An Irrevocable Life Insurance Trust (ILIT) can be an important tool for managing life insurance proceeds, minimizing estate tax exposure, and ensuring proceeds are distributed according to your wishes. At the Law Offices of Robert P. Bergman, our approach to ILIT planning focuses on clear communication, careful document preparation, and coordination with your overall estate plan, including revocable living trusts, pour-over wills, and retirement plan trusts. This discussion will explain what an ILIT does, how it interacts with other estate planning documents, and when it may be a good option for people in Rowland Heights and throughout Los Angeles County.
Choosing whether to use an ILIT involves considering how life insurance proceeds will be paid, who will control funds, and how beneficiaries will receive distributions. An ILIT can remove policy proceeds from an individual estate when established and funded properly, which can help with estate tax planning and asset protection. Our firm can help you weigh alternatives such as gifting policies, titling changes, or other trust arrangements. We strive to provide practical guidance tailored to each family’s goals, including legacy planning, long term care considerations, and needs of surviving dependents or persons with disabilities.
An ILIT offers potential benefits including removing insurance proceeds from a taxable estate, providing controlled distributions to beneficiaries, and protecting proceeds from creditors or unintended claims. By placing a life insurance policy inside a properly drafted irrevocable trust, policy proceeds can be managed according to specific instructions such as income streams, education funding, or staggered distributions. For families in Rowland Heights and nearby communities, an ILIT can be one element of a coordinated plan that also includes wills, powers of attorney, and health care directives. We explain the tradeoffs, including limitations on policy ownership and gifting requirements, so clients can make informed decisions.
The Law Offices of Robert P. Bergman provides estate planning legal services with a focus on personalized planning for families and individuals across California. Our practice handles a broad range of trust and estate documents such as revocable living trusts, pour-over wills, and advanced trust arrangements like ILITs and special needs trusts. We emphasize clear communication, careful drafting, and collaboration with financial and tax advisors when needed. Clients in Rowland Heights benefit from a practical approach that balances legal protections with simplicity and ease of administration for successors and trustees.
An ILIT is a trust that owns a life insurance policy and is structured so that proceeds received after a grantor’s death are paid to the trust and managed under its terms. The term irrevocable means the trust cannot be easily changed by the grantor once established, so careful planning and drafting are necessary at the outset. An ILIT typically names trustees and beneficiaries, and includes instructions for premium funding, distribution timing, and tax treatment considerations. It is important to coordinate ILIT funding with gifting strategies to avoid unintended inclusion in the grantor’s estate or adverse tax consequences.
Funding an ILIT can be accomplished by transferring an existing policy to the trust or by having the trust purchase a new policy. When transferring an existing policy, be mindful of the three year inclusion rule which can affect estate tax treatment if the grantor dies within three years of transfer. Trust provisions should address who will pay premiums, how gifts to the trust will be made, and mechanisms for beneficiary distributions. Properly drafted documents and consistent administration help ensure the ILIT performs as intended for heirs and other beneficiaries.
An Irrevocable Life Insurance Trust is a legal entity created to own life insurance policies and receive policy proceeds outside of the insured’s individual estate. The trust is established by a grantor and administered by a trustee who follows the trust terms for managing benefits and making distributions to named beneficiaries. Because the trust is irrevocable, the grantor relinquishes ownership and certain control over the policy, which can be necessary to achieve the intended tax and creditor protections. Clear trust provisions should define trustee powers, distribution standards, and mechanisms for trust funding and premium payments.
Establishing an ILIT typically requires drafting the trust instrument, selecting trustees and beneficiaries, transferring or issuing the policy in the trust name, and setting up a premium funding strategy. The trust should include provisions for successor trustees, distribution rules, and instructions for using proceeds for expenses like debts, taxes, or specific beneficiary needs. Trustees may need to coordinate with life insurance carriers to change ownership and beneficiary designations. Ongoing administration includes tracking gifts for premium payments and maintaining records to support the trust’s intended tax treatment and legal effect.
Understanding the terminology used in ILIT planning helps clients make informed decisions. Common terms include grantor, trustee, beneficiary, transfer for value, Crummey powers, and the three year inclusion rule. Each term has practical implications for how an ILIT operates, how premium payments are treated, and whether proceeds will avoid inclusion in the grantor’s estate. We help clients translate legal terms into practical steps so that trust documents and related policies accomplish the desired results without creating unintended tax or administrative problems.
A grantor is the person who creates and funds the trust and generally initiates transfer of a life insurance policy into the trust. In the ILIT context, the grantor typically makes gifts to the trust to cover policy premiums or transfers ownership of an existing policy into the trust name. Because the grantor gives up ownership and certain controls when creating an irrevocable trust, choosing the grantor and understanding the timing of transfers are important steps. The grantor’s decisions will shape trustee powers, gift tax reporting, and how proceeds are treated upon death.
Crummey rights are a mechanism used in many ILITs to qualify contributions for the annual gift tax exclusion by giving beneficiaries a limited window to withdraw gifts to the trust. That withdrawal right is usually short and often not exercised, but establishing the right helps the contribution be treated as a present interest eligible for the annual exclusion. Proper notice to beneficiaries and careful drafting of withdrawal windows are necessary to document that exclusion treatment and to minimize gift tax exposure when premium contributions are made to the trust.
The three year rule refers to the tax rule that can include transferred life insurance policies in the grantor’s taxable estate if the grantor dies within three years of transferring ownership of the policy to the trust. Because of this rule, timing matters when moving an existing policy into an ILIT. Families often plan transfers with the three year period in mind, and some choose to issue new policies in the trust instead. Discussing timing and alternatives helps reduce the risk that policy proceeds will be treated differently than intended for estate tax purposes.
A trustee manages the ILIT, handles communications with the insurance carrier, receives policy proceeds, and makes distributions according to the trust terms. The trustee has fiduciary duties to act in the beneficiaries’ best interests and must follow the trust document regarding investment, distribution, and recordkeeping. Selecting a trustee requires consideration of administrative ability, availability, and continuity. Trust documents should provide guidance on trustee powers, successor appointment, and methods for resolving disputes or addressing unforeseen administration issues.
When evaluating whether an ILIT is appropriate, it helps to compare the ILIT with other options like owning the policy personally, naming beneficiaries directly, or using other trust structures. Personal ownership can provide flexibility but may expose proceeds to estate taxation and creditor claims. Naming a trust other than an ILIT can accomplish certain goals but may not provide the same tax or creditor benefits if the ownership remains with the insured. A careful comparison considers tax implications, administrative complexity, control over distributions, and how the arrangement interacts with existing estate plan documents.
If policy proceeds are modest relative to overall assets and the estate is not likely to face estate tax exposure, keeping policies in individual ownership and naming beneficiaries directly may be sufficient. Simpler structures reduce administrative burdens and avoid irrevocable transfers that limit flexibility. Individuals with straightforward needs who prioritize ease of administration and direct beneficiary receipt often choose this approach. Discussing family goals and the size of the potential estate helps determine whether the reduced complexity and direct payout approach align with long term planning objectives.
When the primary goal is quick liquidity for final expenses or mortgage payments, direct beneficiary designations or retaining ownership can achieve that objective without the added administrative layers of a trust. For clients who need to ensure immediate funds are available to cover short term obligations, an uncomplicated payout structure can be the preferred choice. However, this approach may provide less control over how proceeds are used and may expose funds to estate taxes or creditor claims in some circumstances.
A comprehensive approach that includes an ILIT and coordinated estate documents can help remove life insurance proceeds from an individual’s taxable estate and offer protective measures against creditor claims. This is particularly relevant for individuals with larger estates or complex family situations where control over distribution timing and conditions matters. By integrating the ILIT with powers of attorney, healthcare directives, and other trusts, clients gain a cohesive plan that addresses both tax and non tax concerns while setting expectations for successor trustees and beneficiaries.
When family dynamics, special needs considerations, or legacy goals are important, an ILIT can be part of a larger plan that ensures funds are used for specific purposes like education, long term care, or ongoing support. Comprehensive planning allows for tailored distribution standards, trustee directions, and coordination with other trusts such as special needs trusts or irrevocable life insurance trusts created for particular objectives. Planning in this manner helps the grantor align asset transfer strategies with family values and long term financial stability.
A comprehensive strategy that integrates an ILIT with the rest of an estate plan provides consistent administration and reduces the risk of conflicts between documents. It can improve clarity for trustees and beneficiaries, simplify tax reporting, and provide structured distributions that reflect the grantor’s intentions. Coordinated plans often include backup trustees, clear funding mechanisms for premiums, and instructions for investments and distributions, which together reduce uncertainty and administrative burden when the trustee must carry out the trust terms on behalf of beneficiaries.
Beyond tax considerations, comprehensive planning addresses practical matters such as naming guardians, creating pour over wills to funnel assets into trusts, and preparing powers of attorney and health care directives to manage affairs during incapacity. This integrated planning assures that insurance proceeds work in harmony with other assets and that beneficiaries receive guidance and protection consistent with the grantor’s priorities. Thoughtful planning also considers contingency scenarios and seeks to minimize family disputes and delays in distributions.
One key benefit of a well drafted ILIT combined with an overall estate plan is the potential to remove life insurance proceeds from the settlor’s estate for tax purposes and to guard against certain creditor claims. When ownership and incidents of ownership are properly relinquished and the trust is managed correctly, the proceeds are generally paid to the trust and administered according to its distribution provisions. This structured approach helps families ensure proceeds are available for intended purposes while reducing the likelihood that those funds will be subject to estate administration delays or creditor claims.
A comprehensive ILIT arrangement allows the grantor to specify how and when beneficiaries receive funds, such as providing for staged distributions, education funding, or caretaker support. This degree of control can prevent immediate depletion of proceeds and provide a framework for trustees to make prudent, documented decisions. Clear trust provisions and communication with successor trustees reduce ambiguity and support orderly administration, helping beneficiaries receive the long term financial support intended by the grantor.
Begin ILIT discussions early to ensure transfers and premium funding are planned with the appropriate timing and coordination with other estate documents. Early planning helps avoid unintended outcomes such as inclusion under the three year rule or gaps in premium funding. Communicate with financial advisors and life insurance carriers to confirm suitability of policy transfers or new policy purchases in the trust. Confirm that beneficiary designations, powers of attorney, and healthcare directives align with the ILIT so administration is clear and consistent when the time comes to act.
Choose trustees who are willing and capable of administering an ILIT, handling communications with insurers, and following distribution instructions. Consider naming successor trustees in the trust instrument to provide continuity and reduce the risk of administrative delays. Provide trustees with guidelines on recordkeeping, premium payments, and how to handle requests from beneficiaries. Ensuring that trustee responsibilities are practical and clearly defined helps protect the trust assets and ensures distributions are made in line with the grantor’s objectives.
People consider an ILIT when they want to remove life insurance proceeds from their taxable estate, create structured distributions for beneficiaries, or achieve certain asset protection goals. An ILIT can be useful for those who wish to provide ongoing financial support to family members, address special needs planning, or fund obligations like estate taxes without exposing insurance proceeds to probate. The decision requires balancing the permanence of an irrevocable transfer against the potential tax and administrative advantages that a trust structure can provide to a family over time.
An ILIT may also be considered by those who are concerned about creditor exposure or want to provide independent management of proceeds separate from personal estate assets. It can help ensure that insurance funds are used for intended purposes such as education or long term care, and it can reduce the administrative burden on executors by directing proceeds to a trustee for administration. Careful drafting and planning allow clients to control distribution timing and trustee powers while aligning the ILIT with other elements of a comprehensive estate plan.
Typical circumstances that prompt ILIT planning include significant life insurance death benefits that could increase estate tax liability, wishes to provide managed distributions to beneficiaries, protection of proceeds from potential creditor claims, and desire to coordinate insurance proceeds with other trusts. Families with second marriages, blended families, or beneficiaries who require managed support frequently consider an ILIT to ensure control over how and when proceeds are used. We help clients clarify objectives and compare alternatives to determine whether an ILIT fits their specific situation.
When insurance death benefits are substantial relative to an individual’s estate, those proceeds can significantly affect estate tax calculations if they are included in the decedent’s taxable estate. An ILIT, when properly established and funded, may remove those proceeds from estate inclusion, which can help preserve wealth for heirs and reduce tax burdens. Planning must consider timing of transfers, ownership changes, and compliance with relevant tax rules to achieve the intended benefits without creating unintended tax consequences for the grantor or beneficiaries.
Families with minor children or beneficiaries who require oversight often use an ILIT to manage proceeds through trustee directed distributions for education, healthcare, or living expenses. The trust can set conditions or milestones for distributions, reducing the risk that funds will be misused and ensuring long term support aligned with the grantor’s intentions. This structure also avoids immediate large lump sum distributions that may not be in the best financial interest of younger or vulnerable beneficiaries, promoting more stable and measured financial support.
When an estate plan includes multiple trusts, retirement plan trusts, special needs arrangements, and pour-over wills, integrating life insurance into an ILIT helps maintain consistency and clarity across documents. Coordination ensures that beneficiary designations on life insurance policies do not conflict with trust instructions and that proceeds are available to satisfy estate obligations without creating administrative friction. A well coordinated plan reduces the risk of unintended inclusion in probate, simplifies fiduciary duties, and helps preserve the grantor’s long term intentions for distributions and legacy planning.
The Law Offices of Robert P. Bergman serves clients in Rowland Heights and surrounding areas, offering estate planning services that address life insurance trusts, wills, powers of attorney, health care directives, and trust administration. Our goal is to provide practical, accessible legal planning that helps families organize their affairs, protect assets, and provide for loved ones. We work with clients to tailor documents to individual circumstances and to coordinate with financial professionals when necessary to ensure that estate planning strategies are effective and sustainable over time.
Clients turn to our firm for clear guidance, careful document drafting, and practical approaches that integrate life insurance planning with their broader estate strategies. We emphasize creating durable trust instruments that reflect the client’s goals while remaining administrable for trustees and successor fiduciaries. Our lawyers explain options in straightforward language and help clients weigh tradeoffs between flexibility and the protections an irrevocable trust can provide, tailoring the plan to family circumstances and long term objectives.
We prioritize open communication and thorough recordkeeping, helping clients understand the steps needed to fund an ILIT, comply with gift tax reporting, and manage trustee responsibilities. Our approach includes preparing clear notices for beneficiaries, drafting Crummey provisions when appropriate, and coordinating ownership changes with insurance carriers. By focusing on clear documentation and practical trust administration instructions, we aim to reduce confusion and help trustees carry out the grantor’s intentions efficiently.
Beyond drafting, we assist clients with lifecycle needs such as trust funding, modifications where permitted, and trustee support during administration. When other trust instruments such as revocable living trusts, special needs trusts, or pour-over wills are part of the estate plan, we coordinate documents to ensure cohesive outcomes. Our goal is to provide clients in Rowland Heights with dependable planning that anticipates common challenges and supports orderly transitions for families and beneficiaries.
Our ILIT planning process begins with an initial consultation to discuss objectives, policy ownership, and family circumstances. We review existing estate documents, insurance policies, and financial arrangements to identify the best path forward. Drafting involves preparing the trust instrument with tailored distribution rules, trustee instructions, and premium funding provisions. We coordinate with insurance carriers to transfer or issue policies in the trust name and provide guidance on tax reporting and asset records. We also prepare notices and administration guidance for trustees to ensure smooth long term administration.
During the initial review we discuss your objectives, review existing policies and documents, and identify whether an ILIT fits your planning needs. This stage involves gathering information about beneficiaries, potential trustees, and any tax or creditor concerns. We assess whether to transfer an existing policy or purchase a new one in the trust, and consider timing implications such as the three year inclusion rule. The initial review sets the foundation for drafting trust provisions that match your goals and family dynamics.
We collect details about current life insurance policies, beneficiary designations, trust documents, wills, powers of attorney, and healthcare directives. Information about family members, potential guardians for minors, and specific distribution preferences helps craft trust provisions that reflect your wishes. Gathering comprehensive documentation early allows us to identify conflicts or gaps and ensures proposed trust language integrates with existing estate plans. Clear communication during this stage helps prevent administrative challenges later on.
We explore funding options including transferring an existing policy to the ILIT or issuing a new policy in trust ownership. We discuss premium payment sources, gift tax implications, and potential use of Crummey powers to qualify gifts for the annual exclusion. Timing considerations such as the three year rule are reviewed to avoid unintended estate inclusion. This planning ensures the funding approach supports the trust’s intended tax and administrative outcomes while aligning with your overall financial plan.
In the drafting phase we prepare the ILIT instrument, beneficiary notices, and any ancillary documents needed to effect policy transfers or purchases. The trust is tailored to specify trustee powers, distribution standards, premium funding mechanisms, and successor trustee provisions. We also prepare instructions for trustee administration and coordinate with the insurance carrier to confirm changes in ownership and beneficiary designations. Clear drafting at this stage reduces ambiguity and simplifies long term trust administration for successors.
Trust language is drafted to reflect payment instructions, trustee discretion boundaries, and specific distribution provisions for beneficiaries. We include guidance for trustee recordkeeping, handling of premium payments, and procedures for investment and use of proceeds. Administration guidelines help trustees understand notice requirements for Crummey withdrawals, how to handle claims, and steps to take when distributing funds. Practical instructions reduce disputes and streamline trust operations when benefits are payable.
We work with life insurance carriers to change policy ownership and beneficiary designations when appropriate, ensuring transfers are recorded properly. For new policies, we confirm the trust is acceptable as owner and beneficiary and that premium payment arrangements are set. Accurate communication with insurers and attention to carrier requirements avoid processing errors and ensure the trust is positioned to receive proceeds as intended. Proper coordination at this stage reduces the risk of administrative delays or misdirected benefits.
After the trust is executed and policies are transferred, the focus shifts to funding premium payments, issuing required notices for Crummey powers if used, and maintaining records. Trustees should keep copies of trust instruments, premium gift records, and correspondence with insurers. Periodic review of the trust, policy performance, and beneficiary circumstances can ensure the arrangement continues to serve its intended purpose. We provide guidance for trustees during administration and are available to assist with modifications if permitted by law and trust terms.
If Crummey withdrawal rights are part of the trust structure, beneficiaries must receive timely notices documenting their limited withdrawal window. Maintaining accurate records of gifts used to pay premiums, notices provided, and trustee actions supports the trust’s intended tax treatment and simplifies later administration. Good recordkeeping also assists trustees in preparing required tax filings and demonstrating compliance with trust provisions. Trustees should preserve documentation of all premium payments, correspondence with insurers, and distributions to beneficiaries.
Trusts and insurance policies operate in the context of changing laws, family situations, and financial markets, so periodic review is advisable. Trustees may need assistance interpreting trust provisions, handling claims, or deciding on distributions in changing circumstances. We provide ongoing support to trustees and beneficiaries, helping with administrative questions, modifications where allowed, and coordination with other estate documents. Regular reviews help ensure the ILIT continues to meet the grantor’s goals and adapts to evolving circumstances in a compliant manner.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy and receives proceeds upon the insured’s death, with distributions managed under the trust terms. The grantor creates the trust and funds it through policy transfers or gifts used to pay premiums. Because the trust is irrevocable, the grantor gives up ownership and certain control, which can be necessary to achieve tax or creditor protections. Trustees then follow the trust instructions for receiving, investing, and distributing proceeds to beneficiaries. The trust document should address trustee powers, distribution standards, premium funding mechanisms, and beneficiary notice procedures. Proper setup involves coordinating ownership transfers with life insurance carriers and drafting provisions to support the desired tax treatment. Timing considerations such as the three year rule are important when transferring any existing policy into the trust, so careful planning helps avoid unintended inclusion of proceeds in the grantor’s estate.
Transferring an existing policy into an ILIT may be appropriate when you want proceeds removed from your personal taxable estate or want the proceeds managed by a trustee for beneficiaries. However, transferring ownership triggers the three year inclusion rule, which can include proceeds in your estate if you die within three years of transfer. For some clients, purchasing a new policy directly in the trust or planning transfers well in advance of potential need is preferable to mitigate that risk. Before transferring any policy, review current beneficiary designations, discuss premium funding strategies, and confirm the carrier will accept trust ownership. Consider gift tax reporting and whether Crummey provisions are necessary to qualify contributions for the annual gift tax exclusion. Working with counsel and financial advisors during transfer planning helps align the transfer with broader estate objectives and timing considerations.
Premiums for a policy owned by an ILIT are usually funded by gifts from the grantor to the trust, by trust assets, or by third party contributions when allowed. When gifts are used, Crummey withdrawal rights may be included to make those gifts qualifying present interest gifts eligible for the annual gift tax exclusion. It is important to document gifts and any notices provided to beneficiaries that establish withdrawal windows. Trustees then use those funds to pay premiums and manage trust finances. Maintaining a stable funding method is important to prevent policy lapse. Trustees should keep clear records of gift amounts, premium payments, and notices to beneficiaries. If the trust is expected to hold liquid assets for future premiums, the trust instrument should describe sources of funds and permitted investments. Coordination with financial advisors helps ensure premiums are sustainable without jeopardizing the policy or creating administrative gaps.
Crummey powers are withdrawal rights granted to beneficiaries that provide a temporary opportunity to withdraw gifts made to the trust, typically for a short limited period. Including these powers helps the gift qualify as a present interest for annual gift tax exclusion purposes, which can be important when the grantor provides sums to the trust to pay insurance premiums. Notices to beneficiaries documenting the limited withdrawal period are commonly used to support the gift exclusion. While Crummey withdrawal rights are rarely exercised, the procedural steps must be followed carefully. Trustees need to issue timely notices and maintain records showing that beneficiaries were given the opportunity to withdraw the gift. Proper drafting balances the need to qualify for the exclusion while limiting the risk that beneficiaries will exercise the right in a way that undermines trust funding objectives.
An ILIT can be drafted to provide timely distributions for debt, taxes, and immediate needs while also preserving funds for longer term goals. Trust provisions can authorize trustees to pay expenses such as funeral costs or outstanding liabilities and to provide interim support to beneficiaries. By defining clear distribution standards and trustee authority, an ILIT can balance immediate liquidity needs with the grantor’s intent for longer term financial protection. Trustees have fiduciary duties to act in beneficiaries’ best interests and should follow the trust terms regarding timing and scope of distributions. If beneficiaries have urgent needs, trustees can often make interim distributions for health, education, maintenance, or support depending on the trust language. Clear drafting and practical trustee guidance help ensure beneficiaries receive necessary funds while preserving the trust’s long term purpose.
An ILIT typically functions alongside other estate planning documents like revocable living trusts and wills. The ILIT owns insurance policies and manages insurance proceeds, while a revocable living trust or will governs other assets and probate avoidance. Coordination ensures beneficiary designations on insurance policies do not conflict with trust terms and that pour-over wills are aligned with the trust framework. Planning helps avoid overlapping instructions that could complicate administration or delay distributions. During the planning process we review existing documents and beneficiary designations to ensure cohesion. We recommend consistent language and integration to prevent conflicts and to make administration smoother for fiduciaries. Coordination is also important for tax planning, ensuring each instrument serves its role within the overall estate strategy.
Funding an ILIT often requires gift tax reporting when the grantor makes contributions to cover premiums, particularly when amounts exceed annual exclusion limits. Proper documentation of gifts and notices provided to beneficiaries for Crummey withdrawals helps support the classification of gifts as present interest gifts eligible for the annual exclusion. Depending on funding amounts and family circumstances, it may be necessary to prepare and file gift tax returns to report larger transfers and to preserve appropriate tax records. Trustees should maintain thorough records of all gifts, premium payments, and beneficiary notices to support tax filings and trust administration. Consulting with a tax advisor alongside legal counsel helps ensure gift tax obligations are met and that the funding strategy is structured to align with broader financial and tax plans.
Because an ILIT is irrevocable, changes after creation are generally limited, and the ability to modify the trust depends on the trust terms and applicable state law. Some trusts include limited powers of appointment or provisions allowing trustees and beneficiaries to make certain modifications under specific circumstances. In other cases, modifications may be possible through court proceedings or by using reformation or decanting mechanisms where allowed by law, but those options are not always available and require careful consideration. Given the limited ability to change an ILIT, it is important to draft trust provisions carefully from the outset to account for foreseeable future needs. Periodic review and consultation can identify whether other planning tools or successor documents should be used to address changing circumstances while preserving the primary objectives of the irrevocable trust framework.
Selecting a trustee requires balancing administrative ability, availability, and trustworthiness. Consider individuals or institutions who can manage communications with insurers, handle recordkeeping, and follow distribution instructions. Many clients name a trusted family member as trustee with the option of a professional or corporate co trustee or successor to provide continuity and administrative support. Successor trustee provisions should be clearly defined to address incapacity and changes in family circumstances. Trust instruments should include guidance on trustee powers and succession rules to avoid disputes and provide clarity for future administration. Where the role involves complex investment or tax decisions, naming a trustee with relevant administrative skills or providing for professional assistance can be beneficial while preserving family involvement in oversight and decision making.
To begin creating an ILIT with our firm, schedule an initial consultation to discuss your goals, provide details about any existing policies, and review related estate planning documents. During the consultation we assess whether an ILIT aligns with your objectives, discuss funding strategies and trustee selection, and outline next steps including drafting the trust and coordinating with insurers. Gathering relevant documents and beneficiary information in advance helps streamline the process and identify potential issues early. After the initial conference we draft a tailored ILIT instrument and related notices, coordinate with insurers to effect ownership changes, and advise on premium funding and tax reporting. We provide guidance for trustees and assist with any administrative steps needed to implement the plan. Throughout the process we aim to provide practical, clear instructions so your ILIT performs as intended for your family.
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