An Irrevocable Life Insurance Trust (ILIT) can be an important component of a thoughtful estate plan for residents of Tujunga and the surrounding Los Angeles County communities. At the Law Offices of Robert P. Bergman we help clients evaluate whether an ILIT fits within broader objectives such as minimizing estate tax exposure, preserving wealth for beneficiaries, or protecting life insurance proceeds from probate. This overview explains how an ILIT works, who typically benefits from it, and how it interacts with related documents like a revocable living trust, pour-over will, and powers of attorney to create a cohesive plan.
Choosing to establish an ILIT involves more than signing a trust form. It requires coordination with life insurance ownership and beneficiary designations, funding strategies, and understanding potential gift tax implications. This guide outlines the steps our firm typically follows, the roles trustees and beneficiaries play, and practical considerations for Californians who want clear, durable plans. Whether you are transferring a new policy or moving an existing policy into an ILIT, the planning process is designed to reduce administrative burdens for your loved ones and provide greater certainty about how insurance proceeds will be used after your death.
An ILIT provides a structured way to control life insurance proceeds outside of your taxable estate while specifying how the funds should be used for beneficiaries. For many Tujunga families, the trust offers a method to avoid probate for life insurance proceeds, preserve privacy, and potentially reduce estate tax exposure. Additional benefits include protections from creditor claims in some situations and the ability to set distribution terms that reflect your wishes over time. Establishing an ILIT also allows for precise instructions about how proceeds should be used for education, debt repayment, ongoing support, or for discretionary trust distributions to beneficiaries.
The Law Offices of Robert P. Bergman provides estate planning services tailored to individuals and families across California, including those in Tujunga and Los Angeles County. Our approach centers on listening carefully to client goals and coordinating trust documents, wills, powers of attorney, and health directives to form a practical plan. We guide clients through decisions about trust funding, trustee selection, and beneficiary designations to ensure that life insurance and other assets are administered according to their intentions. Our focus is on clear communication, practical solutions, and ongoing support so plans remain effective as circumstances change.
An ILIT is a trust that owns a life insurance policy and that cannot be changed unilaterally by the grantor once properly executed and funded. This structure separates the insurance proceeds from the grantor’s taxable estate under many circumstances, and it allows the trustee to manage distributions without involving probate. Setting up an ILIT requires careful drafting of the trust agreement, naming the trust as the policy owner and beneficiary, and ensuring any transfers are made in ways that meet federal and state tax and trust law requirements. Proper administration is important to preserve the intended advantages.
Fundamental decisions include choosing the trustee, defining distribution powers, and establishing gifting strategies to cover premium payments. The trustee has a fiduciary responsibility to manage the trust and follow the terms you set, including handling premium contributions and claiming proceeds at death. The trust may permit lifetime benefits to beneficiaries or require the proceeds to be held and distributed according to a schedule. Understanding these mechanics helps families make informed choices about whether an ILIT aligns with their financial situation and long-term goals.
An ILIT is a legal entity created by a trust document that purchases or receives ownership of a life insurance policy and holds it for the benefit of named beneficiaries. Because the grantor gives up ownership rights, the policy is generally excluded from the grantor’s estate for estate tax purposes if certain conditions are met. The trustee administers the policy and, upon the insured person’s death, manages and distributes the proceeds as directed in the trust. Proper timing, gifting to the trust to cover premiums, and drafting terms that reflect your objectives all affect how the ILIT will perform in practice.
Key elements of an ILIT include the trust agreement, selection of a trustee and beneficiaries, the policy ownership transfer, and a funding plan for premium payments. The trustee’s responsibilities include making premium payments if the trust owns the policy, communicating with beneficiaries, and following distribution instructions. Relevant processes cover transferring an existing policy into the trust, obtaining any necessary assignments, and preparing gift tax filings when required. Ongoing maintenance includes recordkeeping and periodic review to ensure the trust remains aligned with changes in family circumstances and tax law.
Understanding the terminology used with ILITs helps clients make informed decisions. Common terms include grantor, trustee, beneficiary, premium funding, assignment, and gift tax rules. Each term represents a distinct role, action, or legal concept that affects how an ILIT operates and how it interacts with other estate planning tools. Clear definitions reduce confusion and make conversations with an attorney and trustee more productive. This section explains frequently used words so you can better evaluate the structure and consequences of implementing an ILIT in your estate plan.
The grantor is the person who creates the ILIT and transfers the life insurance policy or premium payments to the trust. Once assets are placed in an irrevocable trust, the grantor typically relinquishes the ability to change the trust terms unilaterally. The grantor’s actions at the time of transfer, including how and when premium contributions are made, determine whether the policy proceeds will be included in the taxable estate. Understanding the grantor’s role helps identify potential tax, control, and administrative implications when designing a trust arrangement.
The trustee is the individual or institution responsible for managing the ILIT in accordance with its terms and applicable law. Duties include accepting assignments of policies or gifts, paying premiums from trust funds or directed contributions, filing required tax forms, and distributing proceeds to beneficiaries after the insured’s death. The trustee’s decisions must reflect the trust document’s instructions and a duty to beneficiaries. Choosing a trustee requires balancing reliability, administration skills, and the ability to carry out the trust’s intended purposes.
Beneficiaries are the persons or entities who are entitled to benefit from the ILIT according to its terms. The trust document specifies how proceeds will be distributed, whether as lump sums, staged payments, or for particular uses such as education or health expenses. Beneficiaries may have limited control over distributions depending on the trust’s drafting. Properly naming and describing beneficiaries can help prevent disputes and ensure the grantor’s wishes are honored after their death.
Funding an ILIT often involves annual gifts to the trust to pay premiums, or transferring an existing policy into the trust by assignment. When the grantor contributes funds, the trustee uses them to maintain the policy. Gift tax considerations may apply, and some plans use annual exclusion gifts or other gifting strategies. Clear documentation of gifts and premiums is important for tax reporting and for preserving the intended estate planning benefits. An effective funding strategy aligns with both the grantor’s financial capacity and the trust’s long-term goals.
When building an estate plan there is a choice between limited, targeted documents and a comprehensive trust-based plan that coordinates multiple instruments. Limited approaches may use a simple will and basic powers of attorney while a comprehensive approach combines revocable trusts, pour-over wills, ILITs, health care directives, and other specialized trusts where appropriate. The decision depends on factors such as asset complexity, family dynamics, tax exposure, and goals for privacy. In many cases an integrated plan provides clearer administration and fewer issues for heirs, particularly when life insurance is intended to serve long-term needs.
A limited estate plan can be adequate when assets are modest, family relationships are uncomplicated, and beneficiaries are likely to cooperate. In these circumstances a will, durable power of attorney, and healthcare directive may achieve the client’s basic objectives without the expense of multiple trust structures. If life insurance is minimal or intended for immediate lump-sum needs, a straightforward beneficiary designation may suffice. It remains important to document decisions clearly and to periodically review the plan to confirm it still reflects current circumstances and goals.
Some individuals prioritize simplicity and lower initial costs, particularly when they have limited time or resources for comprehensive planning. A targeted approach can provide essential protections, such as a will, powers of attorney, and an advance health care directive, which address immediate needs while leaving options open for future trust planning. This path allows families to begin with protection now and add structures such as an ILIT later as assets or planning objectives change. Regular reviews remain important to determine whether further measures become appropriate over time.
A comprehensive trust-based plan helps manage complex assets and often reduces the need for probate administration, which can be time-consuming and public. For families with life insurance intended to replace income, cover debts, or fund ongoing needs, an ILIT integrated with a revocable trust and complementary documents provides clear instructions for trustees and successors. This coordination reduces confusion at the time of an insured’s death and can improve the efficiency of distributions while preserving privacy and honoring long-term intentions.
A broader planning approach offers tools to address potential estate tax exposure, creditor claims, and legacy objectives like supporting minors or family members with special needs. An ILIT can be an element of that plan, housing life insurance outside the taxable estate and allowing the revocable trust and other instruments to manage other assets consistently. Ensuring beneficiary designations, trustee powers, and funding mechanisms align across documents reduces unintended consequences and provides more predictable outcomes for heirs and fiduciaries.
Integrating an ILIT with a revocable living trust, pour-over will, powers of attorney, and health care directives creates a cohesive plan that addresses a wide range of foreseeable issues. The ILIT can ensure life insurance proceeds are administered under terms you choose, while other documents handle asset management, incapacity planning, and guardianship nominations for minor children. This coordination promotes smoother administration, reduces the chance of conflicting instructions, and gives fiduciaries clear directions on how to carry out your wishes efficiently and respectfully.
A comprehensive approach also helps with long-term planning goals such as preserving family wealth, supporting education or special needs, and maintaining liquidity to pay taxes and debts. By combining an ILIT with other trust arrangements, clients can design specific payout schedules or protective provisions while preserving access to benefits where appropriate. Regular reviews and updates keep the plan aligned with changes to family circumstances, financial goals, and applicable law, ensuring the plan continues to meet current needs comfortably into the future.
An ILIT included within a broader estate plan allows a grantor to specify how and when life insurance proceeds are distributed, which can be important for managing inheritance for younger or financially inexperienced beneficiaries. The trustee can make distributions for education, health, or maintenance, or pay funds out according to a schedule that reflects family priorities. This structured control reduces the risk of impulsive spending and provides a framework for long-term support that aligns with the grantor’s intentions.
An ILIT that is properly funded and coordinated with other trust documents can keep substantial proceeds out of probate, helping families avoid court supervision and the public nature of the probate process. For many clients, the privacy and efficiency gained by directing life insurance proceeds through a trust is an essential consideration. When beneficiaries receive funds through trust administration rather than probate, the transfer process tends to be faster and less adversarial, enabling families to focus on recovery and continuity after a loss.
When creating an ILIT it is important to coordinate beneficiary designations on life insurance policies, retirement accounts, and other payable-on-death assets with the terms of your trust documents. Inconsistencies can cause unintended probate or conflict between named beneficiaries and your trust plan. Review all beneficiary forms and trust provisions together so the trustee can administer proceeds under the trust terms. Clear coordination reduces the risk of disputes and helps ensure the plan operates as intended at the time the policy pays out.
Maintaining good records of gifts and premium contributions to the ILIT is essential for tax and administrative purposes. If annual exclusion gifts are used to fund premiums, consistent documentation helps demonstrate the intent and timing of contributions. Proper recordkeeping also supports the trustee’s ability to make premium payments and to show the provenance of funds if questions arise. Regular reviews of policy performance and funding needs keep the ILIT sustainable and aligned with the grantor’s long-term objectives.
Individuals consider an ILIT for several practical reasons, including the desire to keep life insurance proceeds outside the taxable estate, to create specific distribution terms for beneficiaries, and to minimize the administrative burden on heirs. For business owners, an ILIT can facilitate buy-sell funding and provide liquidity for estate settlement expenses. Families dealing with blended situations or beneficiaries who may need controlled support often find the structure useful because it enables the grantor to define uses for the proceeds and the timing of distributions in a clear, legally enforceable way.
Other reasons include preserving privacy by avoiding probate, protecting proceeds from certain creditor claims in some contexts, and coordinating life insurance with other trust arrangements and legacy plans. An ILIT can also provide peace of mind by ensuring a designated trustee will manage proceeds responsibly according to instructions. For many clients in the Tujunga area, an ILIT complements a revocable living trust and related documents to form a durable plan that addresses both short-term needs and intergenerational goals.
Common circumstances prompting an ILIT include sizable life insurance policies intended to provide for heirs, estate liquidity needs, and intentions to minimize inclusion of insurance proceeds in the estate for tax reasons. Families with minor children or beneficiaries who may require managed distributions also frequently consider ILITs. Business owners who need life insurance to fund succession plans or cover estate taxes may find an ILIT helpful. Each situation requires individualized planning to ensure an ILIT aligns with legal and financial objectives and to avoid unintended tax consequences.
When a life insurance policy represents a significant portion of an estate’s value it can create planning challenges that an ILIT helps address. An ILIT can ensure proceeds are available to pay estate settlement costs, taxes, and other obligations without forcing the sale of family assets. By placing the policy in a trust, the grantor can direct how proceeds will support heirs and manage liquidity at the time of passing. Careful planning around funding and trustee selection helps ensure the intended outcomes are achieved smoothly.
Families with minor children or beneficiaries who may need financial oversight often consider an ILIT to manage distributions over time. The trust can set conditions or scheduled distributions to preserve funds for education, health, and maintenance. A trustee can administer benefits in a manner designed to balance immediate needs with long-term stability, rather than allowing a single lump-sum payment that a beneficiary may not be prepared to manage. Drafting the trust with clear objectives helps ensure funds are used in ways consistent with the grantor’s intentions.
Business owners often use life insurance in succession planning to provide liquidity for buy-sell agreements or to cover estate taxes that could otherwise disrupt operations. An ILIT can hold a policy that funds a buyout or supports continuity after the owner’s death. When combined with clear corporate documents and a coordinated trust and estate plan, these arrangements can minimize business disruption and provide liquidity without requiring the sale of the company. Proper drafting ensures that funding aligns with both business and family goals.
Residents of Tujunga looking for guidance with an ILIT or broader estate planning needs can rely on the Law Offices of Robert P. Bergman to provide clear, practical counsel. We serve clients throughout Los Angeles County and work closely with them to draft and implement trust documents, review existing policies, and coordinate related estate instruments such as wills, powers of attorney, healthcare directives, and guardianship nominations. Our goal is to deliver a plan that addresses current needs while remaining adaptable to future life changes.
Clients choose our firm for clear guidance on designing and implementing an ILIT that fits their broader estate plan. We emphasize careful coordination between insurance ownership, beneficiary designations, and trust documents to avoid common pitfalls. Our attorneys work with clients to identify funding strategies for premiums, select appropriate trustees, and draft terms that reflect family priorities. We also provide practical advice on how an ILIT interacts with revocable trusts, wills, and powers of attorney to create a cohesive and durable plan.
The firm assists with transferring existing policies into a trust, documenting annual gifts to fund premiums, and advising on potential tax and reporting considerations. We ensure that administrative procedures are clear so trustees can act efficiently when needed. Regular plan reviews are encouraged to adapt to changes in family composition, financial circumstances, or relevant law. Our goal is to make the process as straightforward as possible while protecting client interests and preserving intended legacy outcomes for beneficiaries.
We also help clients coordinate related documents such as a revocable living trust, pour-over will, financial power of attorney, and advance health care directive so that all elements of a plan harmonize. This integrated approach reduces the chance of conflicting instructions and helps families avoid unnecessary delays during administration. Our firm is available to explain options, prepare the necessary trust agreements and ancillary documents, and provide practical support for trustees and beneficiaries when the time comes to administer the trust.
Our process for establishing an ILIT begins with a thorough initial consultation to clarify objectives, review existing policies and beneficiary designations, and identify potential issues. We then draft a trust tailored to those goals, assist with transferring ownership of a policy or documenting premium funding plans, and prepare any related forms or filings. We guide clients through trustee selection and provide instructions for trustees on recordkeeping and claim procedures. Ongoing reviews are offered to keep the trust aligned with changes in family circumstances, policy performance, and law.
Step one involves a comprehensive review of your estate and life insurance arrangements. This includes examining existing policies, beneficiary designations, and relevant documents such as revocable living trusts and wills. We discuss goals for how proceeds should be used, identify appropriate beneficiaries and trustees, and review potential tax and gifting considerations. This planning stage also evaluates whether transferring an existing policy or establishing a new policy within the ILIT best serves your objectives, and it forms the basis for drafting the trust document tailored to your needs.
During the document review we inventory assets, confirm beneficiary designations, and identify any conflicts or updates needed to align with your objectives. We discuss how the ILIT will interact with other estate planning instruments like powers of attorney and healthcare directives. Clear goal setting helps determine trust terms such as distribution timing and permissible uses for proceeds. This collaborative discussion ensures the drafted ILIT reflects your priorities and anticipates issues that trustees may face during administration.
We evaluate funding strategies that may include annual gifts to the trust for premium payments or transferring ownership of an existing life insurance policy into the ILIT. We explain potential gift tax implications, documentation needs, and how to use annual exclusion gifts if appropriate. These conversations ensure the funding plan is sustainable and compliant with relevant tax rules. We also discuss whether adjustments to other estate planning documents are needed to maintain consistency across your plan.
In the drafting stage we prepare the ILIT agreement with clear provisions on trustee powers, distribution standards, and administrative responsibilities. The trust document is drafted to reflect your goals and to interact smoothly with other estate planning documents. We assist with the execution process, ensuring signatures and necessary assignments are properly completed so the trust is valid and the policy ownership transfers as intended. We also prepare any accompanying documentation for gifts and premiums to support later administration and reporting.
The trust language specifies who may serve as trustee, decision-making authority, distribution conditions, and how proceeds are to be managed and distributed. Clear trustee instructions reduce ambiguity and help avoid disputes. The document may include provisions addressing successor trustees, investment direction, and guidance on distributing funds for education, health, or maintenance. Thoughtful drafting at this stage helps ensure the trustee can administer the trust efficiently and in accordance with your wishes when the need arises.
Once the trust is signed, we assist with transferring policies into the trust by preparing and filing assignment forms and coordinating with the life insurance carrier. Proper recordkeeping of premium contributions and gift documentation is established to support tax reporting and administration. We provide the trustee with guidance on where to find essential documents, how to handle premium payments, and the steps to follow when making a claim. Good records are central to efficient trust administration and to preserving the intended benefits.
Administration includes maintaining the policy through premium funding, communicating with beneficiaries, and carrying out distribution instructions after the insured’s death. The trustee will follow the trust terms, file any necessary tax forms, and coordinate with the probate court only when required. Periodic reviews of the trust and related estate documents are recommended to confirm the plan remains consistent with changes in family circumstances, policy performance, or law. We assist trustees and beneficiaries as needed to streamline administration and avoid unnecessary delays.
When a life insurance claim arises the trustee is responsible for submitting the claim to the insurer, collecting proceeds, and distributing funds according to the trust terms. The trustee should keep thorough records of communications, payments, and distributions, and provide beneficiaries with appropriate notices. Prompt action and organized documentation help prevent delays and disputes during this sensitive time. Our firm is available to advise trustees on best practices for claims processing and compliant administration.
An ILIT should be reviewed periodically alongside other estate documents to ensure it continues to reflect the grantor’s intentions and current legal requirements. Changes in family composition, financial circumstances, or tax law may prompt updates to beneficiary designations, funding plans, or complementary documents. Regular check-ins help prevent misalignment between documents and reduce the risk of unintended consequences. We recommend scheduled reviews to keep the plan effective and aligned with evolving needs.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy and is drafted so the grantor gives up certain ownership rights to keep the policy’s death benefit outside the grantor’s estate under many circumstances. Unlike a revocable living trust, an ILIT cannot be changed unilaterally after it is properly executed and funded. The trustee manages the policy and distributes proceeds according to the trust’s instructions, which can include specific timing and conditions for beneficiary payments. ILITs are used for goals like estate liquidity and controlled distributions to heirs. An ILIT differs from other trusts in its primary purpose and the way it interacts with life insurance policies. While revocable trusts typically hold a wide range of assets that remain under the grantor’s control during life, the ILIT’s focus is to hold life insurance and to ensure proceeds are administered outside of probate under prescribed terms. Because it is irrevocable, the ILIT’s effects on taxes and ownership must be carefully understood before funding, and proper administration is necessary to maintain its intended benefits.
Yes, an existing life insurance policy can often be transferred into an ILIT by executing an assignment of ownership and naming the trust as the new owner and beneficiary. Such a transfer must be handled carefully because transferring a policy shortly before death can have tax implications; in some cases a three-year lookback rule may apply for estate inclusion. We review the timing and potential gift tax and estate tax consequences before completing a transfer to ensure the client understands the prospective outcomes and any reporting requirements. When transferring an existing policy we coordinate with the insurance company to process the assignment and confirm that the trust is properly recognized as the policy owner. It is also important to set up a reliable method for funding premium payments after the transfer, which may involve annual gifts to the trust or other mechanisms. Documentation of transfers and gifts is critical to preserve the intended estate planning benefits and to support any tax filings that may be necessary.
Premiums for a policy owned by an ILIT are typically funded by gifts from the grantor to the trust. The trustee then uses these funds to pay the policy premiums. To minimize gift tax consequences, many grantors use the annual gift tax exclusion to contribute amounts sufficient to cover premiums, and in some cases beneficiaries are asked to sign a limited power of appointment or gift receipt to enable the trustee to use the gifts. Proper documentation of these gifts is essential for tax and administrative reasons. Alternatively, a new policy may be purchased directly in the name of the ILIT with premiums paid from funds given to the trust. The funding plan should be designed to match the grantor’s cash flow and to provide clear evidence of gifts if required for tax purposes. Our firm helps design funding strategies and ensures trustees understand how to maintain premium payments and keep appropriate records over time.
Placing a life insurance policy into an ILIT can remove the policy proceeds from the grantor’s taxable estate, potentially reducing estate tax exposure, provided the transfer is completed in a manner that complies with applicable rules. Timing is important because gifts or transfers made within certain lookback periods prior to death may still be included in the estate. Properly executed and funded ILITs that respect relevant timing and reporting requirements can be an effective tool for estate tax planning in appropriate situations. Whether an ILIT will reduce estate taxes in a particular case depends on factors such as the size of the estate, timing of transfers, and current tax law. Because tax consequences vary with each situation, careful planning and coordination with the rest of your estate plan are necessary. We work with clients to assess potential tax impacts and to structure ILIT funding so it aligns with broader goals while complying with reporting obligations.
Choosing a trustee for an ILIT requires balancing administrative ability, impartiality, and availability to carry out trust duties. A trustee may be a trusted family member, a friend who understands financial matters, or a professional fiduciary. The trustee will handle premium payments if necessary, submit claims, maintain records, and distribute proceeds according to the trust terms. It is important to discuss expectations with potential trustees ahead of time so they understand what responsibilities the role entails and are prepared to serve when called upon. Many clients name a primary trustee and one or more successor trustees to ensure continuity. Factors to consider include the trustee’s familiarity with fiduciary responsibilities, willingness to communicate with beneficiaries, and ability to manage investments or hire professionals if needed. Clear instructions within the trust document about trustee powers and compensation help provide structure and reduce ambiguity for those tasked with administering the ILIT.
By design, an ILIT is irrevocable which limits the grantor’s ability to change its terms once it is funded. In certain circumstances limited modifications may be achievable through trust provisions that allow specified adjustments, or by using trustee powers and trust language that anticipate changes. Additionally, some adjustments can be made by creating new, complementary documents or by using permissible techniques under law. However, changes should be considered carefully because altering an irrevocable arrangement may have tax and legal consequences. If a change is necessary, the available options depend on the trust language, the terms of the policy, and applicable law. In some cases settlor and beneficiary cooperation, decanting statutes, or court modification may provide solutions. We evaluate the specific situation and advise on lawful methods to achieve the client’s objectives while minimizing adverse tax or legal impacts.
An ILIT interacts with a revocable living trust and will by serving as a distinct vehicle for holding life insurance outside of the revocable trust when that is the client’s objective. The revocable living trust typically manages other estate assets during life and at death, while the ILIT holds insurance proceeds to be administered under its own terms. A pour-over will may be used to transfer assets into the revocable trust, but life insurance already placed in an ILIT is administered separately according to the ILIT’s provisions, which helps avoid probate for those proceeds. Coordination among these documents is important to avoid conflicts and overlapping instructions. Beneficiary designations for accounts and insurance policies should be reviewed alongside trust terms to ensure consistency. Our firm helps integrate the ILIT with the remainder of your plan so that trustees, executors, and family members understand how each document functions and what role it plays in the overall estate strategy.
Yes, gift tax reporting can be required when funding an ILIT, particularly if contributions for premiums exceed the annual gift tax exclusion amount. If annual exclusion gifts are used to fund premiums, documentation and sometimes a gift-splitting election may be required for married couples. Filing a gift tax return may be necessary to report larger contributions or transfers, and careful recordkeeping supports compliance and helps explain the nature and purpose of transfers to the trust if questions arise later. Our firm assists clients in designing gifting strategies that align with the grantor’s financial capacity and reporting needs. We help prepare documentation and provide guidance on when filing is advisable. Proper engagement at the outset reduces surprises and ensures that the ILIT funding plan supports the trust’s long-term objectives while meeting tax reporting obligations.
An ILIT can provide a measure of protection for life insurance proceeds in certain circumstances because the trust, rather than the grantor or a beneficiary directly, owns the policy and receives the funds. This separation may reduce exposure to certain creditor claims against the grantor after death. However, protection against creditors or divorce claims depends on many factors including timing, local law, and the specific terms of the trust. It is not a universal shield and should be considered in light of state law and the client’s overall circumstances. Because asset protection results vary, it is important to consider an ILIT as one element of a broader plan. Coordinating asset protection strategies with trust drafting, beneficiary designations, and timing of transfers enhances the likelihood that the plan will function as intended. We advise clients on realistic expectations and structure trust provisions consistent with legal constraints to address potential exposure to creditors or family law claims where appropriate.
To begin the process of creating an ILIT we recommend an initial consultation to discuss your objectives, review existing insurance policies and estate documents, and evaluate funding options. During this meeting we will outline the steps involved, potential tax and administrative considerations, and a timeline for drafting and execution. We will also discuss trustee selection and what records and documents will be needed to complete the transfer or purchase of a policy within the trust. After the initial planning discussion we prepare the ILIT document and related instruments tailored to your goals, assist with policy assignments and beneficiary coordination, and provide instructions for funding and recordkeeping. We aim to make the process straightforward and to keep you informed at each stage so the ILIT functions smoothly as part of your overall estate plan.
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