An Irrevocable Life Insurance Trust (ILIT) can be an effective estate planning tool for people who want to manage life insurance proceeds outside of their probate estate and potentially reduce estate tax exposure. This page explains how an ILIT works, the typical elements included when creating one, and practical considerations for residents of Santa Monica and Los Angeles County. We describe trustee duties, beneficiary designations, funding methods, and ways to maintain control while meeting legal requirements. The goal of this introduction is to help you begin considering whether an ILIT fits your overall estate plan and family needs.
Deciding on an ILIT often involves reviewing existing life insurance policies, the structure of your larger estate plan, and the goals you want the policy proceeds to achieve for heirs, charities, or trusts for minors or relatives with disabilities. This guide outlines common options for funding the trust, typical language used to preserve policy benefits, and how trust ownership interacts with other estate planning documents like pour-over wills, financial powers of attorney, and advance health care directives. For Santa Monica residents, understanding local probate practices and tax considerations can provide clarity when selecting the best approach for protecting and distributing life insurance benefits.
An ILIT matters because it can remove life insurance proceeds from your taxable estate, provide liquidity to pay estate expenses, and offer controlled distributions to beneficiaries according to your wishes. By placing a policy in an ILIT, the life insurance proceeds are owned by the trust rather than the insured, which may prevent the proceeds from being subject to probate or included in the estate for tax purposes. An ILIT also allows for tailored distribution timing and protections for beneficiaries who may be minors, have special needs, or face creditor concerns. For many families, an ILIT provides privacy, predictability, and a means to align insurance benefits with long-term planning goals.
The Law Offices of Robert P. Bergman offers estate planning services to clients in California, including Santa Monica and surrounding Los Angeles County communities. Our practice focuses on drafting trusts and related documents such as pour-over wills, financial powers of attorney, advance health care directives, and trust certifications. We assist with creating Irrevocable Life Insurance Trusts, trustee selection, and coordinating existing policies with trust terms. Clients receive detailed guidance on funding methods, tax considerations, and paperwork required to transfer life insurance ownership to a trust, with attention to each client’s family dynamics and long-term objectives.
An ILIT is a trust created to own and control life insurance policies for the benefit of named beneficiaries, and it typically requires that the grantor relinquish ownership rights to the policy. Once the trust owns the policy, trust provisions determine how proceeds are held, distributed, and protected after the insured’s death. Setting up an ILIT requires careful drafting to ensure that premium gifts to the trust qualify under gift tax rules when necessary and that any Crummey withdrawal rights or other notice requirements are handled correctly. Proper administration helps the trust achieve intended tax and asset-protection outcomes while preserving family directives.
Creating an effective ILIT involves selecting a trustee who will manage the policy, handle premium payments, and distribute proceeds according to the trust’s terms after the insured’s passing. The trust document often includes instructions for funding, successor trustees, and contingencies if beneficiaries predecease the insured. Coordination with insurance carriers is also necessary to change ownership and beneficiary designations. For many clients, an ILIT is one part of a broader estate plan that includes revocable living trusts, pour-over wills, and documents that address incapacity to ensure a comprehensive strategy for family financial security and orderly asset transfer.
An Irrevocable Life Insurance Trust is a trust created to hold and manage life insurance policies so that the death benefit is paid to the trust rather than directly to the estate or individual beneficiaries. As an irrevocable vehicle, it typically prevents the grantor from changing the trust terms or reclaiming the policy, which can be necessary to achieve certain tax advantages. The legal principles involved include ownership transfer rules, gift tax considerations for premium payments, and trust accounting requirements for distributions. Understanding these principles allows grantors to structure the trust to meet estate planning goals and to minimize unintended tax or probate exposure.
Key elements of an ILIT include the trust document, trustee appointment, clear beneficiary designations, funding plan for premiums, and any Crummey withdrawal provisions that allow premium gifts to qualify as present interest gifts. Administrative processes include transferring ownership of an existing life insurance policy to the trust, notifying gift recipients when required, and coordinating premium payments either directly from the grantor to the trustee or via other funding arrangements. Trustees must keep accurate records, file required tax notices, and follow trust instructions for distributions to achieve the agreed-upon estate planning objectives while maintaining compliance with tax and trust laws.
This glossary defines common terms used when discussing ILITs and related estate planning documents. Familiarity with these terms can clarify the trust structure and administration responsibilities. Definitions include the roles of grantor and trustee, what constitutes trust funding, the meaning of present interest gifts, and how beneficiary distributions are managed. The glossary also touches on related instruments like pourover wills, certificates of trust, and powers of attorney so that you can see how an ILIT fits within a broader estate plan. Clear definitions help clients make informed decisions and communicate expectations to trustees and heirs.
The grantor is the individual who creates the trust and transfers assets or ownership to it. In the context of an ILIT, the grantor typically funds the trust by transferring a life insurance policy or by making gifts of cash to pay premiums. Once the transfer is complete, the grantor generally no longer retains ownership over the assets placed into an irrevocable trust, which may allow for estate and tax planning benefits. The grantor may still set the trust terms at creation, including naming the trustee and beneficiaries, and must understand the long-term implications of creating an irrevocable arrangement for family planning purposes.
A Crummey withdrawal right is a provision that gives trust beneficiaries a short window to withdraw a gift to the trust, typically used to qualify gifts for the annual gift tax exclusion. For ILITs, trustees provide notice of the gift to beneficiaries and allow a limited time for withdrawal, which helps the premium payments be treated as present interest gifts. Beneficiaries rarely exercise the withdrawal right, as doing so could disrupt premium payment plans, but the formal notice and opportunity are important for complying with gift tax regulations. Properly implemented Crummey rights support the trust’s favorable tax treatment.
The trustee is the person or entity responsible for managing the trust assets, including holding policy ownership, paying premiums, and administering distributions according to the trust terms. Trustees have fiduciary duties to act in the beneficiaries’ best interests, keep clear records, and follow the trust document’s instructions. Trustees may be family members, trusted friends, or a professional fiduciary, and they must coordinate with insurance carriers when ownership changes are required. Selecting a trustee who can manage paperwork, communications, and financial responsibilities is an important decision when creating an ILIT.
A beneficiary is an individual or entity designated to receive trust assets or policy proceeds upon the insured’s death. In an ILIT, beneficiaries may include spouses, children, grandchildren, charities, or other named parties, and the trust can specify timing, conditions, and amounts for distributions. The trust’s terms can protect beneficiaries from creditors, provide staged distributions over time, or direct funds for specific purposes such as education or medical care. Clear beneficiary designations and fallback provisions are essential to ensure assets are distributed according to the grantor’s intentions.
When considering how to handle life insurance within an estate plan, you can choose between limited actions—such as beneficiary designations on a policy or revocable ownership changes—or a full ILIT transfer that formally places the policy into trust. Limited approaches may be appropriate for smaller estates or when policy proceeds are intended to pass directly to a spouse or child without additional protections. By contrast, an ILIT provides more structured control over distribution timing, potential tax benefits, and protections from probate and creditors. Each option has trade-offs in terms of administrative complexity, flexibility, and the long-term goals for the policy proceeds.
A limited approach is often sufficient when the estate is modest and life insurance proceeds are intended to go directly to a spouse or adult children without additional restrictions. If the family situation is uncomplicated and there is confidence beneficiaries can manage a lump sum, simple beneficiary designations or keeping the policy outside of trust ownership may reduce paperwork and retain flexibility. This path keeps administration minimal and preserves the policyholder’s ability to alter or surrender the policy without navigating trust transfer formalities, which can be advantageous for those seeking simplicity over long-term control.
If maintaining the ability to change the policy, convert coverage, or control the policy cash values is important, leaving the policy outside an irrevocable trust may be preferable. Policyholders who expect to use or modify the insurance during their lifetime may value retaining ownership and beneficiary control. This approach retains liquidity and decision-making freedom, enabling adjustments to meet changing health, financial, or family circumstances without the constraints that accompany an irrevocable transfer. It is well suited for those prioritizing adaptability over the fixed protections offered by an ILIT.
A comprehensive ILIT can help keep life insurance proceeds out of probate and potentially shield those funds from creditors, depending on circumstances and jurisdictional rules. This structure provides a defined mechanism for distributing proceeds in line with the grantor’s wishes and may prevent the proceeds from being distributed through a court-supervised probate process. For families with significant assets or complex creditor concerns, a trust-centered approach offers structured protection and distribution controls that support long-term financial security and privacy for beneficiaries.
An ILIT allows the grantor to direct when and how beneficiaries receive the policy proceeds, whether in staged payments, for specific purposes like education or care, or held for a trustee to manage over time. This can be particularly helpful when beneficiaries are young, have special needs, or may face financial difficulties if they receive a large lump sum. By prescribing distribution rules and oversight, a trust can provide stability and reduce the risk that funds are squandered, while also ensuring funds are available for intended uses.
Adopting a comprehensive ILIT approach can offer several benefits, including potential estate tax mitigation, protection of proceeds from probate, and the ability to set distribution conditions that reflect family needs and values. The trust structure helps align life insurance benefits with other planning documents such as revocable living trusts, pour-over wills, and durable powers of attorney, creating a coordinated strategy for incapacity and death. For many clients, the result is greater predictability and a framework that supports long-term financial security for heirs while reducing administrative burdens at a difficult time.
In addition to tax and probate considerations, an ILIT can improve privacy by keeping policy details out of public probate records and help manage charitable intentions or legacy gifts. The trust provides a vehicle for professional or family trustees to administer funds according to set instructions, and it can be tailored to address unique family concerns such as blended-family issues or beneficiary protections. Thoughtful drafting and funding are essential to realize these benefits and to avoid unintended tax or legal consequences, so careful planning and coordination with other estate documents is recommended.
By transferring ownership of a life insurance policy to an ILIT, proceeds that would otherwise be included in the taxable estate may be excluded, depending on timing and the trust’s structure. Removing the policy from the estate can provide liquidity to pay taxes and expenses without subjecting the proceeds to probate administration. These benefits depend on following the appropriate legal steps, such as transferring ownership well before death to avoid inclusion under applicable estate tax rules. An ILIT helps preserve the full value of the policy for intended beneficiaries rather than having funds consumed by estate settlement costs.
An ILIT enables the grantor to specify how and when beneficiaries receive proceeds, protecting assets from creditors and managing funds for long-term needs. The trust can set conditions for distributions, create staggered payouts, and direct funds for education or care. Trustees can be instructed to invest conservatively or to follow specific distribution formulas. This flexibility allows families to balance protection with access in ways that simple beneficiary designations cannot, supporting intergenerational planning and helping ensure that insurance proceeds are used in accordance with the grantor’s goals.
Begin the ILIT planning process well in advance of any anticipated need to minimize the risk that transfers will be included in the estate for tax purposes. Early planning allows time to transfer policy ownership, coordinate beneficiary designations, and establish premium funding mechanisms such as annual gift contributions. Starting early also provides flexibility to address carrier requirements, possible policy changes, and any Crummey notice obligations. Thoughtful timing reduces administrative stress and helps ensure that the trust accomplishes the desired tax, probate, and distribution objectives without last-minute complications.
Selecting the right trustee and providing clear instructions in the trust document are essential for long-term administration of an ILIT. Trustees should be capable of communicating with beneficiaries, managing premium payments, and coordinating with insurance carriers. The trust should include procedures for successor trustee appointments, distributions, and handling disputes. Clear, practical guidance in the trust document reduces the likelihood of administrative errors and ensures that beneficiaries receive the intended benefits according to the grantor’s timetable and purposes.
Consider an ILIT when you want to preserve life insurance proceeds for heirs, minimize probate involvement, or create a protected source of funds for specific family needs. An ILIT can assist in managing potential estate tax exposure and provide a clear mechanism to distribute proceeds according to long-term objectives, such as support for minors or family members with special needs. It also enables greater privacy by keeping policy details out of public probate filings and gives you control over timing and conditions for distributions after your death.
An ILIT can be particularly valuable when other parts of your estate plan would benefit from liquid resources to pay taxes, debts, or administrative expenses without forcing the sale of illiquid assets. It is also appropriate for those who want to ensure that insurance benefits are used in line with specific goals, such as charitable gifting or preserving family wealth across generations. The decision to use an ILIT depends on personal and financial circumstances, and it typically involves coordination with other estate planning instruments and trusted advisors.
People often consider an ILIT when they have significant life insurance policies, complex family structures, potential estate tax exposure, or concerns about probate and creditor access to proceeds. Other common circumstances include planning for liquidity needs at death, protecting inheritance for minors or vulnerable beneficiaries, or coordinating legacy gifts to charitable organizations. An ILIT can also be part of a broader strategy for business owners who want life insurance proceeds available for succession planning or to provide buy-sell funding without placing proceeds directly in the owner’s estate.
When life insurance policies have high face values relative to the size of an estate, transferring ownership to an ILIT can remove those proceeds from the grantor’s estate for tax purposes if done with proper timing. This approach can preserve more assets for beneficiaries by preventing tax inclusion and by providing liquidity to meet estate obligations. The planning process requires careful attention to ownership transfer rules and timing to ensure that the intended tax benefits are realized and that the trust operates according to the grantor’s distribution preferences.
Families with young children, beneficiaries with disabilities, or individuals who may have financial or creditor vulnerabilities often use an ILIT to manage proceeds responsibly over time. The trust can hold funds until beneficiaries reach a specified age, provide for staged distributions, or require trustee oversight for significant expenditures. These provisions help prevent premature depletion of funds and ensure that resources are used for intended purposes, such as education, healthcare, or ongoing support, providing a stable financial arrangement for those who need it most.
Business owners or those with tied-up assets may use an ILIT to ensure liquidity is available to cover estate taxes, debts, and transition costs without forcing the sale of a business or other illiquid holdings. Life insurance proceeds held in a trust can provide immediate funds to support succession planning or to buy out heirs, offering a smoother transition at a difficult time. By isolating the life insurance benefit in a trust, families can protect the continuity of the business and meet estate obligations without draining operational capital.
The Law Offices of Robert P. Bergman serve clients in Santa Monica and throughout Los Angeles County, offering guidance on Irrevocable Life Insurance Trusts and related estate planning documents. We assist with drafting trust instruments, coordinating policy transfers, and integrating ILITs into comprehensive estate plans that include revocable living trusts, pour-over wills, powers of attorney, and healthcare directives. Our approach focuses on clear communication and practical steps to implement a trust that reflects your wishes and family needs, with attention to California-specific rules and local probate practices.
We provide personalized attention to help you determine whether an ILIT fits within your broader estate planning goals, reviewing existing policies, family dynamics, and tax considerations. Our team guides you through ownership transfers, Crummey notice procedures, and trustee selection to ensure that the trust functions as intended. Clients receive clear explanations of options, potential outcomes, and administrative requirements so they can make informed choices about their estate and life insurance planning.
Our firm coordinates ILITs with other key estate planning documents, such as pour-over wills, certificates of trust, financial powers of attorney, and advance health care directives, to create an integrated plan for incapacity and death. We help clients prepare the necessary paperwork, communicate with insurance carriers, and set up funding strategies for premium payments so the trust remains effective and compliant. Attention to these details reduces the likelihood of unintended tax consequences or administrative complications for successors and beneficiaries.
We strive to provide straightforward, practical legal support tailored to each client’s circumstances, whether addressing small estates or more complex asset structures. Our goal is to deliver durable planning solutions that protect beneficiaries and preserve the value of life insurance proceeds. Clients appreciate a collaborative process that focuses on achieving clear objectives and providing well-documented instructions for trustees and heirs to follow after the grantor’s passing.
Our implementation process begins with a detailed review of your financial and family circumstances and any existing life insurance policies. We then draft a trust document tailored to your goals, prepare change-of-ownership forms for insurance carriers, and establish funding mechanisms for premiums. The process includes creating notices for Crummey rights when needed, selecting trustees, and coordinating related documents such as pour-over wills and powers of attorney. We aim to provide clear timelines and checklists so clients understand each step and what documents or actions are required.
During the initial meeting, we gather information about your current policies, beneficiaries, family situation, and estate planning objectives. This step includes reviewing policy statements, beneficiary designations, and any existing trusts or wills. We discuss desired distribution timing, potential gift tax implications for premium funding, and trustee options. The information-gathering phase helps identify whether transferring a policy into an ILIT will achieve your goals and informs the drafting of a trust document that aligns with your intentions and legal requirements in California.
We review current policy ownership, beneficiary designations, and policy terms to determine the steps required to transfer ownership to the trust. This examination identifies any policy restrictions, surrender charges, or underwriting issues that could affect transferability. We also assess the timing of transfers to avoid unintended estate inclusion and advise on whether a new policy owned by the trust or a transfer of an existing policy is the better approach. This research helps prevent surprises and supports a smooth ownership transition.
We discuss how premiums will be funded, whether through annual gifts, other assets, or by coordinating with family members to make contributions. We explain gift tax rules, how Crummey withdrawal notices may be used, and how to document gifts to support tax treatment. Collaborating early on funding strategies ensures premium payments continue without interruption and that the trust remains properly funded, avoiding lapses in coverage and preserving the intended benefits for beneficiaries.
Once we have the necessary information and funding plan, we draft the ILIT document, clarifying trustee powers, beneficiary designations, distribution terms, and administrative procedures. The trust document reflects your instructions on when and how proceeds should be distributed and includes contingencies for successor trustees. After review, the trust is executed according to California formalities and necessary notices are prepared. Proper execution ensures the trust is legally effective and ready to receive policy ownership and premium contributions.
We prepare and review the insurer’s change-of-owner forms and beneficiary designation forms to transfer the policy into the trust. This includes confirming that the insurer accepts trust ownership and that forms are completed accurately to reflect the trust as owner. We verify that assigned beneficiary designations align with the trust provisions to guard against conflicting instructions. Careful handling of these forms prevents administrative errors that could affect the trust’s operation and the intended distribution of proceeds.
After execution, we provide the trustee and relevant parties with certified copies of the trust and any required notices. If Crummey powers are used, notices to beneficiaries are prepared and distributed according to the trust’s schedule. We ensure that trustees understand their duties, how to pay premiums, and recordkeeping expectations. Proper notification and documentation support the trust’s administration and help maintain the intended tax and legal outcomes for the ILIT.
Following trust execution, we assist with funding the trust as required, paying premiums, and confirming that the insurer recognizes the trust as the policy owner. Trustees receive guidance on recordkeeping, filing any necessary tax notices, and managing distributions when the insured dies. We remain available to update the trust documents as circumstances change and to coordinate with other estate planning documents. Ongoing administration ensures the ILIT remains aligned with objectives and that beneficiaries receive the intended protections and benefits.
Trustees should keep detailed records of all gifts, notices, premium payments, and communications with the insurer. Maintaining a clear paper trail supports compliance with tax rules and provides transparency for beneficiaries. Trustees may also need assistance with investment decisions for any funds held in the trust and with preparing documentation for beneficiaries when distributions are made. Good recordkeeping and diligent premium management preserve coverage and uphold the trust’s intended purpose.
When the insured passes away, the trustee files a claim with the insurance carrier, collects the proceeds, and administers distributions according to the trust terms. The trustee may pay estate expenses or debts if instructed, or distribute funds to beneficiaries based on staging rules. Coordination with estate administrators, tax advisors, and beneficiaries helps ensure an orderly settlement. Clear trust instructions and trustee diligence can reduce disputes and provide timely assistance to loved ones during the settlement process.
An Irrevocable Life Insurance Trust is a trust designed to own life insurance policies so that policy proceeds are received by the trust and distributed according to the trust’s terms after the insured’s death. The grantor transfers ownership of an existing policy or causes the trust to own a new policy. Because the trust owns the policy, the proceeds can be managed, protected, and distributed by the trustee in a manner consistent with the grantor’s wishes, which provides control and structure beyond simple beneficiary designations. Creating an ILIT requires careful drafting to address trustee powers, beneficiary distribution schedules, and premium funding plans. The process also includes coordinating with the insurer to assign ownership and ensuring any necessary gift tax planning, such as Crummey withdrawal notices, is handled correctly. Proper setup helps the trust achieve intended planning goals while providing clarity for trustees and beneficiaries.
Under certain conditions, transferring a policy to an ILIT can remove the life insurance proceeds from the grantor’s taxable estate, which may reduce estate taxes for larger estates. The transfer should be completed with attention to timing and legal formalities; transfers made shortly before death can still be included in the estate. Early planning and compliance with applicable rules support the potential tax benefits, though individual results depend on the size of the estate and current tax laws. Tax implications vary with personal circumstances, so careful consideration and documentation are important. The trust should be drafted to reflect the intended tax treatment and to ensure that premiums are funded in a manner consistent with gift tax regulations. Coordinating the ILIT with other estate planning measures helps to maximize the intended tax and administrative benefits.
Premiums for a policy owned by an ILIT are commonly funded through annual gifts from the grantor to the trust, which the trustee then uses to pay the insurer. Many grantors utilize annual gift tax exclusions and Crummey withdrawal rights to qualify premium contributions as present interest gifts. Other funding arrangements may include funding with assets that generate income within the trust or contributions from family members designated for premium payments. Trustees must maintain accurate records of premium receipts and gift notices and ensure payments are timely to avoid policy lapses. The funding method chosen should align with your overall estate plan and cash flow needs so premiums remain sustainable and the policy remains in force for the duration intended.
A trustee should be someone or an entity capable of managing administrative tasks, communicating with beneficiaries, and handling premium payments and recordkeeping responsibly. Trustees may be trusted family members, friends, or a professional fiduciary, depending on the complexity of the trust and the needs of beneficiaries. The trustee’s role includes filing any required notices, paying premiums, and following the trust’s distribution instructions after the insured’s death. When selecting a trustee, consider availability, financial acumen, impartiality, and willingness to perform fiduciary duties. Successor trustee provisions are important to name in the trust document, and clear guidance in the trust reduces ambiguity and supports smooth administration when the time comes to manage or distribute proceeds.
Crummey withdrawal rights give beneficiaries a short window to withdraw gifts made to a trust so that those gifts can qualify as present interest gifts for gift tax exclusion purposes. In the ILIT context, beneficiaries receive notice that a gift intended to fund premiums has been made and have a limited time to take a withdrawal. In practice, beneficiaries rarely exercise these rights, but providing them helps the gift qualify for the annual exclusion and supports favorable tax treatment for premium contributions. Properly executed Crummey notices and documentation of beneficiary notice help preserve the intended tax benefits associated with funding an ILIT. Trustees should follow the trust’s procedures for sending notices and tracking whether withdrawals occur, and they should keep records showing compliance with the required notice periods to support tax filings if necessary.
Once a life insurance policy is transferred to an ILIT, the grantor typically relinquishes the ability to change the policy terms, surrender the policy, or alter beneficiaries outside the trust’s provisions. This loss of control is part of what makes the arrangement irrevocable and helps achieve certain tax and estate planning objectives. Therefore, the decision to transfer a policy should be made after careful consideration of future needs and potential policy changes. If policy flexibility is important, you may choose not to transfer ownership immediately or to structure the plan in a way that preserves certain options. It is important to weigh the benefits of trust ownership against the desire for ongoing control and to document any contingencies in related planning documents to prepare for future scenarios.
An ILIT is often integrated with other estate planning documents such as a revocable living trust, pour-over will, financial power of attorney, and advance health care directive to form a cohesive plan. The ILIT addresses the treatment of life insurance proceeds specifically, while other documents coordinate distribution of additional assets and incapacity planning. Coordination ensures that beneficiary designations, trustee instructions, and related documents do not conflict and that your overall plan functions smoothly at the time of incapacity or death. During the planning process, we review and update related documents to ensure consistency with the ILIT’s terms. This holistic approach reduces the risk of unintended results and helps ensure that the full estate plan reflects your current wishes and family circumstances, providing clarity for heirs and fiduciaries.
Transferring an existing policy into an ILIT typically requires completing the insurer’s forms to change ownership and beneficiary designations to the trust, followed by properly executing the trust document and documenting the transfer. It is important to verify that the insurer accepts trust ownership and that there are no policy restrictions or unfavorable financial implications, such as surrender charges or changes in underwriting. Timing matters; transfers made too close to the insured’s death can be treated as retained incidents of ownership and included in the estate. We guide clients through the insurer’s requirements, prepare and review forms, and coordinate the necessary paperwork to minimize administrative errors. Keeping copies of all documents and confirming receipt with the insurer ensures that the transfer has been completed correctly and that the trust is recognized as the policy owner.
Yes, an ILIT can be drafted to provide for minors or beneficiaries with special needs by setting distribution rules and appointing a trustee to manage funds on their behalf. The trust can specify staged distributions at certain ages, direct funds for education or medical care, and include protections to preserve eligibility for government benefits where appropriate. For beneficiaries with disabilities, careful drafting can create support provisions that complement public benefits rather than disqualifying them. Working with knowledgeable counsel helps ensure that trust provisions meet beneficiary needs and comply with applicable rules governing public benefits. Clear trustee powers and distribution guidelines provide stability and accountability, helping to secure long-term financial support for vulnerable beneficiaries.
The time to set up an ILIT varies depending on complexity, whether an existing policy is being transferred, and insurer processing times. Initial consultation and information gathering can be completed within a few weeks, while drafting, execution, and coordination with the insurer may take additional weeks. If a new policy is to be issued in the trust’s name, underwriting and issuance timelines will also factor into the schedule. Starting the process early reduces the risk of issues related to timing, and proper planning allows time to address funding arrangements, Crummey notices, and insurer requirements. We provide estimated timelines based on each client’s unique situation and assist in tracking progress until the trust is fully operational.
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