An Irrevocable Life Insurance Trust (ILIT) can play a central role in a careful estate plan for families and individuals in Lakewood and throughout Los Angeles County. This page presents practical information about how an ILIT works, why people choose one, and how the Law Offices of Robert P. Bergman can help you structure a trust that reflects your wishes. We focus on clear explanations, common scenarios, and the steps the firm takes to prepare durable, compliant documents. Our goal is to help you make informed decisions about life insurance ownership, estate tax considerations, and inheritance planning for heirs and beneficiaries.
Choosing whether an ILIT is right for your situation requires examining family dynamics, asset structure, and long term objectives. Many clients consider an ILIT to remove life insurance proceeds from their taxable estate, protect proceeds for minor or vulnerable beneficiaries, and prevent those proceeds from being subject to probate or creditor claims. The process includes drafting trust instruments, transferring ownership of policies, and naming trustees and beneficiaries. We explain options in plain language, review potential implications, and design an approach that aligns with your goals while complying with California laws and reporting requirements.
An ILIT can provide estate planning advantages that matter to families concerned with minimizing estate tax exposure, ensuring liquidity for estate expenses, and preserving policy proceeds for designated beneficiaries. By transferring ownership of a life insurance policy into an irrevocable trust, clients often separate the death benefit from their taxable estate and set clear distribution terms that avoid probate. Other benefits include protecting proceeds from certain creditor claims and tailoring timing and conditions for distributions to heirs. The decision to use an ILIT should be made with careful analysis of your overall estate plan, family circumstances, and long term financial aims.
The Law Offices of Robert P. Bergman assists clients across Los Angeles County with estate planning matters including trusts, wills, and trust administration. Our approach emphasizes detailed planning, thoughtful document drafting, and responsive communication. For ILIT matters we focus on ensuring the trust terms align with your estate goals, coordinating necessary ownership transfers, and advising on trustee selection and funding mechanics. We also assist with related documents such as pour-over wills, powers of attorney, and health care directives to create a cohesive plan that reflects your intentions while facilitating ease of administration for loved ones.
An Irrevocable Life Insurance Trust is a legal entity that holds one or more life insurance policies and controls the distribution of the resulting death benefit according to the trust terms. When properly funded and administered, an ILIT can remove the policy proceeds from the insured’s taxable estate and provide clear instructions for distribution to beneficiaries. The trust is irrevocable, meaning the grantor typically gives up ownership rights over the policy. This permanence is part of what allows the trust to achieve estate planning goals, but it also requires careful planning and coordination with other elements of your estate plan.
Creating an ILIT requires attention to detail in drafting the trust document, transferring policy ownership, and establishing mechanisms for premium payments. Trustees must follow the trust terms regarding distributions, creditor protection, and any conditions you wish to impose. Proper timing is important because transfers made shortly before the insured’s death may not achieve the intended estate tax benefits. A complete plan will consider funding sources, successor trustees, and how the trust interacts with retirement plans and other estate assets to ensure the trust serves its intended role after the grantor’s passing.
An ILIT is a type of trust created to own life insurance policies and manage the proceeds for beneficiaries under terms chosen by the grantor. The trust is irrevocable, so the grantor transfers ownership and control of the policy to the trust and names a trustee to manage it. At the insured’s death the trustee collects the proceeds and distributes them as the trust directs, which can include lump sum payments, staggered distributions, or payment for specific needs. The structure helps keep policy proceeds out of probate and may reduce estate tax exposure when properly implemented and coordinated with other planning documents.
Key elements of an ILIT include a written trust instrument that identifies the grantor, trustee, beneficiaries, and distribution instructions; transfer of the life insurance policy into trust ownership; and a reliable plan for paying ongoing premiums. Trustees must administer the trust according to its terms and applicable law, maintain records, and manage distributions. Other processes may include filing any necessary trust documentation, coordinating with insurers to change ownership and beneficiary designations, and ensuring that premium payments are treated correctly to preserve the intended tax and estate planning advantages.
Understanding common terms helps demystify the ILIT process. This glossary includes plain-language explanations of roles, documents, and tax concepts that arise when establishing a trust for life insurance. Familiarity with these terms will help you make more informed decisions and have more productive conversations with your attorney. Below are concise definitions of frequently used terms and how they relate to your ILIT and broader estate plan to ensure clarity when reviewing options and preparing documents tailored to your needs.
The grantor is the person who establishes the trust and transfers ownership of the life insurance policy into the ILIT. Once the transfer is completed the grantor typically relinquishes control over the policy, including ownership rights and beneficiary designation authority. The grantor’s intent shapes the trust’s terms, including who should receive proceeds and under what conditions. Selecting a grantor, naming appropriate trustees and beneficiaries, and documenting any conditions for distributions are essential steps when creating an ILIT that aligns with the grantor’s estate planning goals.
The trustee is the individual or entity selected to manage the trust, hold legal title to the policy, collect proceeds, and carry out distributions according to the trust instrument. Trustees have fiduciary duties to administer the trust in the beneficiaries’ best interests, maintain accurate records, and handle communications with insurers and financial institutions. Choosing a reliable trustee, naming successor trustees, and providing clear guidance in the trust documents help ensure the trustee can fulfill responsibilities efficiently when the time comes to administer the trust.
A beneficiary is a person or entity entitled to receive distributions from the ILIT when conditions specified in the trust are met. Beneficiaries can include family members, charities, or other entities, and the trust can set terms such as ages for distributions, spending limitations, or uses for proceeds like education or health care. Clear beneficiary designations in the trust document prevent ambiguity and help ensure that proceeds are used as the grantor intended, reducing disputes and facilitating prompt distribution after the trustee collects policy proceeds.
Irrevocable means the trust cannot be modified, revoked, or undone by the grantor once properly formed and funded, except in limited circumstances provided by law or with beneficiary consent. This permanence is a significant feature because it helps achieve certain estate planning goals such as removing assets from the taxable estate. However, being irrevocable also means careful consideration must be taken before funding the trust, since the grantor typically gives up direct control over the policy once it is transferred.
When evaluating an ILIT against alternatives such as keeping life insurance in personal ownership, using payable-on-death designations, or relying solely on a will, consider how each option affects taxes, probate, creditor exposure, and control over distributions. An ILIT offers structured control and potential estate tax benefits when compared to personally owned policies, but it also requires more complex administration and irrevocable transfers. A comparison should weigh the intended beneficiaries’ needs, your asset mix, potential tax consequences, and the convenience of administration after your passing to determine which solution best meets your objectives.
For individuals whose total estate value is below applicable estate tax thresholds and whose life insurance proceeds are modest relative to overall assets, the added complexity of an ILIT may not be necessary. In these situations, leaving policies in personal ownership with clear beneficiary designations or using a pour-over will may provide adequate protection and simpler administration. The decision depends on your broader estate picture, liabilities, and the degree to which you want to impose conditions on distributions or remove proceeds from potential creditor claims.
If retaining flexibility to change beneficiaries, adjust coverage, or access cash values is important, keeping a policy outside an irrevocable trust preserves those options. Personal ownership allows policy changes, loans, and other management choices that an ILIT’s irrevocable structure typically restricts. For clients who prioritize liquidity and control during their lifetime over estate tax concerns or creditor protection, maintaining straightforward ownership and integrating the policy into a streamlined estate plan can be an appropriate and practical choice.
When family dynamics, blended families, or complex asset structures are involved, a comprehensive ILIT plan helps align life insurance proceeds with broader estate objectives. Trust terms can address differing beneficiary needs, provide for contingent distributions, and coordinate with retirement accounts and other trusts. A carefully documented ILIT reduces ambiguity, helps avoid disputes among heirs, and makes administration more straightforward for trustees. In these cases, a tailored trust instrument and coordinated estate plan protect your intentions and reduce friction during the distribution process.
For policy values that could meaningfully affect estate tax exposure or liquidity after death, a comprehensive ILIT can be a strategic tool. Removing the policy from the taxable estate and setting clear funding and distribution provisions supports long term planning and reduces the likelihood of unintended tax consequences. The trust should be crafted to align with other estate documents, address payment of premiums, and specify how proceeds will be used, which requires careful drafting to ensure the trust achieves the intended financial and familial objectives without creating administrative difficulties for trustees or beneficiaries.
A comprehensive ILIT strategy can provide clarity, tax efficiency, and defined distribution mechanics that benefit heirs and reduce administrative burdens. By integrating the ILIT with a will, powers of attorney, and health care directives, a cohesive plan directs how assets and decisions are handled across different scenarios. This coordination helps ensure the ILIT functions as intended, supports liquidity for estate expenses, and offers protections against confusion or disputes. A holistic approach also anticipates succession for trustees and addresses potential issues such as policy funding and trust administration responsibilities.
Beyond tax and probate considerations, a well-crafted ILIT can provide peace of mind by setting clear expectations for distribution timing, purposes, and oversight. This is particularly important when beneficiaries include minors, individuals with special needs, or those who may benefit from structured distributions over time. The trust document can include instructions for handling income, principal distributions, and conditions for distributions that reflect your values and priorities, helping trustees carry out your intentions with clarity and authority when it matters most.
One of the primary advantages of an ILIT is its potential to remove life insurance proceeds from the grantor’s taxable estate, which can provide liquidity to pay estate expenses and help preserve other assets for beneficiaries. When structured and funded correctly, the ILIT clarifies how proceeds are distributed and reduces the chance that estate taxes or administration costs will force asset sales. This planning is especially relevant for families with illiquid assets such as real estate or business interests, where having readily available funds can ease transition and settlement after the grantor’s death.
An ILIT enables the grantor to define distribution terms that protect beneficiaries from imprudent spending, creditors, or outside claims. The trust can specify ages for outright distributions, require trustees to disburse funds for education or health, or provide incentives tied to milestones. For families with beneficiaries who may need oversight or staged support, the ILIT offers a mechanism to tailor payment timing and amounts while shielding funds from probate and certain claims. Clear trust provisions help trustees carry out these intentions without ambiguity, easing administration and preserving assets for intended uses.
Timing matters when transferring a policy into an ILIT. Transfers made shortly before the insured’s death may not remove the proceeds from the taxable estate, which can defeat the primary purpose of the trust. It is important to coordinate ownership changes, premium funding, and trust formation well in advance of any expected health concerns. Early planning also simplifies communication with insurers and trustees, reduces the chance of administrative errors, and ensures the trust terms are aligned with the rest of your estate plan to achieve the intended outcomes.
Selecting a trustee involves more than picking a trusted family member; it requires thinking about who can handle administrative responsibilities, maintain records, and communicate with insurers and beneficiaries. Naming successor trustees and providing guidance within the trust instrument reduces potential confusion if the original trustee cannot serve. Consider who is willing and capable of managing investments, filing necessary tax or trust forms, and making distribution decisions under the trust terms. Clear instructions and backup plans make trust administration smoother and help ensure timely payments to beneficiaries.
People consider an ILIT for a variety of reasons, including the desire to provide liquidity for estate taxes and expenses, preserve assets for specific beneficiaries, and create structured distributions for heirs. An ILIT can protect policy proceeds from probate and may limit exposure to certain creditor claims. It also allows the grantor to set conditions or timing for distributions and can be coordinated with other trust documents to reflect family goals. Evaluating your financial picture and family needs helps determine whether an ILIT will meaningfully support your long term objectives.
An ILIT may also be useful for business owners who want insurance proceeds to be managed outside personal ownership, retirees seeking to manage estate liquidity, or parents who want to provide for minor children in a controlled manner. Because the trust is irrevocable, it requires careful planning and selection of trustees and funding sources. When implemented properly, the ILIT can be a powerful tool within a cohesive estate plan, helping to preserve wealth for intended beneficiaries and reducing administrative hurdles after the grantor’s passing.
Clients commonly consider an ILIT when they have substantial life insurance policies, expect estate tax exposure, want to provide for minors or vulnerable beneficiaries, or wish to keep proceeds out of probate. Other circumstances include business succession planning, protecting proceeds from creditor claims, or establishing long term funding mechanisms for education or care. In each case, the ILIT’s terms are tailored to the client’s situation to address timing of distributions, trustee powers, and interactions with other estate planning documents to ensure the client’s wishes are carried out effectively.
When beneficiaries include young children or dependents who may not be ready to manage lump sums, an ILIT can direct how and when funds will be distributed to support education, health care, or living expenses. The trust can specify ages for distribution, set aside funds for particular uses, and require trustees to disburse funds under defined conditions. By outlining clear instructions, the grantor can provide for ongoing support while minimizing the risk that benefits are prematurely depleted or misused, offering stability for dependents over time.
An ILIT can be an effective part of a strategy to manage estate tax exposure and provide liquidity for estate settlement costs. By removing the policy proceeds from the taxable estate, the trust can prevent a large insurance payout from increasing estate tax liabilities and ensure funds are available to pay taxes, debts, and administrative expenses. This planning helps heirs retain other assets rather than needing to liquidate property or business interests to satisfy obligations that arise at death.
In situations where beneficiaries or the grantor face potential creditor claims, an ILIT can provide a layer of protection by keeping life insurance proceeds under trust control and out of direct reach of some creditors. The trust’s terms can set distribution conditions and limit outright transfers that might be vulnerable to claims. While not a guarantee against all possible creditor actions, carefully drafted trust provisions can reduce exposure and provide a clearer path for preserving assets for intended beneficiaries in the face of potential claims or legal challenges.
The Law Offices of Robert P. Bergman serves clients in Lakewood, Los Angeles County, and greater California with practical estate planning and trust services. Our firm helps residents evaluate whether an ILIT fits their needs, drafts tailored trust documents, coordinates policy transfers, and guides trustees through administration. Whether you live in Lakewood or nearby communities, we aim to provide clear communication, timely responses, and careful planning to make the process straightforward and effective. Contact the firm to discuss your situation and learn how an ILIT might play a role in your estate plan.
Clients choose our firm for clear communication, practical planning, and comprehensive document drafting that integrates an ILIT with their overall estate plan. We focus on making complex legal concepts accessible and on creating trust instruments that reflect your wishes. Our approach includes reviewing existing insurance arrangements, coordinating transfers, and advising on trustee selection and funding. We aim to deliver durable documents that facilitate smooth administration while protecting beneficiary interests and aligning with your long term objectives.
We also prioritize regular communication and responsiveness during the planning and implementation process. Establishing an ILIT can involve coordination with insurers, trustees, and financial advisors, and our firm helps manage those steps to reduce administrative friction. Clients appreciate the attention to detail in drafting provisions that cover distribution timing, trustee powers, and successor trustee appointments to help avoid confusion or disputes down the road.
Beyond initial drafting, we assist with ongoing questions about trust administration, help trustees understand their duties, and provide options for trustee changes or trust modifications when permitted by law. Our goal is to provide practical solutions that support your family’s needs and ensure the ILIT functions as intended when it is needed most, offering peace of mind through careful planning and thoughtful documentation.
Our ILIT process begins with a thorough discovery of your assets, family needs, and existing insurance arrangements to evaluate whether an ILIT is appropriate. We draft a trust instrument tailored to your goals, coordinate ownership transfers with insurers, and establish a premium funding plan. We also prepare related documents such as pour-over wills, powers of attorney, and health care directives to ensure a cohesive estate plan. Throughout the process we explain each step, provide document drafts for review, and assist in executing the paperwork required to fund and administer the trust correctly.
The first step involves a comprehensive consultation to understand your financial situation, family relationships, and objectives for life insurance proceeds. During this meeting we review existing policies, discuss funding options for premiums, and identify potential beneficiaries and trustees. This planning stage is essential to determine whether an ILIT aligns with your goals and to outline the trust terms that will govern distributions and administration. The information gathered at this stage forms the basis for drafting a tailored trust instrument and implementation plan.
We examine your current life insurance policies, beneficiary designations, and premium obligations to identify necessary ownership changes and funding arrangements. Understanding cash values, existing assignments, and policy types helps determine the administrative steps to transfer ownership to the trust. We also discuss potential premium payment sources and how to document gifts to the trust to preserve intended tax treatment. This careful review reduces surprises and ensures the plan addresses both immediate implementation needs and long term administration.
Choosing a trustee and defining distribution rules are central to an effective ILIT. We discuss the roles and responsibilities trustees will have, recommend naming successor trustees, and help you articulate the distribution structure that reflects your wishes for timing, uses, and oversight. Drafting clear instructions for trustees reduces ambiguity and provides practical guidance for managing proceeds. These decisions shape how the trust will function after your death and should be made with consideration for the administrative tasks the trustee will need to perform.
After planning decisions are made we prepare the trust instrument and related implementation documents, coordinate transfers of policy ownership, and establish mechanisms for premium payments. The trust is drafted to reflect your distribution preferences, trustee powers, and any conditions you want to impose. Once the trust is executed, we work with insurers to change ownership and beneficiary designations as needed, and we advise on documenting any gifts to the trust to support premium funding and preserve the intended tax treatment.
We draft a comprehensive trust instrument tailored to your goals, including detailed distribution provisions, trustee authorities, and successor trustee appointments. The document is reviewed with you to ensure it reflects your intentions. We then guide the execution process to make sure formalities are satisfied. Clear language and properly executed documents reduce the risk of disputes and facilitate straightforward trust administration by trustees and beneficiaries after the policy proceeds are paid to the trust.
Coordinating with the insurance company is necessary to transfer policy ownership into the trust and to confirm beneficiary designations align with the trust terms. This step may require insurer forms, proof of the trust, and confirmations of beneficiary changes. Accurate execution of these steps is essential to ensure the trust receives the proceeds as intended. We assist by communicating directly with insurers when appropriate, verifying processing, and confirming that the policy is properly titled in the trust’s name.
Once the trust is funded and the insured passes, the trustee’s responsibilities include filing claim paperwork, collecting proceeds, managing funds, and distributing assets according to the trust terms. We provide guidance to trustees on administrative duties, recordkeeping, and steps needed to carry out distributions and any tax reporting obligations. Ongoing trustee support helps ensure the trust operates smoothly during the administration period and that beneficiaries receive funds pursuant to the grantor’s instructions.
The trustee files a claim with the insurer, provides the trust documentation needed to establish entitlement to proceeds, and may need to coordinate with beneficiaries or financial institutions to carry out distribution instructions. Trustees must keep accurate records of receipts and disbursements and may need to invest funds temporarily to preserve value. Clear instructions in the trust and practical legal guidance reduce delays and ensure proceeds are handled consistent with the grantor’s intended uses and timelines.
Trustees are responsible for carrying out distributions, maintaining trust records, and determining any necessary tax filings or reporting. Good recordkeeping supports transparency and can help address questions from beneficiaries or tax authorities. We advise trustees on best practices for documentation, how to follow distribution provisions precisely, and how to handle potential tax considerations related to trust income or disbursements. Legal support during administration helps navigate complex situations and ensures compliance with the trust terms and applicable law.
An Irrevocable Life Insurance Trust is a trust created to own one or more life insurance policies and direct how the proceeds will be used after the insured’s death. When the policy is transferred into the trust, the trustee becomes the legal owner and the trust becomes the beneficiary. The trustee manages the policy and, upon the insured’s death, collects the proceeds and distributes them according to the trust terms. This structure helps keep proceeds out of probate and can provide a framework for controlled distributions and creditor protection. It is important that the trust be properly drafted and funded to accomplish these objectives. The trust’s irrevocable nature typically means the grantor gives up ownership and control of the policy once the transfer is completed. Because the trust lawfully holds the policy, the proceeds, when paid, are handled by the trustee rather than passing through probate. The trust terms can specify timing, amounts, and purposes for distributions, such as education or health care. Proper coordination with insurers and careful documentation of premium funding are necessary to ensure the trust operates as intended and to address any tax or administrative requirements.
Transferring a policy to an ILIT may reduce estate taxes by removing the policy proceeds from the grantor’s taxable estate, but achieving that result depends on timing and the overall estate picture. If the transfer is completed well before the insured’s death, and ownership and beneficiary designations are properly aligned, estate inclusion can often be avoided. However, transfers made within a short period before death may still be included in the estate under certain rules. Each situation should be reviewed in light of current estate tax laws and the value of your total estate. Estate tax outcomes also depend on other assets and the applicable tax thresholds in effect at the relevant time. An ILIT is one component of a broader estate plan, and its effectiveness for tax mitigation should be evaluated together with other planning tools. Coordination with retirement accounts, real property, and other trusts is important for understanding the overall tax picture and ensuring that the ILIT contributes to your intended estate planning objectives.
Premiums can be paid to the ILIT in several ways, commonly through annual gifts from the grantor to the trust or by having the trust hold funds used to pay premiums. Annual gift transfers to the trust must be handled carefully to comply with gift tax rules and, where applicable, to allow beneficiaries to avoid gift tax implications. Some families use Crummey withdrawal powers or other mechanisms to ensure gifts to the trust qualify for annual gift tax exclusions while still keeping the trust funded for premiums. The grantor and trustee should document premium funding and maintain records of transfers and payments to insurers. A clear plan for premium funding reduces the risk of lapses and preserves the trust’s intended benefits. It is also important to confirm with the insurer that the trust is an acceptable owner and that the transfer is processed properly so premiums and policy status remain in good standing.
Selecting a trustee involves considering administrative ability, reliability, and willingness to serve. Trustees must manage communications with insurers, maintain records, file necessary reports, and make distribution decisions under the trust terms. Many clients choose a trusted family member or friend, a professional fiduciary, or an institutional trustee depending on the complexity of the trust and the skills required for administration. Naming successor trustees provides continuity if the original trustee becomes unable or unwilling to serve. Trustees need to follow the trust’s instructions and act in the beneficiaries’ interests, which requires organizational skills and attention to detail. While trustees do not need specialized professional credentials, naming someone with experience in financial management or legal processes can ease administration. The trust can also grant trustee powers that help manage investments, make discretionary distributions, and handle tax matters to facilitate administration when a trustee is carrying out duties.
Because an ILIT is generally irrevocable, modifying the trust terms or changing beneficiaries is limited and often difficult. Some trusts include provisions for limited modifications, decanting, or trustee-directed changes within defined parameters, but the ability to alter the trust depends on its drafting and applicable law. Grantors should carefully consider beneficiary designations and distribution provisions before funding the trust because changes after the transfer may be constrained. In certain situations, legal mechanisms such as court petitions or consent from beneficiaries can permit modifications, but those routes may be complex and costly. If flexibility is a priority, it is important to discuss drafting techniques that provide appropriate discretion within the trust or to consider alternative planning tools that preserve more control while addressing your goals.
An ILIT interacts with retirement accounts and other trusts as part of the overall estate plan, and coordination is essential to avoid unintended consequences. Retirement account proceeds often pass by beneficiary designation and may be subject to different tax rules than life insurance proceeds. When integrating an ILIT into your plan, consider how retirement accounts, revocable living trusts, and wills will work together to provide liquidity and meet distribution goals without creating conflicts or overlapping instructions. Clear coordination helps ensure beneficiaries receive support in the intended sequence and that trustees understand how to prioritize distributions or use proceeds to fulfill estate obligations. Discussing the full portfolio of assets and beneficiary designations with counsel helps tailor the ILIT and complementary documents so the plan operates smoothly across different asset types and minimizes tax or administrative surprises.
ILITs can be very useful for business owners who want life insurance proceeds to be managed outside of their personal estate, particularly when proceeds will be used for buy-sell arrangements, to provide liquidity for business succession, or to support family members. By placing policies in a trust, owners can outline precise distributions and ensure funds are available for business obligations, taxes, or transitions without exposing proceeds to probate or certain claims against the personal estate. For business succession planning, careful drafting can align trust distributions with buyout agreements or provide a source of funds for estate obligations that might otherwise require selling business interests. The ILIT should be coordinated with operating agreements, buy-sell documents, and other business planning tools to ensure proceeds fulfill intended corporate or family business needs effectively.
If the grantor dies soon after transferring a policy to an ILIT, certain rules may cause the proceeds to be included in the grantor’s estate for tax purposes. These timing rules exist to prevent last-minute transfers made with the primary aim of avoiding estate tax, and they can result in estate inclusion if the transfer occurred within a specified taxable window prior to death. Proper planning involves making transfers with sufficient lead time and ensuring that funding and ownership changes are done in a way that achieves the intended estate planning outcomes. To reduce the risk of estate inclusion, clients are encouraged to complete transfers and premium funding well before any anticipated health decline. A careful review of timing and documentation, along with contingency planning for premium funding, helps ensure the ILIT serves its intended role and reduces the likelihood that recent transfers will be treated differently for tax purposes.
Trustees do not necessarily need professional credentials, but administering an ILIT requires attention to detail, recordkeeping, and an understanding of trustee duties. Trustees must file claims with insurers, manage trust funds responsibly, comply with distribution instructions, and handle any necessary tax reporting. For complicated trusts or large estates, a trustee with financial or legal familiarity can streamline administration and reduce the chance of errors. When a lay trustee is named, the trust can include provisions that allow for professional advisors or co-trustees to assist with specific tasks. Providing trustees with clear written instructions, access to legal counsel, and guidance on recordkeeping practices helps them fulfill their duties effectively. The trust document can also delegate certain powers to trustees to manage investments, make discretionary distributions, and engage professional advisors, which can be helpful if the named trustee lacks experience in particular administrative areas.
To start creating an ILIT in Lakewood, begin with a consultation to review your policies, family circumstances, and estate goals. Gather documentation for existing life insurance policies, beneficiary designations, and relevant financial statements so the attorney can evaluate whether an ILIT is appropriate. During the consultation you will discuss trustee selection, funding plans for premiums, and desired distribution terms. This initial planning sets the foundation for drafting tailored trust documents and coordinating necessary implementation steps with insurers and trustees. After deciding to proceed, the firm will draft the trust instrument, guide execution and funding, and coordinate ownership transfers with insurers. We also prepare complementary estate documents such as pour-over wills and powers of attorney to create a cohesive plan. Clear communication and careful documentation throughout the process help ensure the ILIT is formed and funded properly and operates as intended when needed.
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