILIT names a trustee to manage the policy, make premium payments from trust funds, and distribute proceeds to designated beneficiaries according to the trust terms. This contrasts with revocable trusts or beneficiary designations that may leave the policy within the grantor’s estate or provide less control over post-death distributions. Unlike some other trusts, an ILIT is purpose-built around life insurance ownership, premium funding, and post-death distribution instructions. It focuses on liquidity and distribution control rather than broader asset management, although it can be coordinated with other trusts and estate documents. The trustee has specific duties related to the insurance policy and must follow the trust’s instructions to ensure proceeds serve the grantor’s intended purposes, such as support for beneficiaries or payment of estate obligations.
Moving a life insurance policy into an ILIT can reduce estate tax exposure because the death benefit may not be included in the grantor’s taxable estate if the transfer and timing rules are properly followed. This separation often provides tax planning benefits for larger estates. However, achieving this outcome requires careful attention to transfer timing and to how premiums are funded, since improper transfers or retained incidents of ownership can cause the proceeds to remain taxable to the estate. State-specific considerations and federal tax rules may affect the ultimate outcome, and changes in laws can influence planning choices. It is important to document transfers clearly, maintain accurate records of gifts used for premiums, and coordinate the ILIT with the rest of your plan to ensure the intended tax treatment is achieved and the trust functions as designed.
Once a policy is owned by an ILIT, premiums are typically paid by the trustee using gifts made to the trust by the grantor or other contributors. The trust document should outline how gifts are to be accepted and used for premium payments. A common method is for the grantor to make annual gifts to the trust within the federal annual gift tax exclusion amount, along with documentation, to fund the trustee’s premium obligations and maintain the policy in force. Clear recordkeeping of gifts and premium payments is essential. The trustee should document receipt of gifts, payment of premiums, and any communications with the insurance company. Consistent funding avoids policy lapses and helps maintain the trust’s intended status, while accurate records reduce the risk of disputes and support proper administration when the policy pays out.
The trustee should be someone or an entity you trust to handle administrative duties responsibly and impartially. Options include a reliable family member, a trusted friend, a corporate trustee, or a professional fiduciary. The chosen trustee must be willing and able to manage premium payments, maintain records, and communicate with beneficiaries as required by the trust. Consider the trustee’s availability, financial acumen, and potential conflicts of interest when making the selection. Naming successor trustees in the trust document provides continuity if the initial trustee becomes unable or unwilling to serve. In some cases, families choose a co-trustee arrangement or name a corporate trustee to provide stability and impartial management. Clear authority and reporting expectations in the trust help trustees fulfill their duties and reduce the likelihood of misunderstandings or disputes among beneficiaries.
When the insured dies, the insurance company pays the policy proceeds to the trust as the policy owner or beneficiary. The trustee then administers the funds according to the trust’s distribution instructions, which may include immediate payouts, staggered distributions, or payments for specific purposes like education or healthcare. The trust provides a mechanism to manage and protect proceeds while fulfilling the grantor’s directions for beneficiaries. The trustee also handles necessary administrative tasks such as filing claims with the insurer, obtaining death certificates, and managing any tax or estate needs related to the proceeds. Efficient trustee actions and clear trust instructions can speed distributions and reduce disputes, providing timely support to beneficiaries while ensuring the trust resources are used in accordance with the grantor’s intent.
By definition, an ILIT is irrevocable, which means the grantor typically cannot unilaterally change the trust terms after it is executed and funded. This permanence is what enables many of the trust’s potential tax and control benefits. Because of the irrevocable nature, creating an ILIT requires careful advance planning and consideration of long-term implications before transferring a policy into the trust. There are limited circumstances under which modifications or decanting may be possible, depending on the trust’s language and applicable state law, or where all beneficiaries agree to changes. However, these approaches can be complex and require legal review. It is important to understand the long-term nature of an ILIT and to plan accordingly so the trust reflects your durable intentions for policy proceeds.
An ILIT should be coordinated with a pour-over will and other estate documents to ensure assets flow as intended and to avoid contradictory instructions. A pour-over will funnels remaining probate assets into a trust established under the estate plan, while the ILIT handles life insurance proceeds separately. Ensuring consistency among documents prevents unintended outcomes and helps trustees and executors follow a unified plan for asset distribution and administration. Coordination also extends to powers of attorney and healthcare directives so that financial and medical decisions remain aligned with your broader wishes. Regular reviews of all estate documents ensure they reflect current circumstances and that the ILIT remains in harmony with your overall planning, reducing the risk of conflicts or administrative delays at the time of death.
Timing rules can affect whether policy proceeds are included in the grantor’s estate. For example, transfers of ownership made within a short period before death may be subject to lookback rules under federal law, which can cause the proceeds to be included in the estate. Careful timing and documentation of transfers and gifts for premiums are necessary to avoid unintended tax consequences and to ensure the trust achieves its intended status for estate planning purposes. Because tax and trust law can change, periodic reviews ensure the ILIT remains aligned with current rules and your objectives. Proper planning at the outset and adherence to timing and funding requirements minimize the risk of adverse tax treatment and support a smooth transition for beneficiaries when the policy pays out.
Common mistakes include failing to coordinate beneficiary designations and policy ownership with the trust, inadequate documentation of premium gifts, and selecting a trustee without considering administrative capacity. Omitting clear instructions for premium funding can lead to policy lapse, undermining the trust’s purpose. Policies transferred without proper assignments or with retained incidents of ownership can result in proceeds being included in the estate, negating the anticipated benefits. Another frequent error is not updating the ILIT and related documents to reflect changes in family circumstances or financial goals. Periodic review and clear communication among family members and trustees can prevent disputes and ensure the trust performs as expected. Attention to detail in documentation and funding is key to avoid these common pitfalls.
To begin creating an ILIT, gather copies of existing life insurance policies, beneficiary designations, and your current estate planning documents. Consider your objectives for the policy proceeds, who you want to benefit, and any specific conditions you wish to attach to distributions. This preparation helps clarify the trust’s purpose and informs decisions about trustee selection and funding mechanisms. Next, arrange a consultation to review your situation and outline options for structuring, funding, and administering the trust. The process typically includes drafting the trust document, coordinating policy transfers or issuance, and setting up a funding plan for premiums. Clear documentation and a coordinated approach with other estate planning steps help ensure the ILIT operates as intended.
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