An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of an estate plan for residents of North Edwards and surrounding Kern County. At the Law Offices of Robert P. Bergman, we help families understand how placing a life insurance policy into an ILIT can remove the death benefit from the insured’s taxable estate, provide liquidity to pay final expenses and taxes, and preserve wealth for beneficiaries. This introductory overview explains the purpose of an ILIT, how it is typically funded, and the general benefits that families often seek when considering this trust vehicle in California estate planning.
Deciding whether an ILIT is appropriate depends on family circumstances, asset composition, and long-term goals for succession and care. An ILIT requires careful drafting to address funding, trustee authority, beneficiary distributions, and the timing of transfers to avoid unintended tax consequences. Many clients appreciate the clarity an ILIT provides for handling life insurance proceeds, especially when real property, business interests, or retirement accounts are part of the estate. This section sets the stage for deeper discussions about how an ILIT works, how it coordinates with wills, living trusts, and powers of attorney, and what to expect during implementation and administration.
An ILIT plays a distinctive role by separating life insurance proceeds from the insured’s probate estate, which can reduce estate tax exposure, protect proceeds from creditor claims, and ensure that funds are available where and when beneficiaries need them. Setting up an ILIT also allows for tailored distribution terms, such as staging payments for younger heirs, funding long-term care, or preserving assets for a surviving spouse without adding them to that spouse’s taxable estate. When drafted with care, an ILIT provides liquidity to cover debts, taxes, and expenses while preserving other estate assets for continued family benefit and continuity.
The Law Offices of Robert P. Bergman provides estate planning services tailored to families across California, including clients in North Edwards and Kern County. Our approach emphasizes clear communication, practical solutions, and personalized documents that fit each family’s circumstances. We assist with drafting ILITs, coordinating them with living trusts and wills, preparing powers of attorney and health care directives, and guiding clients through funding and administration. With a focus on reliable legal guidance and responsive client service, our firm strives to make the estate planning process straightforward and durable for generations.
An Irrevocable Life Insurance Trust is created when a trust is drafted to own and control one or more life insurance policies. The trust becomes the policyowner and beneficiary, while an appointed trustee manages the policy and proceeds according to trust terms. Because the insured no longer owns the policy, the death benefit is typically excluded from the insured’s estate for estate tax purposes, subject to certain timing rules. Establishing and funding the trust properly, including the transfer of an existing policy or arranging new policy ownership, requires care to avoid income and gift tax pitfalls and to ensure the trustee has clear authority to act.
Creation and funding steps include drafting the trust document, naming trustees and beneficiaries, and transferring ownership of an existing policy or purchasing a new policy in the trust’s name. If ownership is changed shortly before death, special lookback rules may still bring the proceeds into the taxable estate, so timing and coordination are important. Trustees are responsible for premium payments, reporting to beneficiaries, and distributing proceeds under the trust’s terms. With careful planning, an ILIT can be an effective way to protect the value of life insurance proceeds and align distributions with a family’s long-term intentions.
An ILIT is a trust designed specifically to hold life insurance policies outside of the insured’s probate estate. Unlike a revocable living trust, which the grantor can change or revoke during their lifetime, an ILIT is irrevocable once signed and funded, which is what enables the potential estate tax and creditor protections. The trust document sets out trustee powers, beneficiary instructions, rules for premium payments, and distribution terms. Because the trust is irrevocable, the grantor typically gives up direct control over the policy, but the tradeoff can be significant estate planning benefits when aligned with overall family objectives and tax planning strategies.
Key elements of an ILIT include the trust instrument, named trustee, identified beneficiaries, instructions for premium payment, and clearly defined distribution provisions. Administrative steps involve transferring an existing policy or purchasing a new one in the trust’s name, ensuring premium funding either through gifts to the trust or trustee authority to seek funds, and documenting transfers to support tax positions. Trustees must keep accurate records, handle notifications to beneficiaries, and manage distributions according to the trust terms. Proper attention to these elements helps the ILIT achieve its intended estate planning and asset protection goals.
Familiarity with a few technical terms can make it easier to understand how an ILIT operates and how it interacts with your broader plan. Concepts such as grantor, trustee, beneficiary, premium funding, gift tax rules, and estate inclusion tests are commonly referenced during ILIT planning. This section defines several of the most relevant terms and provides practical context to help clients evaluate whether an ILIT is appropriate. Clear definitions help reduce confusion during the drafting and funding stages and support informed discussions about trustee selection, beneficiary protections, and timing of transfers.
The grantor is the person who creates the trust and transfers assets into it. In the context of an ILIT, the grantor typically arranges for a life insurance policy to be owned by the trust. Once the trust is signed and property is transferred, the grantor generally cannot unilaterally change the trust terms. The grantor’s decisions about trustee selection, trust powers, and funding approach shape how the ILIT operates and how insurance proceeds will be managed and distributed for the benefit of named beneficiaries after the insured’s death.
The trustee is the individual or entity charged with administering the trust in accordance with its terms. Duties include maintaining the insurance policy, paying premiums, keeping records, reporting to beneficiaries, and distributing funds when conditions are met. Trustees have a fiduciary duty to manage the trust prudently and in the interests of beneficiaries. Selecting a trustee who understands fiduciary responsibilities and who will follow the grantor’s intent is a key decision when creating an ILIT, as the trustee’s actions directly affect how proceeds are used and protected.
Premium funding refers to the mechanism by which the trust pays policy premiums. Often, the grantor makes annual gifts to the trust intended to cover premiums, which the trustee then applies to the policy. Gifts may be structured to take advantage of annual gift tax exclusions or other allowances. Proper documentation of gifts and the trustee’s use of funds is important to maintain the intended tax treatment and to support the trust’s administration. Clear funding arrangements help ensure the policy remains in force and the trust performs as planned.
Certain transfers and ownership changes may be subject to estate inclusion rules if the insured retains incidents of ownership or transfers the policy within a specified lookback period before death. These rules can bring the policy proceeds back into the insured’s taxable estate unless properly structured. Understanding the lookback period, ownership transfer timing, and related reporting obligations is vital to securing the intended estate and tax benefits of an ILIT. Legal and tax guidance helps clients navigate these nuances to avoid unintended consequences.
When considering how to handle life insurance in an estate plan, clients may choose a limited approach focused solely on policy ownership transfer, or a comprehensive strategy that integrates the ILIT with other estate planning tools. A limited approach may be quicker and less costly initially, but it may leave gaps in creditor protection, tax planning, or distribution control. A comprehensive approach evaluates all assets, beneficiary needs, and tax considerations to create a cohesive plan that includes wills, living trusts, powers of attorney, health care directives, and potentially multiple trust vehicles that work together to achieve long-term objectives.
A limited approach may be appropriate when the goal is to quickly remove a policy from an estate or to clarify beneficiary designations without creating extensive new documents. For example, if an estate is modest and the primary concern is ensuring proceeds go directly to a spouse or designated heir, transferring policy ownership or updating beneficiary designations can be effective. This approach tends to involve fewer moving parts and may be a practical first step for families who want to address a single, well-defined issue while deferring broader planning decisions until later.
If the primary objective is to guarantee liquidity for funeral costs, outstanding debts, or immediate family needs, a limited transfer or beneficiary update can be a pragmatic choice. This route works when beneficiaries are clear, tax exposure is minimal, and there is no need for staged distributions or asset protection. It can also serve as a temporary measure while clients consider whether a more structured trust arrangement such as an ILIT makes sense for longer-term wealth transfer and estate tax planning.
A comprehensive planning approach is often necessary when an estate includes a mix of real estate, retirement accounts, business interests, and life insurance. Coordinating an ILIT with revocable living trusts, wills, and beneficiary designations helps ensure that life insurance proceeds serve intended objectives without disrupting other parts of the estate plan. This approach allows for coordinated tax planning, smoother administration, and protection of assets from potential creditor claims. When multiple documents interact, careful drafting prevents conflicting instructions and supports a coherent distribution strategy.
Families often choose a comprehensive approach to address the needs of younger beneficiaries, individuals with disabilities, or heirs who may face creditor or divorce exposure. An ILIT can be structured to provide staged distributions, retention provisions, or incentives tied to milestones while preserving funds for future generations. By combining the ILIT with other trusts like special needs trusts or spendthrift provisions, a comprehensive plan balances flexibility and protection for beneficiaries, ensuring that life insurance proceeds are used in ways that align with family goals and long-term financial stability.
Coordinating an ILIT with other estate planning tools offers several benefits, including improved tax planning, enhanced asset protection, and more predictable distribution outcomes. Integrating the ILIT with a revocable living trust and a durable power of attorney ensures that life insurance proceeds complement other estate assets, providing liquidity without unnecessarily expanding a taxable estate. A cohesive plan also reduces the potential for probate delays, clarifies trustee and executor responsibilities, and supports long-term wealth preservation through thoughtful drafting and beneficiary arrangements.
Another advantage of a coordinated approach is the ability to tailor distributions to family dynamics and changing circumstances over time. Comprehensive planning enables provisions for contingencies such as incapacity, remarriage, or the need for ongoing care. Clear instructions in multiple documents make the administration smoother for trustees and family members, minimizing conflict and uncertainty. For many families, the combined protections and planning flexibility offered by a comprehensive approach provide peace of mind and a structured path for carrying out the grantor’s intentions.
One of the primary benefits of an ILIT in a wider estate plan is the potential to limit estate tax exposure by keeping life insurance proceeds out of the insured’s taxable estate. Additionally, properly structured trusts can offer protections from beneficiary creditors, judgments, and certain claims, depending on applicable law. When combined with other planning measures, an ILIT can preserve value for intended heirs and reduce the likelihood that life insurance proceeds will be diverted by unexpected financial obligations or legal claims against a beneficiary.
An ILIT allows the grantor to specify detailed distribution rules that reflect family priorities, such as staggered payments, educational funding, or conditions for trust termination. By setting precise terms for trustee discretion, distribution timing, and successor trustee appointments, an ILIT helps ensure that policy proceeds serve intended needs across generations. This control supports orderly wealth transfer and reduces the chance of impulsive or unplanned depletion of assets, while also enabling trustees to manage funds consistent with the grantor’s objectives and beneficiaries’ long-term welfare.
When establishing an ILIT, be explicit about how premiums will be paid and documented to ensure the policy remains in force. Create a routine for annual or monthly gifts to the trust, if the grantor will be the source of premium funding, and use clear records that show transfers and trustee expenditures. Well-documented funding reduces ambiguity for trustees and beneficiaries and supports the intended tax treatment of gifts and transfers. This proactive approach minimizes administrative friction and helps ensure the trust accomplishes its purpose over time.
An ILIT should not operate in isolation. Coordinate it with wills, living trusts, beneficiary designations, and powers of attorney to ensure consistent instructions across documents. Review how the ILIT affects estate liquidity needs, tax planning, and family legacy goals. Periodically revisit the trust to account for life changes such as births, deaths, divorces, or changes in assets. Regular reviews keep the ILIT aligned with your broader objectives and help avoid conflicts between trust terms and other estate planning documents.
Consider an ILIT if you want to ensure that life insurance proceeds are managed outside of probate, preserved for beneficiaries, and used in specific ways that reflect your family’s needs. An ILIT can provide liquidity for estate settlement, protect proceeds from creditors, and facilitate generational planning. It is also a useful tool when combined with other trusts to address challenges like beneficiary incapacity or exposure to divorce or creditor claims. Families with significant life insurance holdings, complex assets, or specialized distribution goals often benefit from the structure and protections an ILIT can provide when properly implemented.
An ILIT may also be advisable when tax planning is a priority and when timing allows for transfers that avoid lookback inclusion rules. It helps preserve other estate assets for long-term family goals by providing dedicated liquidity for taxes and expenses. In households where a surviving spouse, minor children, or family members with special needs require careful financial oversight, an ILIT’s distribution controls can deliver stability and predictability. Careful consultation helps determine whether an ILIT is the right tool given your assets, family structure, and timing considerations.
Clients often consider an ILIT when life insurance proceeds must be protected from estate inclusion, creditor claims, or unintended beneficiary access. Typical scenarios include estates with substantial nonliquid assets that need life insurance liquidity, blended families where distribution rules must be carefully defined, business owners seeking to preserve enterprise value, and families that want to provide long-term support for minors or family members with special needs. The ILIT can be tailored to address each scenario, helping ensure proceeds are distributed and managed according to the grantor’s intentions.
When an estate includes illiquid assets such as real estate or business interests, life insurance proceeds held in an ILIT provide ready cash to cover taxes, debts, and settlement costs. This liquidity prevents the forced sale of important assets and supports orderly administration. An ILIT ensures that these funds are directed to meet immediate obligations without expanding the taxable estate. Planning ahead to account for liquidity needs reduces stress for families and helps maintain the integrity of long-term holdings during estate settlement.
Families concerned about potential creditor claims or the risk of divorce for a beneficiary often use an ILIT to create protections around life insurance proceeds. By placing the policy and proceeds in an irrevocable trust with appropriate distribution rules, the grantor can help shield the funds from direct beneficiary claims and provide structured access that withstands external financial pressures. This arrangement can give grantors confidence that proceeds will be used for intended beneficiaries rather than being diverted by legal or financial challenges.
An ILIT can be designed to provide for minors, young adults, or vulnerable family members by establishing staggered payouts, educational funding provisions, and trustee oversight to manage disbursements responsibly. These provisions help avoid giving large sums to beneficiaries before they are ready to handle them and ensure ongoing support for those with special needs. The structured nature of an ILIT gives grantors the ability to define conditions, milestones, and trustee discretion in a way that promotes the long-term welfare of beneficiaries.
The Law Offices of Robert P. Bergman offers ILIT planning and related estate services to families in North Edwards, Kern County, and throughout California. We assist with drafting trust documents, coordinating policy transfers, advising on premium funding strategies, and guiding trustees through administrative duties. Our goal is to provide clear, practical guidance so clients can make informed decisions about protecting life insurance proceeds and achieving long-term distribution goals. If you have questions about how an ILIT can fit into your estate plan, our team is available to discuss options and next steps.
Clients choose our firm for attentive estate planning guidance, personalized document drafting, and careful coordination across multiple estate planning instruments. We help families navigate the legal and administrative steps involved in forming an ILIT, transferring or purchasing policies, and establishing funding mechanisms that align with gift tax rules. Our approach emphasizes clear communication so clients understand the implications of trust provisions and the trustee’s responsibilities. This focus helps families create a durable plan that reflects their priorities and provides for beneficiaries in a controlled manner.
We guide clients through practical choices such as naming trustees, setting distribution conditions, and managing interactions between the ILIT and other documents like revocable living trusts and wills. From initial consultations to finalizing trust language, our process helps reduce uncertainty and ensures updates as circumstances change. We also assist trustees with administrative tasks after a policyholder’s death, working to facilitate efficient trust administration and distributions consistent with the trust’s terms and applicable law.
Our firm is committed to responsive client service and clear legal documentation, offering solutions that respect each family’s goals, logistical needs, and long-term planning horizon. We provide practical recommendations regarding premium funding, timing of transfers to avoid adverse tax results, and coordination with financial and insurance professionals. For families in North Edwards and the surrounding area, we strive to make estate planning accessible and dependable through careful drafting, ongoing review, and thoughtful administration support.
Our process begins with an initial consultation to review your assets, family circumstances, and goals for beneficiary distributions. We assess whether an ILIT fits into your overall estate plan and recommend how it should be structured and funded. Next, we draft the trust document, coordinate policy ownership transfers or new policy placement, and prepare any necessary ancillary documents such as pour-over wills or certification of trust. We also explain trustee duties, document premium funding methods, and provide a checklist for required actions to ensure the trust performs as intended.
During the initial planning stage, we review your current estate plan, existing life insurance policies, and financial situation to determine the most effective structure for an ILIT. This includes evaluating whether transferring an existing policy or purchasing one in the trust makes sense, identifying potential tax considerations, and discussing trustee selection and beneficiary designations. Clear planning at this stage reduces the likelihood of unintended estate inclusion and lays the groundwork for smooth trust implementation and administration.
Gathering comprehensive information about current life insurance policies, beneficiary designations, and other estate documents is essential to effective ILIT planning. We request policy statements, ownership records, and details about premium payment arrangements to evaluate transfer options and potential tax implications. This step helps identify gaps, inconsistencies, or timing issues that could affect the ILIT’s intended benefits, and informs the drafting of precise trust language that addresses your family’s unique needs and circumstances.
We evaluate potential funding strategies for premiums, including annual gift planning and other mechanisms to support premium payments without creating unwanted tax consequences. Discussing gift tax allowances and documentation practices helps create a reliable funding plan that the trustee can implement. Proper funding arrangements ensure the policy remains active and that gifts to the trust are recorded clearly, supporting both the trust’s ongoing administration and the grantor’s overall estate planning objectives.
Once the plan is set, we draft the ILIT document with specific language covering trustee powers, beneficiary distributions, premium payment instructions, and contingencies for trustee succession. Coordination with the life insurance company is handled to transfer ownership or to place a new policy into the trust. We prepare related documents, such as certification of trust and pour-over wills, and provide guidance on required signatures and documentation to establish the trust properly and to support the intended tax treatment of the policy and gifts.
Drafting tailored trust provisions allows the grantor to dictate how proceeds will be used, when distributions will be made, and under what conditions funds may be released. Provisions for staggered distributions, education expenses, healthcare needs, and provisions for dependents can be included. Clear drafting anticipates potential changes in family dynamics and establishes procedures for trustee decision-making. Thoughtful provisions reduce ambiguity and help ensure that the trustee can carry out the grantor’s intentions efficiently upon the insured’s passing.
Completing policy transfer requires paperwork with the insurance company to change ownership and beneficiary designation to the trust. If purchasing a new policy, we coordinate naming the trust as owner and beneficiary from inception. We also advise on documenting gifts for premium funding and on any notifications or medical underwriting requirements for policy placement. Ensuring that these steps are completed correctly protects the trust’s intended estate and tax results and prevents administrative complications later on.
After the ILIT is established and funded, ongoing administration includes premium payments, recordkeeping, regular reviews, and trustee reporting. We offer guidance to trustees on fulfilling fiduciary duties, maintaining accurate accounts, and responding to beneficiary inquiries. If a claim arises after the insured’s death, we assist with trust administration tasks, distribution calculations, and the interaction with executors and trustees of other estate components. Ongoing oversight and periodic reviews ensure the trust continues to function as intended as circumstances change.
Trustees must follow trust terms, manage premiums, and keep detailed records of receipts and disbursements. Regular communication with beneficiaries and careful documentation of decisions help prevent disputes and protect trustees from potential liability. We provide tools and guidance to help trustees meet these responsibilities, including templates for accounting and reporting. Strong administrative practices maintain the integrity of the trust and support a smooth transition when distributions are triggered or when trustees change.
When trust distributions become due, trustees must follow the trust’s distribution schedule and any specified conditions. We assist trustees with interpretation of terms, tax reporting requirements, and coordination with the probate process if other estate components are involved. If the trust’s purpose has been fulfilled, we guide trustees through the trust termination process, ensuring final accounting and proper transfer of remaining assets. These steps help ensure beneficiaries receive their intended benefits and that all administrative obligations are satisfied.
An Irrevocable Life Insurance Trust is a trust created to own life insurance policies and receive proceeds outside of the insured’s probate estate. The trust becomes the policy owner and beneficiary, and an appointed trustee manages the policy and any proceeds according to the trust terms. Because the grantor gives up ownership control by placing the policy in the trust, the proceeds are typically kept out of the taxable estate, subject to specific timing and ownership rules that must be observed. Creating an ILIT involves drafting the trust document, naming trustees and beneficiaries, transferring ownership of existing policies or purchasing new ones in the trust’s name, and establishing how premiums will be funded. Trustees have responsibilities such as paying premiums, maintaining records, and distributing proceeds as directed. Proper coordination among insurance carriers, trustees, and legal counsel helps ensure the trust functions as intended for beneficiary protection and estate planning goals.
An ILIT can help exclude life insurance proceeds from the insured’s taxable estate, but this depends on compliance with estate tax rules and timing requirements. If the insured retains incidents of ownership or transfers ownership shortly before death, the proceeds may still be included in the estate. Careful planning, including transferring ownership well in advance when feasible, supports the trust’s intended tax benefits and minimizes the risk of inclusion under lookback rules. It is important to coordinate ILIT planning with broader tax and estate strategies. Legal counsel can advise on transfer timing, gift tax considerations, and documentation practices that support the desired tax treatment. Each family’s circumstances differ, so personalized planning helps ensure that the ILIT aligns with estate tax goals and overall asset protection objectives.
Premiums for a policy owned by an ILIT are typically funded by gifts from the grantor to the trust. The grantor transfers money to the trust, and the trustee then pays the insurance premiums. To preserve favorable tax treatment, many grantors structure these gifts to use annual gift tax exclusions and provide notices to beneficiaries when funds are gifted to the trust for premium payments. Clear documentation of gifts and trustee expenditures is essential for recordkeeping and tax compliance. Other options for premium funding can include using separate trust assets or structured transfers that align with the grantor’s financial plan. Whenever the grantor is the funding source, it is important to follow consistent procedures and maintain evidence of gifts and payments. Legal guidance helps ensure that funding arrangements support the ILIT’s administration and that documentation meets applicable requirements.
Transferring an existing life insurance policy into an ILIT is a common strategy, but it requires careful attention to timing and ownership rules. If ownership is transferred too close to the insured’s death, estate inclusion rules may apply, potentially bringing the proceeds back into the taxable estate. Proper transfer procedures and documentation are necessary to support the intended treatment and to avoid unintended consequences. When considering a transfer, it is important to coordinate with the insurance company and to update policy ownership records to name the trust as owner and beneficiary. Legal counsel can help prepare the required paperwork, assess timing implications, and advise on whether purchasing a new policy in the trust’s name might be a better alternative based on underwriting, tax, and family considerations.
Choosing a trustee involves balancing trustworthiness, administrative ability, and continuity. Many clients select a trusted family member, a professional individual, or a corporate trustee depending on the complexity of the trust and the anticipated administrative duties. A trustee should be capable of maintaining records, communicating with beneficiaries, and fulfilling fiduciary obligations in a manner consistent with the trust’s terms and applicable law. It is also advisable to name successor trustees and to consider whether co-trustees or advisory arrangements are appropriate. Clear guidance in the trust document regarding trustee powers, compensation, and decision-making authority helps minimize disputes and provides a roadmap for administration, particularly during times of transition or when complex decisions arise.
An ILIT can protect life insurance proceeds from certain creditor claims or divorce exposure when assets are held in trust under appropriate provisions. By placing the policy and proceeds in an irrevocable structure with spendthrift protections and limited beneficiary access, the trust can reduce the likelihood that proceeds will be reachable by beneficiary creditors. Specific protections depend on trust wording and applicable state law, so careful drafting is essential to achieve the desired safeguards. While an ILIT can provide meaningful protections, it is not a universal shield and should be integrated with other planning tools when needed. Legal counsel can design trust provisions that address beneficiary vulnerability, incorporate distribution limits, and align with family objectives while complying with California law and other relevant considerations.
Timing is important when transferring a policy to an ILIT because estate inclusion rules may apply if the transfer occurs within a defined lookback period before the insured’s death. To ensure the proceeds remain outside the taxable estate, transfers should generally be completed well in advance of anticipated risks, and grantors should avoid retaining incidents of ownership. Early planning reduces the risk that the IRS will include the proceeds in the estate for tax purposes. If timing constraints make immediate transfer impractical, alternatives such as purchasing a new policy in the trust’s name or structuring premium funding differently may be recommended. Discussing timing and options with legal counsel and with financial or insurance professionals helps identify the best route based on medical underwriting, cost, and estate planning timelines.
An ILIT should be coordinated with your revocable living trust, will, and beneficiary designations to ensure consistent instructions across all estate planning documents. Coordination prevents conflicting directions about asset distribution and clarifies how life insurance proceeds fit into the overall estate plan. Pour-over wills, certification of trust, and clear beneficiary documentation help integrate the ILIT with complementary instruments so administration proceeds smoothly at the appropriate time. Periodic reviews are also important because changes in family composition, assets, or tax laws can create inconsistencies. Regularly reviewing the ILIT alongside the rest of your estate planning documents helps maintain alignment and ensures that beneficiary intentions and administrative procedures remain current and effective.
Trustees should maintain comprehensive records of gifts to the trust, premium payments, policy ownership documentation, correspondence with insurance carriers, and trust accounting records. Accurate documentation supports compliance with tax rules, clarifies how funds were used, and provides transparency to beneficiaries. Trustees should also keep copies of the trust instrument, certificates of trust, and any amendments or ancillary documents to facilitate administration and external inquiries. Consistent recordkeeping and timely communication with beneficiaries reduce the potential for disputes and ensure that trustees can demonstrate adherence to fiduciary duties. Trustees may also need to retain receipts for premiums, bank statements, and tax filings related to the trust to support reporting obligations and to simplify eventual trust distributions.
To begin setting up an ILIT in North Edwards, contact the Law Offices of Robert P. Bergman to schedule a consultation where we will review your assets, insurance policies, and family goals. During the initial meeting we will discuss whether an ILIT is appropriate, evaluate funding strategies for premiums, outline trustee options, and explain timing considerations related to estate inclusion rules. This first step helps shape a plan tailored to your needs and identifies necessary documents and transfer steps. After deciding to proceed, we will draft the trust, coordinate any policy transfers or new policy placements, and prepare related documents like certificates of trust or pour-over wills. We will also provide a checklist for funding and documentation to support the trust’s administration. Ongoing support is available to trustees and beneficiaries to ensure the ILIT functions as intended and remains aligned with your estate plan over time.
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