An irrevocable life insurance trust (ILIT) can be a powerful estate planning tool for individuals and families in Janesville who wish to control life insurance proceeds, reduce estate tax exposure, and provide clear directives for beneficiaries. This page explains how an ILIT works, what it can accomplish within California law, and common considerations when transferring life insurance ownership into a trust that cannot be changed later. The goal is to provide practical information to help you decide whether an ILIT is appropriate for your financial and family objectives and to outline the steps involved in establishing and funding the trust.
Deciding to create an ILIT involves weighing long-term goals against the permanence of irrevocability. An ILIT removes ownership of a life insurance policy from an individual’s taxable estate, can protect proceeds from certain creditor claims, and establishes a trustee-led plan for distributing proceeds to heirs. Because the trust terms are generally not reversible, careful drafting and planning are essential to ensure the trust meets your wishes. This section provides an overview of the process, the parties involved, and typical outcomes, so you can approach the decision with clarity about responsibilities and potential benefits.
An ILIT plays an important role in estate planning by keeping life insurance proceeds out of the grantor’s probate estate, potentially reducing estate taxes and simplifying the transfer of wealth to beneficiaries. It allows direction of how proceeds are used, whether to provide liquidity for estate settlement, support family members, fund education, or preserve assets for future generations. For people with sizable life insurance benefits or complex family situations, an ILIT can offer certainty and control. Choosing appropriate trustees, naming successor beneficiaries, and outlining distribution schedules are all part of crafting an ILIT that aligns with your long-term family and financial priorities.
The Law Offices of Robert P. Bergman assists clients across California with estate planning matters, including the drafting and funding of irrevocable life insurance trusts. Our approach focuses on clear communication, practical solutions, and drafting trust provisions that reflect each client’s goals. We guide clients through funding steps, selection of trustees, and coordination with life insurance carriers. With attention to state-specific rules and procedural details, we aim to make the ILIT process straightforward while preserving flexibility where appropriate and ensuring the trust documentation supports the intended fiduciary duties and distributions.
An ILIT is a trust that owns a life insurance policy on the grantor’s life, where the grantor relinquishes ownership and control to the trust. Because the trust is irrevocable, the policy and its proceeds are no longer considered part of the grantor’s taxable estate, subject to certain timing rules. Establishing an ILIT requires careful coordination between the trust document, beneficiary designations, and the insurance policy itself. The trustee becomes responsible for managing premium payments, handling distributions, and communicating with beneficiaries. Properly funded ILITs provide a mechanism to deliver life insurance proceeds under terms you set, reducing uncertainty and facilitating orderly transfers.
Timing and the manner of transferring an existing policy into an ILIT are important because transfer rules can trigger inclusion of the policy proceeds in the taxable estate if transfers occur too close to the grantor’s death. New policies can be issued directly to a trust, while existing policies typically require an ownership change and sometimes a new application. Premiums are often paid via gifts to the trust, and those gifts may qualify for gift tax exclusions when properly documented. Trustees must follow the trust terms and maintain records showing the acceptance of gifts and payments to the insurer to support the intended tax outcomes.
An irrevocable life insurance trust is a legal arrangement that holds life insurance policies and directs how proceeds are to be used after the insured’s death. Unlike a revocable trust, the grantor gives up ownership rights when the ILIT is created, meaning the grantor cannot modify or revoke the trust terms without consent of beneficiaries or court action. The trust names a trustee who manages the policy, pays premiums from funds in the trust, and distributes proceeds according to the trust’s provisions. The ILIT document also sets out beneficiary designations, distribution schedules, and any conditions for access to funds, creating a binding framework for future administration.
Key elements of an ILIT include the trust document, trustee appointment, beneficiary designations, premium funding arrangements, and coordination with the life insurance company. Establishing an ILIT typically involves drafting trust provisions that specify distribution powers, trustee duties, and recordkeeping requirements. Funding involves gifting cash to the trust so the trustee can pay premiums, which often requires annual gift planning to utilize available exclusions. Trustees need to maintain clear documentation of gifts, insurance payments, and communications to ensure the intended estate and tax treatment. Regular reviews help confirm the trust remains aligned with changing circumstances and applicable law.
Understanding ILIT terminology helps demystify trust administration and tax implications. This glossary covers common terms you will encounter when creating or managing an ILIT, including roles, documents, and tax-related concepts. Familiarity with these items can help you ask informed questions, recognize important deadlines, and ensure proper coordination between the trust, insurance carrier, and your broader estate plan. Clear definitions also assist trustees and beneficiaries in understanding the legal framework that governs how policy proceeds are held and distributed under the ILIT.
The grantor is the person who establishes the ILIT by signing the trust document and transferring ownership of a life insurance policy into the trust. Once the grantor transfers the policy, the trust generally becomes the owner and the grantor gives up direct control over the policy. The grantor often provides funding to the trust for premium payments and may name beneficiaries who will receive proceeds according to the trust terms. Properly documenting transfers and gifts from the grantor helps confirm the intended tax treatment and supports the trust administration process.
The trustee is appointed to manage the ILIT, pay premiums, hold and invest trust assets, and distribute proceeds as directed by the trust. The trustee must keep accurate records of gifts to the trust and insurance premium payments, communicate with beneficiaries, and follow the trust’s instructions when distributing proceeds. Trustees may be individuals or corporate fiduciaries, and should be selected for reliability, administrative ability, and willingness to fulfill the ongoing obligations associated with managing insurance policies within a trust structure.
A Crummey power refers to a provision that grants beneficiaries a limited right to withdraw gifted amounts contributed to the ILIT, which allows those contributions to qualify for the annual gift tax exclusion. The trustee notifies beneficiaries of each gift and provides a short window to exercise the withdrawal right. When structured and documented correctly, Crummey notices help ensure annual premium gifts avoid gift tax consequences. Maintaining careful records of notices and withdrawal periods is essential to support the gift tax treatment.
Under federal tax rules, if the grantor transfers ownership of a life insurance policy and dies within three years of the transfer, the policy proceeds may be included in the grantor’s taxable estate. Planning around this three-year window often means issuing a new policy directly to the ILIT or allowing sufficient time to pass before relying on the ILIT for estate tax exclusion. Understanding and documenting the timing of transfers helps align the ILIT with intended tax outcomes and avoid unintended estate inclusion.
When considering an ILIT, it is helpful to compare it with other estate planning tools such as revocable trusts, beneficiary designations, or gifting strategies. A revocable trust offers flexibility because it can be changed, but it does not remove the policy from the taxable estate while the grantor retains ownership. Direct beneficiary designations are simpler but offer less control over timing and conditions of distributions. ILITs provide structured control and potential estate tax advantages but involve permanence and ongoing administration. Choosing the right approach depends on asset size, family needs, and long-term goals.
A limited approach may suffice for individuals whose primary objective is to designate beneficiaries and avoid probate without complex tax planning. Using direct beneficiary designations on life insurance policies or naming a revocable trust can allow proceeds to transfer quickly to heirs. This approach reduces administrative complexity and ongoing trustee responsibilities. For smaller policies or straightforward family situations, the added permanence and administrative tasks of an ILIT may not offer proportional benefits. The decision should consider immediate family needs, the size of the policy, and whether additional controls or tax considerations are likely to be relevant in the future.
If an individual’s estate is well below estate tax thresholds or there is confidence that estate tax exposure is unlikely, a limited planning approach may be appropriate. In such cases, the costs and administrative commitments associated with forming and funding an ILIT may outweigh potential benefits. Simpler measures such as beneficiary updates, payable-on-death designations, or a revocable trust may provide adequate protection and convenience. Nonetheless, it remains important to periodically review the plan because changes in asset values, family circumstances, or tax law could alter the suitability of a limited strategy.
A comprehensive ILIT strategy is often appropriate for individuals with significant life insurance proceeds or estates where minimizing estate tax exposure is a priority. An ILIT can remove a large policy’s proceeds from the taxable estate, provide structured distributions, and address creditor considerations. Comprehensive planning includes detailed trust drafting, coordinated beneficiary designations, premium funding plans that use gift tax exclusions, and consideration of generation-skipping transfer implications. This level of planning helps ensure that proceeds serve intended heirs in a tax-efficient, orderly manner while documenting steps to support the desired tax treatment.
When family situations involve second marriages, blended families, minor beneficiaries, or beneficiaries with special needs, a comprehensive ILIT can implement conditional distributions, staggered payments, or protections that preserve assets for intended recipients. Trust provisions can specify conditions for distributions, outline successor trustee powers, and limit direct access to principal while providing for care, education, or support. Such tailored trusts require careful drafting to ensure enforceability, clarity in trustee responsibilities, and alignment with overall estate planning objectives, including coordination with wills, revocable trusts, and beneficiary designations.
A comprehensive approach to creating and funding an ILIT offers benefits that extend beyond simply removing policy proceeds from an estate. It provides a framework for trustee authority and duties, establishes clear distribution rules, and creates documentation that supports intended tax treatment. By planning funding mechanisms, gift timing, and beneficiary notification, clients can reduce the risk of unintended estate inclusion and create a reliable method for providing liquidity to an estate. Comprehensive planning helps align life insurance with broader objectives such as legacy planning, support for dependents, and intergenerational wealth transfer.
Comprehensive ILIT planning also enhances administrative efficiency by anticipating questions trustees and beneficiaries may have, specifying recordkeeping protocols, and coordinating with insurance carriers. Clear instructions reduce the likelihood of disputes and make it simpler for trustees to fulfill their duties. When trust terms are carefully integrated with the rest of the estate plan, including wills and revocable trusts, the result is a cohesive strategy that addresses liquidity needs, distribution timing, and the protection of proceeds from varying financial pressures.
One primary benefit of a comprehensive ILIT is improved estate tax efficiency combined with liquidity planning to meet estate obligations. By holding life insurance outside the taxable estate, the ILIT can provide immediate funds to pay taxes, debts, and administrative costs without forcing the sale of other assets. The trust’s directives can ensure that beneficiaries receive necessary support quickly while preserving other estate assets for long-term goals. Thoughtful planning around funding, trustee authority, and payout schedules helps convert potential tax liabilities into organized financial support for heirs.
A comprehensive ILIT enables grantors to specify how and when beneficiaries receive proceeds, which can protect assets from inefficient spending, creditor claims, or unintended transfers. Trust provisions can provide staged distributions, require certain uses for funds, or appoint a trustee to manage disbursements for vulnerable beneficiaries. These controls help preserve the intended purpose of life insurance proceeds, ensuring funds are used for estate settlement, education, care of dependents, or legacy objectives. The trustee’s role and the trust terms create a durable structure for long-term stewardship of proceeds.
Ensure that life insurance ownership and beneficiary designations match the ILIT document to avoid unintended outcomes. If an existing policy is being transferred, confirm that the insurer recognizes the trust as the owner and update beneficiary designations to the trust where appropriate. Maintain written confirmations from the insurer and keep copies in trust records. Small inconsistencies between policy documents and trust paperwork can create disputes or cause proceeds to pass outside the trust. Regular reviews and documentation reduce risk and keep the trust administration straightforward for trustees and beneficiaries.
Select a trustee who has the ability and willingness to handle ongoing administrative duties, including premium payments, recordkeeping, and communications with beneficiaries and insurers. Trustees must follow trust terms and maintain documentation for tax and accounting purposes, so choosing an organized and reliable fiduciary is essential. If a family member may lack the necessary administrative focus, consider a professional fiduciary or corporate trustee to provide continuity and reduce the burden on personal relationships. Clear trustee instructions in the trust help guide decisions and reduce potential conflicts.
Consider an ILIT when you have life insurance proceeds that you want to protect from being included in your taxable estate or when you wish to direct how proceeds are used after death. An ILIT can provide liquidity, preserve value for heirs, and create a structured distribution plan that fits family needs. For individuals with larger estates or who expect estate tax exposure, an ILIT offers a mechanism to separate life insurance from estate calculations. Even where estate taxes are not an immediate concern, an ILIT can provide greater control over timing and conditions for beneficiary distributions.
An ILIT is also appropriate when family dynamics call for specific protections, such as shielding proceeds from creditors, providing for minor children, or maintaining assets for beneficiaries who may not be ready to manage large sums. The trust can detail responsibilities and distribution limitations to reduce the likelihood of funds being spent prematurely or becoming subject to claims. This structured approach supports long-term planning goals and allows you to set expectations for how proceeds will be handled, including instructions for successor trustees and contingency beneficiaries.
Common triggers for creating an ILIT include owning sizable life insurance policies, seeking to reduce estate tax exposure, preparing for wealth transfer to younger generations, or wanting to control distributions for vulnerable beneficiaries. Individuals with second marriages, blended families, or significant business interests may use an ILIT to ensure proceeds benefit intended heirs rather than being absorbed into a general estate. Life changes, such as acquiring new assets or adjusting estate goals, often prompt consideration of an ILIT as part of a broader plan to align life insurance outcomes with family and financial priorities.
When life insurance proceeds are large relative to the remainder of the estate and liquidity will be required to pay estate taxes or debts, an ILIT can provide funds that are readily available to settle obligations without forcing the sale of assets. This approach preserves the estate’s long-term holdings while meeting short-term cash needs. By directing life insurance into a trust with clear instructions, you help ensure that funds are available when needed and that other assets remain intact for legacy or ongoing family support objectives.
In situations where beneficiaries may face creditor claims or divorce settlements, an ILIT can offer a layer of asset protection by holding proceeds within trust-imposed distribution rules and limitations. While no arrangement guarantees absolute protection against all claims, trust terms can restrict direct access to funds and require trustee management, making it more difficult for proceeds to be reached by outside parties. Trust drafting tailored to anticipated risks and careful selection of trustees can strengthen the likelihood that proceeds serve their intended familial or financial purpose.
When beneficiaries are minors or have limited capacity to manage funds, an ILIT allows for structured distributions managed by a trustee on behalf of those beneficiaries. Trust provisions can prioritize education, healthcare, and living expenses while limiting unrestricted access to principal. For beneficiaries with disabilities or special circumstances, the ILIT can be coordinated with other planning tools to preserve eligibility for public benefits and to provide supplemental support. Thoughtful drafting ensures that proceeds are used in ways that reflect the grantor’s intentions and protect beneficiaries’ best interests.
The Law Offices of Robert P. Bergman provides guidance to clients in Janesville and throughout Lassen County on establishing and administering ILITs that reflect their estate planning goals. We assist with drafting the trust instrument, coordinating policy ownership changes, advising on gift funding strategies, and preparing necessary notices and records. Our approach emphasizes clarity and practical administration so trustees and beneficiaries understand their roles. If you are considering an ILIT to manage life insurance proceeds and protect family interests, we can help you evaluate options and implement a plan tailored to your circumstances.
Choosing the right approach for an ILIT involves both legal drafting and administrative coordination with insurance carriers and trustees. We prioritize clear drafting that anticipates common administration issues and helps reduce ambiguity for trustees and beneficiaries. Our process includes reviewing existing policies, assessing funding strategies, and preparing trust provisions that align with your estate goals. Attention to detail during setup and funding reduces the likelihood of unintended tax or estate inclusion consequences and promotes smoother trust administration after passing.
We also assist with the practical steps necessary to implement an ILIT, including completing ownership change forms, confirming insurer recognition of the trust as owner, and preparing Crummey notices and gift documentation. These administrative tasks are vital to achieving the intended results and to preserving the legal posture of the trust over time. Clear communication with trustees and beneficiaries and thorough recordkeeping form part of the services we provide to help ensure the trust serves its intended purpose.
Our objective is to help clients make informed decisions about whether an ILIT fits within their overall estate plan. We explain the timing considerations, potential tax effects, and trustee responsibilities so you can select the most appropriate path. Beyond drafting, we provide guidance on succession planning, integration with wills or revocable trusts, and ongoing reviews to confirm the ILIT continues to meet your objectives as circumstances change.
Our ILIT process begins with an initial consultation to understand your goals, family dynamics, and the specifics of any life insurance policies involved. We then prepare a draft trust document, discuss trustee selection, and outline funding mechanisms using annual gift exclusions when applicable. After you approve the document, we coordinate with insurance carriers to transfer ownership or issue a new policy to the trust, assist with any beneficiary designation updates, and prepare written notices and recordkeeping templates. Finally, we review the plan periodically to ensure it continues to meet your needs and complies with legal changes.
The first step involves gathering information about existing policies, your estate plan, family situation, and financial objectives. We use that information to draft trust provisions that reflect your distribution wishes, trustee powers, and funding strategy. During this phase, we will discuss timing considerations for transfers, the possibility of issuing a new policy directly to the trust, and how annual gifts will be handled. Clear instructions and tailored provisions at the outset help prevent complications during subsequent administration.
We review existing life insurance policies to determine whether they are transferable to an ILIT without adverse consequences and to identify any insurer requirements for ownership change. This review includes assessing cash values, policy loans, beneficiary designations, and possible contestability periods. Understanding these details helps determine the optimal path, whether it is transferring an existing policy into the ILIT or arranging for a new policy to be issued directly to the trust. Proper coordination at this stage reduces the risk of unintended tax or administrative issues.
Drafting focuses on clear trustee powers, distribution standards, successor trustee provisions, and instructions for handling premium payments and trust accounting. The trust will specify duties such as paying premiums, providing beneficiary notices, and making distributions in line with your goals. We also include provisions for successor trustees and conflict-resolution mechanisms to help preserve the trust’s intent over time. The clarity of these terms is critical to ensuring the trustee can act appropriately and beneficiaries understand how proceeds will be administered.
After the trust is signed, the critical next step is funding the ILIT so the trustee can pay premiums. Funding often uses annual gift tax exclusions and requires documentation, delivery of Crummey notices, and records showing acceptance of gifts by the trustee. Coordination with the insurer to change ownership or to issue a new policy directly to the ILIT must be handled carefully to ensure the insurer recognizes the trust as owner and beneficiary. Proper funding and insurer coordination preserve the intended structure and help avoid inclusion of proceeds in the grantor’s estate.
Premium funding commonly relies on annual gift exclusions to transfer money to the ILIT without triggering gift tax. Trustees should provide written notices to beneficiaries when gifts are made and maintain proof of those notices and any lack of withdrawal. Detailed records of gifts, dates, and premium payments are necessary for tax reporting and to support the trust’s administration. Properly executed Crummey notices and good documentation help secure the intended tax treatment and demonstrate compliance with applicable rules.
When transferring an existing policy into the ILIT, complete forms required by the insurer to change ownership and beneficiary designations where appropriate. For new policies, the insured and trustee must complete the application steps with the insurer listing the trust as owner. Confirmations from the insurer that ownership and beneficiary designations are correct should be retained in trust records. Clear insurer coordination reduces ambiguity and ensures the policy operates within the ILIT structure.
Once the ILIT is operational, regular administration includes paying premiums, maintaining records of gifts and notices, communicating with beneficiaries, and performing trust accounting. Trustees should follow the trust’s instructions for distributions and keep beneficiaries informed about the trust’s status and available resources. Periodic review of the trust’s terms relative to changes in life insurance needs, family circumstances, or applicable laws helps ensure continued alignment. Proper maintenance safeguards the trust’s benefits and supports a smooth transition when a distribution event occurs.
Trustees must document all receipts and disbursements, keep copies of premium payments, and ensure records of Crummey notices and any beneficiary actions are preserved. Good recordkeeping simplifies tax reporting and clarifies the trust’s financial position for beneficiaries. Trustees should establish a consistent accounting method and maintain communication channels for beneficiary questions. Accurate, transparent records help protect both trustees and beneficiaries and facilitate efficient administration when life insurance proceeds become payable.
Regular reviews ensure the ILIT continues to serve its purpose in light of asset changes, family events, or legal changes. Coordinating with wills, revocable trusts, and beneficiary designations helps avoid conflicts and preserve intended outcomes. If new policies are added or existing policies change in value, revisit funding strategies and communication with trustees. These periodic assessments maintain the trust’s effectiveness and ensure beneficiaries receive clarity about how and when proceeds will be distributed.
An irrevocable life insurance trust is a trust that owns a life insurance policy and is intended to keep the policy proceeds outside of the grantor’s taxable estate. The grantor creates the trust, transfers ownership of an existing policy or has a new policy issued to the trust, and names beneficiaries who will receive trust distributions according to the instructions in the trust document. The trustee administers the policy, pays premiums from funds in the trust, and follows the distribution rules in the document. Because the trust is irrevocable, the grantor gives up direct ownership and control over the policy. Proper setup and documentation are essential to achieving the intended tax and administrative outcomes. Coordinating with the insurer, establishing funding procedures, and choosing a suitable trustee help ensure the trust functions as intended and provides the intended benefits for beneficiaries.
Funding an ILIT commonly involves making annual gifts to the trust so the trustee can pay insurance premiums. These gifts can often qualify for the annual gift tax exclusion if beneficiaries are given a limited withdrawal right, known as a Crummey power, and are properly notified. The trustee provides Crummey notices to beneficiaries each time a gift is made, giving them a short window to exercise their withdrawal rights. Proper documentation of the gifts and notices is necessary to demonstrate that the annual exclusion applies. Trustees should maintain detailed records of gift receipts, notices, and premium payments. This documentation is important for tax purposes and for preserving the trust’s intended structure, as inconsistent or poorly documented gifting can lead to unintended tax consequences.
Transferring a policy into an ILIT does not automatically create immediate income tax consequences for most life insurance policy owners, but there are important estate tax and transfer timing considerations to address. If the grantor transfers an existing policy and dies within three years of the transfer, federal rules may include the policy proceeds in the grantor’s estate, undermining the ILIT’s purpose. For that reason, some people prefer to issue new policies directly to the ILIT or to allow sufficient time after transfer to avoid estate inclusion concerns. Additionally, transferring policies with cash values or outstanding loans requires coordination to address potential tax and contractual implications with the insurer. A careful review helps identify any policy-specific issues before the transfer is completed.
Federal rules include a three-year lookback period for transfers of life insurance ownership. If the grantor transfers a policy and then dies within three years, the policy proceeds may be included in the grantor’s estate for tax purposes. Because of this rule, clients often consider issuing a policy directly to the ILIT or plan transfers early enough to avoid the three-year window concern. Clear documentation of the transfer date, insurer confirmations, and the trust instrument is critical. Planning around the three-year period and documenting each step reduces the risk that the policy will be treated as part of the taxable estate.
Choose a trustee who is reliable, organized, and willing to handle the administrative responsibilities of managing the trust and policy. Trustee duties typically include paying premiums from trust funds, maintaining detailed records of gifts and payments, providing beneficiary notices, and making distributions according to the trust terms. The trustee should be able to communicate effectively with insurers and beneficiaries and maintain accurate accounting. Trustees can be family members, trusted friends, or professional fiduciaries. When selecting a trustee, consider continuity and the trustee’s capacity to handle long-term responsibilities; naming successor trustees in the trust document provides a plan for continuity if the initial trustee becomes unable or unwilling to serve.
An ILIT can help protect life insurance proceeds from certain creditor claims and marital disputes by holding proceeds in trust and limiting direct access by beneficiaries. Because the trust controls distributions, beneficiaries do not directly own the proceeds, which can make it more difficult for creditors or divorce courts to reach the funds. However, no arrangement can guarantee absolute protection in every situation. The degree of protection depends on trust terms, timing of transfers, and relevant state law. Careful drafting and appropriate timing improve the likelihood that proceeds will be protected as intended. Consulting about the specific risks and potential exceptions to protection helps set realistic expectations about what an ILIT can accomplish.
If beneficiaries are granted a temporary withdrawal right under a Crummey notice and one chooses to exercise that right, the withdrawn amount becomes their property and is no longer available to pay premiums within the trust. In practice, most beneficiaries do not exercise the withdrawal right because the notice period is short and the intent is to keep funds in the trust to support premium payments. Trustees should record all notices and any withdrawals to maintain clear documentation. If a withdrawal is exercised, the trustee and grantor should plan how to cover premium obligations going forward, either through additional gifts or alternative funding arrangements. Good communication about the purpose of the notices often helps discourage withdrawals.
ILITs should be coordinated with wills, revocable trusts, and beneficiary designations to avoid conflicts and to ensure the estate plan functions as intended. For example, a pour-over will may direct residual assets into a revocable trust but will not change outcomes for assets already owned by the ILIT. Ensuring that beneficiary designations on life insurance policies are consistent with the trust ownership prevents proceeds from passing outside the ILIT structure. Regular reviews of the entire estate plan help identify inconsistencies or unintended overlaps between instruments and allow for corrections that preserve the intended allocation of assets among beneficiaries and trusts.
Maintaining an ILIT involves administrative tasks that may generate ongoing costs, such as trustee fees, accounting, or legal review. If a family member serves as trustee, costs may be limited, but professional trustees typically charge fees for ongoing administration and recordkeeping. Additionally, there may be nominal costs associated with preparing annual notices, tax filings, and trust accounting. Budgeting for these costs as part of your overall planning helps ensure premiums and administrative obligations are met. The benefits of maintaining the ILIT should be weighed against these costs to determine whether the trust remains the right solution for your estate objectives.
To start creating an ILIT in Janesville, schedule an initial consultation to review your life insurance policies, estate plan, and family goals. Bring policy statements, a list of intended beneficiaries, and information about current gift plans. During the consultation, we will discuss the pros and cons of transferring a policy versus issuing a new policy to the trust, trustee selection, and funding strategies. After agreeing on the approach, we will draft the trust, coordinate with insurers to effect ownership changes or new policy issuance, prepare required notices, and provide documentation templates for recordkeeping. This coordinated approach helps implement the ILIT with confidence and clarity.
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