An Irrevocable Life Insurance Trust, often called an ILIT, can be a meaningful component of a thoughtful estate plan for families in East La Mirada. This page explains how an ILIT can help manage life insurance proceeds, provide liquidity for paying final expenses or taxes, and allow for more controlled distribution to beneficiaries. At the Law Offices of Robert P. Bergman, we help clients understand how an ILIT fits alongside wills, revocable living trusts, powers of attorney, and other estate documents. If you are considering an ILIT, the goal is to create a structure that reflects your wishes while addressing tax and creditor concerns in a clear, practical manner.
Deciding whether an ILIT is right for your situation depends on family goals, the size and type of life insurance policy, and broader planning needs. An ILIT requires transferring ownership of a life insurance policy to a trust that cannot be changed easily, which creates immediate legal effects and tax considerations. This page will describe typical ILIT features, how they interact with documents like pour-over wills and powers of attorney, and common steps for setting one up in California. For residents of East La Mirada, having a clear plan helps protect beneficiaries and can reduce the burden of probate and estate administration in the future.
An Irrevocable Life Insurance Trust can offer several potential benefits that matter to families and fiduciaries. By keeping life insurance proceeds outside of a grantor’s taxable estate, an ILIT may reduce estate tax exposure and provide cash to pay final expenses without forcing a sale of assets. The trust can also be drafted to control how proceeds are distributed, protect funds from certain creditors, and preserve benefits for children or other beneficiaries. Establishing an ILIT requires consideration of gift tax rules and proper administration, but when designed and funded correctly it can offer long-term clarity and financial stability for those you intend to protect.
The Law Offices of Robert P. Bergman serves clients in East La Mirada and throughout California with practical estate planning guidance grounded in local rules and client priorities. Our approach focuses on listening to family goals, explaining legal options in plain language, and drafting documents that reflect those priorities. We assist with creating irrevocable life insurance trusts and related documents such as revocable living trusts, pour-over wills, powers of attorney, and health care directives. Clients receive clear explanations about trustee duties, funding steps, gift tax implications, and ongoing administration so they can make informed decisions tailored to their circumstances.
An Irrevocable Life Insurance Trust is a separate legal entity that owns and controls a life insurance policy after the grantor transfers ownership and naming decisions to the trust. Because the transfer is irrevocable, the grantor gives up direct control over the policy, which can have important tax and estate consequences. Properly executed ILITs require a trustee to manage the policy, beneficiaries who receive trust distributions, and careful funding to cover premium payments. Understanding how ownership, beneficiary designations, and trust terms interact is essential before moving forward, and these elements shape the practical effects for family members and fiduciaries after a grantor’s passing.
Key practical questions include who will serve as trustee, how trust income and principal may be used, and how gifts to the trust will be made to cover policy premiums. There are administrative details to address, such as sending written notices to beneficiaries when gifts qualify for annual exclusion treatment and handling policy loans or changes. An ILIT can be integrated with other estate planning tools to create liquidity, preserve family wealth, and set distribution conditions. Careful drafting and ongoing administration are necessary to achieve the desired outcomes while respecting applicable tax and trust rules.
An Irrevocable Life Insurance Trust is a trust into which a life insurance policy is transferred or which purchases a policy through trust funds. Once established and properly funded, the trust owns the policy and receives proceeds at the insured’s death, then distributes proceeds according to the trust terms. Because the trust is irrevocable, the grantor cannot later reclaim ownership, which can keep the proceeds out of the grantor’s estate for estate tax purposes when established correctly. The trust document will name trustees, beneficiaries, and instructions for distribution, creating a predictable path for handling proceeds and preserving family intentions.
Creating an ILIT typically involves drafting the trust instrument, selecting a trustee, transferring or having the trust purchase the policy, and establishing a funding mechanism for premiums. The trust should include instructions for beneficiary distributions, limitations on creditor access where possible, and procedures for administration. Funding may require annual gifts to the trust, which can qualify for the annual gift tax exclusion if beneficiaries receive timely notices. Trustees must manage premium payments and maintain records, and grantors should coordinate beneficiary designations on related accounts so the ILIT functions as intended within the larger estate plan.
Understanding common terms helps demystify how an ILIT functions alongside other estate planning tools. This glossary covers language you will encounter when creating and administering an ILIT so you can communicate confidently with trustees, advisors, and family. Definitions clarify roles such as grantor and trustee, describe tax concepts that may affect funding and transfers, and explain notices and rights that beneficiaries may have. Clear understanding of these terms supports better decision making and smoother administration after a policy becomes payable to the trust.
The grantor is the individual who establishes the trust and transfers a life insurance policy or funds into it. In the ILIT context, the grantor gives up ownership and certain rights over the policy once it is placed in the trust, which is why decisions about timing and funding matter. The grantor may set the trust terms that describe how proceeds are to be used, who the beneficiaries are, and how distributions should be handled. Understanding the grantor’s role helps families anticipate the legal and practical effects of creating an ILIT and ensures that the trust reflects the grantor’s intentions for beneficiary support and asset protection.
The trustee is the individual or entity charged with administering the trust according to its terms and applicable law. A trustee handles premium payments, manages trust assets, communicates with beneficiaries, and ensures that distributions follow the trust document. Trustees have fiduciary duties to follow the trust agreement and manage trust property prudently. Selecting a trustee who will act responsibly and maintain clear records helps the ILIT operate smoothly and delivers benefits to named beneficiaries at the appropriate times.
A beneficiary is a person or entity designated to receive trust distributions, including life insurance proceeds held by the ILIT. The trust document identifies beneficiaries and can set conditions for distributions such as ages, milestones, or specific purposes like education or health care. Beneficiary designations inside the trust take precedence over personal beneficiary forms when the trust owns the policy, helping ensure proceeds are allocated as intended. Clear beneficiary provisions reduce the chance of disputes and guide the trustee on how to manage and distribute funds responsibly.
A Crummey notice is a written communication to trust beneficiaries informing them of the right to withdraw a gift made to the trust for a limited time; this notice helps a gift qualify for the annual gift tax exclusion. Annual exclusion gifts made to an ILIT can cover premium payments without creating a reportable gift above the exclusion amount when handled correctly. Proper timing, documentation, and delivery of notices are important to preserve tax treatment and to show that gifts were made for premium payments rather than creating unintended tax consequences.
When considering an ILIT alongside other options, it helps to compare objectives and trade-offs. A revocable living trust offers flexibility and control during life but does not remove assets from the taxable estate, while an ILIT is intended to move life insurance proceeds outside of the estate at the cost of relinquished ownership. Pour-over wills work with trusts to ensure assets ultimately enter a trust at death, but they do not address life insurance ownership issues. Evaluating family goals, liquidity needs, tax posture, and willingness to relinquish control informs which combination of tools best suits a household.
A limited approach may be appropriate when life insurance policies are modest in size and families do not expect significant estate tax exposure or complex creditor concerns. In these cases, maintaining ownership within a revocable trust or keeping beneficiary designations current may provide sufficient liquidity to cover funeral costs and short-term obligations. If the policy proceeds are unlikely to create tax liability and the grantor prefers flexibility, a simpler plan that focuses on clarity and beneficiary designation updates can be easier to administer and maintain over time without creating the irrevocability that an ILIT requires.
When the family anticipates only short-term or predictable needs for life insurance proceeds, a comprehensive ILIT may not be necessary. For example, if insurance proceeds are expected to be used primarily for a single, immediate obligation and there is no concern about estate tax or creditor claims, keeping arrangements simple can reduce administrative burdens. Thoughtful beneficiary forms and coordination with a revocable trust or will may deliver the required outcome without the additional formalities and permanence of an irrevocable trust, which should be reserved for longer-term planning goals.
A comprehensive ILIT is often needed when life insurance proceeds will play an important role in estate tax planning or in providing liquidity for an estate with illiquid assets. Families with substantial assets, closely held businesses, or real estate holdings can benefit from an arrangement that preserves insurance proceeds for heirs while minimizing estate inclusion. A carefully drafted ILIT paired with other estate planning documents helps ensure that proceeds are available to pay taxes, debts, and expenses without forcing the sale of core assets, and it supports orderly transitions across generations.
Comprehensive ILIT planning can also address creditor protection and distribution control for beneficiaries who may need guidance or protection from financial risks. Through trust provisions, the grantor can set conditions for how proceeds are distributed, appoint fiduciaries to manage funds, and include language that seeks to limit creditor claims where allowed by law. For families concerned about preserving wealth for future generations or protecting benefits for a dependent with special needs, a trust structure can provide a controlled, durable solution tailored to those objectives.
Adopting a comprehensive approach to an ILIT within a broader estate plan can yield clearer outcomes and fewer surprises for beneficiaries. When the trust, will, powers of attorney, and health care directives work together, families benefit from coordinated documents that address death, incapacity, and ongoing financial management. Comprehensive planning reduces the chance of conflicting beneficiary designations and ensures that the ILIT is properly funded and administered. The result is greater predictability around distributions and a more streamlined process for trustees and family members managing the estate.
A holistic plan also improves administrative efficiency and record keeping, which can minimize delays when funds are needed most. Trustees who inherit clear instructions and supporting documents can act more quickly to collect insurance proceeds and discharge debts or taxes as directed. Consistent coordination between the ILIT and related documents helps preserve family intentions and supports a smoother transition of assets to intended beneficiaries, reducing potential conflicts and maintaining financial stability during a difficult time.
One important benefit of integrating an ILIT with a full estate plan is improved liquidity to cover final expenses and estate administration costs. Life insurance proceeds held in a trust can be available promptly to pay funeral costs, outstanding debts, and any taxes that may arise, preventing the need to liquidate real property or business interests. Having a plan that anticipates these needs reduces stress for surviving family members and enables trustees to follow a roadmap that honors the grantor’s intentions while addressing the estate’s immediate financial obligations.
A coordinated ILIT allows the grantor to set precise distribution terms and conditions, protecting proceeds from unintended use and guiding trustees on long-term management. Trust provisions can designate how and when beneficiaries receive funds, include spendthrift protections where permitted, and tailor support for education, health, or other specified purposes. This control can safeguard family resources against potential creditor claims and help ensure that the financial needs of beneficiaries are met in a manner consistent with the grantor’s values and intentions.
Designing an ILIT should begin with a realistic plan for funding ongoing premiums so the trust can maintain the life insurance policy without interruption. Consider how annual gifts to the trust will be made, whether existing assets will be transferred, and how premium obligations fit into your broader cash flow. Consistent funding plans reduce the risk of policy lapse and help trustees manage payments smoothly. Communicate the plan with family members who may assist in administration, and document transfers and notices carefully to preserve the intended tax treatment and administrative record.
To make sure the ILIT functions as intended, coordinate the trust with beneficiary designations on retirement accounts, life insurance policies, and other payable-on-death assets, as well as with documents like a pour-over will, revocable living trust, and power of attorney. Inconsistent beneficiary forms can undermine the goals of the ILIT, so review all accounts and update designations as needed. Keeping a current set of documents together and informing trusted family members where those documents are stored can expedite administration when the trust needs to act.
Consider an ILIT if your planning goals include removing life insurance proceeds from your estate for tax purposes, providing immediate liquidity at death, or managing how proceeds are distributed to heirs. It can be particularly helpful for individuals with significant illiquid assets, business interests, or a desire to protect inheritances from creditors. An ILIT may also be appropriate when you want to set conditions on how beneficiaries receive funds, such as staged distributions or uses dedicated to education or health care. Thoughtful planning ensures the trust aligns with family needs and legal requirements.
You may also consider an ILIT when there are blended family concerns, beneficiaries with special needs, or circumstances where controlling distributions over time is important. By using an ILIT, you can designate trustees to manage funds and set safeguards to help preserve assets for intended uses. It is important to review gift tax and other tax implications before establishing an ILIT and to coordinate the trust with other estate planning documents so that proceeds are handled in accordance with your wishes and in a manner that reduces administrative complexity for survivors.
Typical circumstances that lead families to establish an ILIT include having a sizable life insurance policy intended to provide for heirs, the need for liquidity to pay estate administration costs, ownership of a family business or real property that could be difficult to sell, and concerns about protecting proceeds from creditors or remarriage. Families seeking generational wealth preservation or structured distributions for minors or dependents with disabilities also frequently consider an ILIT as part of a disciplined, long-term plan to manage life insurance proceeds responsibly.
When life insurance proceeds are substantial relative to the overall estate, placing a policy in an ILIT can help reduce the value included in the grantor’s taxable estate, subject to timing and applicable tax rules. This approach may allow the proceeds to be used to pay estate settlement costs without increasing estate tax exposure. Proper timing and administration are important, so that the transfer is effective and the trust’s ownership is recognized for tax purposes. Families with significant life insurance holdings often review an ILIT as part of comprehensive tax-aware planning.
An ILIT can provide protections for beneficiaries who may not be ready to manage large sums or who face creditor risks. Through trust provisions, grantors can set conditions, create staggered distributions, or appoint trustees to manage funds for specific needs such as education or medical care. These protections help ensure that proceeds are used in ways consistent with the grantor’s goals while offering a buffer against impulsive decisions or external claims, improving the likelihood that resources will benefit intended recipients over time.
When a significant portion of an estate is tied up in a family business or real estate that cannot be easily sold, an ILIT can supply liquidity to cover taxes and debts without forcing a sale. This liquidity helps maintain business continuity or preserve long-term property ownership according to the grantor’s wishes. Drafting an ILIT to complement business succession plans and other trust arrangements can protect the continuity and value of these assets while providing for beneficiaries who rely on income or wealth generated by those interests.
The Law Offices of Robert P. Bergman is available to help East La Mirada residents assess whether an Irrevocable Life Insurance Trust fits into their estate plan. We discuss family objectives, review insurance policies, coordinate related documents like revocable living trusts and powers of attorney, and outline administration steps so clients understand what to expect. Our office assists with drafting, funding plans, trustee guidance, and beneficiary coordination, and we emphasize clear communication so families know how an ILIT operates and how it will support their goals after the grantor passes.
Clients choose the Law Offices of Robert P. Bergman because we focus on creating practical, well-drafted estate plans tailored to individual family circumstances in California. We take time to understand each client’s objectives, explain how an ILIT interacts with other documents like pour-over wills and health care directives, and provide clear guidance on funding and trustee responsibilities. Our work aims to reduce surprises for heirs and make administration more predictable, with attention to the legal and tax considerations that affect ILIT effectiveness.
We also assist clients with coordination among multiple documents and institutions, ensuring beneficiary designations, retirement account forms, and trust instruments work together. The firm helps prepare documentation for annual exclusion gifts and Crummey notices when necessary, and we advise on trustee selection and successor trustee planning. Our goal is to deliver a cohesive plan that preserves family intentions while addressing practical administration tasks so trustees can act efficiently when needed.
Communication and accessibility are important to our approach. We provide clear timelines, checklists for funding and documentation, and accessible contact information so clients can reach us with questions during the drafting and funding process. For East La Mirada residents, we offer guidance that reflects California law and local considerations, helping families move forward with confidence that their ILIT and related estate planning documents are in order.
Our process for creating an ILIT begins with a detailed intake conversation to identify goals, assets, and family dynamics. We review life insurance policies, discuss trustee options, and coordinate with related estate planning documents. After drafting the trust, we assist with execution formalities and provide guidance on transferring or reassigning the policy to the trust. We also prepare documentation and explain steps for annual gifts, beneficiary notices, and record keeping so trustees can manage the trust effectively following the grantor’s death.
The first step is a comprehensive review of your existing estate planning documents, life insurance policies, and financial situation to determine whether an ILIT fits your goals. We ask about intended beneficiaries, liquidity needs, and any creditor or family concerns. This conversation helps identify coordination needs with revocable trusts, powers of attorney, and healthcare directives. From there we outline options, possible tax implications, and practical considerations for trustee selection and funding strategies that align with your overall plan.
During this phase we examine existing wills, trusts, beneficiary forms, and insurance details to ensure alignment with your wishes. We clarify who will serve in key roles, such as trustees and beneficiaries, and set priorities for distribution and protection of proceeds. Clear documentation of intent at this stage prevents conflicts later and ensures that the ILIT will function as intended alongside other estate planning instruments. This preparation also helps identify any additional documents that might be needed to support the overall plan.
We analyze potential tax implications of transferring a policy to an ILIT, including gift tax considerations and timing rules that affect estate inclusion. This review includes discussing annual exclusion gifts, Crummey notices, and whether a transfer falls within look-back periods that might include the policy in the estate. The goal is to create a funding strategy that preserves the desired tax outcomes while ensuring premium payments are sustainable for the trust over time.
Once the plan is established, we draft the trust document tailored to your objectives and ensure that trust language addresses distribution timing, trustee powers, and administration procedures. After drafting, we coordinate execution steps and confirm that the trust is properly signed and witnessed according to California law. We also prepare any necessary ancillary documents, such as trustee acceptance forms, and explain how to update policy ownership and beneficiary designations so that the trust can effectively receive proceeds when the policy becomes payable.
At the review meeting we walk through each provision in the trust document to confirm it reflects your intentions and addresses possible contingencies. This discussion covers trustee powers, distribution standards, successor trustee arrangements, and any special provisions for minor or dependent beneficiaries. We welcome questions and make revisions so the final document aligns with your objectives and provides clear guidance for fiduciaries and surviving family members.
After the trust is executed, we assist with changing ownership of the insurance policy to the trust or arranging for the trust to purchase a new policy. This step requires coordination with the insurer to update ownership and beneficiary records. We also document the transfer carefully and review any required notices to beneficiaries so annual exclusion treatment will be supported. Proper handling at this stage is essential to ensure the ILIT operates as intended.
Following execution, the trust must be funded and administered in accordance with its terms. We help establish a funding schedule for premiums, prepare beneficiary notices when needed, and advise trustees on record keeping and reporting duties. Our firm remains available for questions about trustee actions, beneficiary communications, and adjustments required by changes in law or family circumstances. Ongoing attention helps maintain the trust’s intended benefits and ensures trustees can act promptly when the policy proceeds are payable.
Funding often involves making annual gifts to the trust to cover premiums, and this requires attention to documentation and notice procedures. Trustees must track contributions, ensure premium payments are made on time, and maintain records of communications with beneficiaries. Proper annual administration protects the intended tax results and supports the trust’s ability to hold the policy until proceeds are payable. Clients receive guidance on practical steps to preserve the trust’s status and its benefits for beneficiaries.
Our office can advise trustees on their administrative responsibilities and assist with communications to beneficiaries when necessary. We help prepare notices for annual exclusion gifts, explain distribution procedures, and provide templates for trustee reports. This support helps trustees fulfill their duties with confidence, maintain compliance with the trust terms, and reduce friction among beneficiaries by providing clear explanations and documentation when questions arise.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy or that holds the right to receive policy proceeds when the insured dies. After the insured transfers ownership of the policy to the trust, the trust becomes the legal owner and the proceeds are payable to the trust. The trust document directs how those proceeds will be managed and distributed to beneficiaries, and it names a trustee who is responsible for administration. The irrevocable nature of the trust means the grantor typically gives up the right to reclaim ownership or change the trust terms unilaterally. ILITs function by separating policy ownership from the insured’s personal estate, which can result in proceeds not being included in the grantor’s estate for certain tax purposes when timing and administration rules are observed. Trustees manage premium payments when the trust is funded appropriately and follow distribution instructions after proceeds are received. Because the trust is a formal legal arrangement, proper drafting and administration are essential to achieve intended outcomes and reduce the risk of unintended tax or legal consequences.
Funding an ILIT usually involves making gifts to the trust so it can pay policy premiums, or transferring an existing policy into the trust and providing funds for future premiums. A common strategy is to make annual gifts that match the premium amount, which can qualify for the annual gift tax exclusion if beneficiaries receive timely notice of their withdrawal rights under trust terms. It is important to document these gifts, keep records of notices, and ensure the trust receives funds before premiums are due to avoid policy lapse. Another funding method is for the trust to purchase a new policy using trust funds or initial contributions by the grantor. When funding by purchase or transfer, coordination with the insurer and timely administrative steps are required to change ownership and beneficiary designations. Ongoing communication between the grantor, trustee, and insurer keeps premium payments on schedule and preserves the intended benefits of the ILIT.
Placing a life insurance policy in an ILIT can remove the death benefit from the grantor’s estate for estate tax purposes, provided certain timing and control rules are satisfied. Transfers made close to the date of death may still be included in the estate under look-back rules, so timing matters. Additionally, the grantor must not retain incidents of ownership in the policy, such as the right to change beneficiaries or borrow against the policy, if the goal is to exclude proceeds from the estate. Because tax rules are complex, it is important to plan ahead and follow proper procedures when funding and administering an ILIT. Coordinating the trust with other documents and documenting transfers helps support the intended tax treatment, and trustees must follow the trust terms to avoid inadvertently creating estate inclusion events.
A trustee can be an individual such as a trusted family member or a professional fiduciary or institution, depending on the family’s needs and the complexity of the administration. The chosen trustee should be willing to fulfill fiduciary duties, maintain accurate records, pay premiums on time, communicate with beneficiaries, and follow the trust’s distribution instructions. Successor trustees should also be named in case the initial trustee is unable or unwilling to serve in the future. Trustee duties include managing trust assets, ensuring timely payment of premiums, handling communications with the insurance company, keeping records of gifts and distributions, and acting in the beneficiaries’ best interests as directed by the trust. The trustee must balance administrative responsibilities with the grantor’s instructions and may seek professional support for investment or tax matters when appropriate to fulfill these obligations properly.
Whether beneficiaries receive trust proceeds immediately depends on the trust terms. Some ILITs are drafted to distribute proceeds directly to beneficiaries on receipt, providing immediate liquidity for funeral costs or debts. Other trusts are designed to hold proceeds for longer periods with distribution conditions, such as payments for education, staged distributions at certain ages, or discretionary distributions by the trustee. Design choices about timing and conditions allow grantors to match distributions to beneficiaries’ needs and protect assets from premature depletion. Because distribution terms affect how funds are used and who controls them, it is important to document the grantor’s wishes clearly in the trust document so trustees and beneficiaries understand the intended timeline and purposes for distributions.
A Crummey notice is a written communication to trust beneficiaries informing them that a gift has been made to the trust and that they have a limited right to withdraw the contribution for a short period. Sending such notices can help gifts qualify for the annual gift tax exclusion, which reduces the likelihood of taxable gifts when premiums are funded through annual contributions. Proper delivery and documentation of these notices are important to preserve the intended tax benefits. Trustees should follow consistent procedures for issuing Crummey notices and keep records showing when notices were sent and how beneficiaries responded. Maintaining clear records supports the position that contributions were eligible for the annual exclusion and helps avoid disputes or questions from tax authorities about the nature and timing of gifts to the trust.
An ILIT operates as a separate legal entity from a revocable living trust or a will, but coordination is important to ensure assets are handled according to the grantor’s plan. A pour-over will can direct assets to a revocable trust at death, while an ILIT specifically addresses ownership and disposition of life insurance proceeds. Ensuring beneficiary designations and trust ownership align prevents conflicts that could undermine the grantor’s intentions for proceeds or other assets. Reviewing all estate planning documents together helps identify inconsistencies or gaps. For example, retirement account beneficiary designations should be checked so they complement trust plans, and power of attorney documents should authorize appropriate actions for funding or administrative support. Coordinated planning leads to a smoother administration and clearer outcomes for beneficiaries.
There are potential risks when transferring a life insurance policy into an ILIT, including loss of control over the policy, the possibility of estate inclusion if transfers occur too close to death, and administrative burdens related to funding and notices. If the grantor retains certain rights over the policy, those rights could cause the policy proceeds to be included in the estate. Additionally, failure to fund the trust properly can result in policy lapse, undermining the trust’s purpose. Careful planning and attention to timing, documentation, and trustee responsibilities mitigate these risks. Working through funding strategies and drafting clear trust terms reduces the chance of unintended consequences. When changes to family circumstances or law occur, periodic review helps address new risks and maintain alignment with the grantor’s objectives.
An ILIT can offer a measure of protection for life insurance proceeds depending on the trust terms and applicable law. By placing the policy in an irrevocable trust with appropriate spendthrift or protective provisions, proceeds may be shielded from certain creditor claims against beneficiaries, though protection is not absolute and depends on the nature of the creditor claim and state law. For families concerned about divorce or creditor exposure, trust drafting can include mechanisms to limit direct access and to guide trustees in how distributions are made. It is important to understand that creditor protection varies by jurisdiction and by the specifics of the claim, so realistic expectations are necessary. Coordination with other asset protection measures and clear trust language can improve the likelihood that proceeds are preserved for intended beneficiaries, while also balancing the need for beneficiary access to funds for legitimate expenses.
To begin creating an ILIT in East La Mirada, start with a consultation to review your life insurance policies, estate planning goals, and family circumstances. Gather existing documents such as wills, revocable trusts, beneficiary forms, and policy statements so an assessment can determine the right structure. Discuss funding strategies for premiums, trustee selection, and distribution preferences to shape a trust that aligns with your objectives. The Law Offices of Robert P. Bergman can explain the practical steps and coordinate with insurers to change ownership and beneficiary designations when appropriate. After the initial review, the next steps typically include drafting a trust tailored to your needs, executing the trust in accordance with California requirements, and implementing a funding plan for premium payments. We also help prepare any beneficiary notices and provide guidance on record keeping so the trust functions as intended. Contact our office at 408-528-2827 to schedule an appointment and begin the process of setting up an ILIT that meets your family’s goals.
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