An Irrevocable Life Insurance Trust (ILIT) is an estate planning tool often used to remove life insurance proceeds from a taxable estate, provide liquidity for heirs, and preserve wealth for specific beneficiaries. For residents of Hilmar-Irwin and Merced County, an ILIT can be tailored to state and federal rules while addressing family dynamics, retirement plan considerations, and potential estate tax exposure. This page explains what an ILIT is, how it functions, and why many local families include one in a broader estate plan with revocable trusts, pour-over wills, and healthcare directives.
Choosing an appropriate trust structure involves assessing current assets, the ownership and beneficiary designations on life insurance policies, and how a trust interacts with other plan documents such as powers of attorney and guardianship nominations. An ILIT can help ensure that life insurance proceeds are distributed as intended without being subject to probate, and it can support long-term objectives such as funding a trust for minor children or a special needs family member. This guide provides clear, practical information to help Hilmar-Irwin families consider whether an ILIT should be part of their estate plan.
An ILIT matters because it separates life insurance proceeds from your probate estate, which can make distributions faster, more private, and potentially more tax-advantaged for beneficiaries. For families in Hilmar-Irwin, an ILIT provides a mechanism to control how insurance proceeds are managed, to protect those proceeds from creditors or future remarriage issues, and to provide ongoing financial support to minors or dependents with special needs. It can also be used as part of broader strategies to manage estate tax exposure and to provide a stable source of funds for estate administration costs without liquidating other assets.
The Law Offices of Robert P. Bergman serves families throughout Merced County, including Hilmar-Irwin, with a focus on estate planning documents such as revocable living trusts, wills, powers of attorney, and specialized trusts like ILITs. Our approach emphasizes clear communication, careful planning tailored to each family’s circumstances, and thorough document drafting to reflect client goals. We work collaboratively with clients to integrate insurance planning into a broader estate plan, explaining tax, beneficiary, and trust administration considerations so clients can make informed choices for their loved ones.
An ILIT is created when a grantor transfers ownership of a life insurance policy into an irrevocable trust or the trust itself purchases the policy. Once the trust owns the policy, the death benefit is generally excluded from the grantor’s taxable estate, provided the grantor does not retain certain powers or incidents of ownership. The trust’s terms govern how proceeds are distributed to beneficiaries, which can include outright distributions or structured payouts over time. For many families, the ILIT addresses liquidity needs at death and ensures that insurance proceeds support intended beneficiaries rather than being subject to probate or unintended creditor claims.
Setting up an ILIT requires attention to timing, funding, and how gifts to the trust are made to cover premium payments. If an existing policy is transferred into an ILIT, there may be a three-year lookback for estate inclusion under federal rules, so timing matters. Trust language must be carefully drafted to allow trust trustees to manage and invest assets, make or receive gifts for premium payment, and coordinate beneficiary designations. For Hilmar-Irwin residents, planning also considers California law implications and coordination with other estate planning documents to accomplish the client’s intentions effectively.
An Irrevocable Life Insurance Trust is a trust that owns and controls one or more life insurance policies and is structured so the policy proceeds pass to trust beneficiaries outside of probate. The grantor typically gives up ownership and specific rights over the policy, which prevents inclusion of those proceeds in the grantor’s estate for tax purposes if done correctly. The trust document establishes a trustee to manage policy ownership, make premium payments from trust funds, and distribute proceeds according to instructions. Clear instructions and coordination with beneficiary designations are essential to achieve the intended outcomes for heirs and to preserve the privacy and efficiency of transfers at death.
Creating an ILIT involves drafting trust terms, transferring existing policies or purchasing new policies within the trust, funding the trust to pay premiums, and maintaining records of gifts used for premium payments. Trustees must be given powers to manage insurance policies, work with insurers, and make distributions consistent with the grantor’s wishes. The grantor should understand potential gift tax implications and how to structure gifts to qualify for the annual gift tax exclusion if applicable. Regular review ensures beneficiary designations and related estate documents remain aligned with the trust terms and evolving family circumstances.
Understanding common terms helps clients navigate ILIT planning, including ownership transfers, grantor retained powers, trustee responsibilities, and estate tax considerations. This section defines essential words and concepts used in ILIT documents and administration so Hilmar-Irwin residents can follow the planning process more confidently. Clear definitions make it easier to evaluate trust terms, know what decisions are required, and understand how an ILIT will interact with other components of an estate plan, such as a revocable living trust, pour-over will, and advance health care directive.
The grantor is the person who establishes the trust and transfers assets or policies into it. In the context of an ILIT, the grantor typically relinquishes ownership of the insurance policy to the trust to achieve estate planning objectives. The grantor’s actions and any retained powers can affect whether the life insurance proceeds are included in the grantor’s taxable estate, so care must be taken when drafting the trust and transferring policies. The grantor also often names trustees and beneficiaries and sets the trust’s distribution terms to accomplish long-term family goals.
The term irrevocable means the trust cannot be easily changed or revoked by the grantor once it is created and funded, which is a fundamental characteristic of an ILIT. Because the grantor gives up ownership and significant control, the assets held by the trust are generally protected from inclusion in the grantor’s estate, subject to certain exceptions and timing rules. This permanence is a key feature that enables desirable tax and creditor protections, but it also means the grantor must carefully consider the long-term implications before creating or funding an irrevocable trust.
A trustee is the person or entity appointed to manage the trust assets, including life insurance policies held within an ILIT. Trustees have fiduciary duties to administer the trust according to its terms and the grantor’s instructions, make premium payments from trust funds, handle interactions with insurance companies, and distribute proceeds to beneficiaries as directed. Trustees may be family members, trusted advisors, or financial institutions, and the choice of trustee should consider administrative capability, impartiality, and the ability to carry out the trust’s long-term objectives for beneficiaries.
A beneficiary is an individual or entity designated to receive distributions from the trust when the insured dies or at other times specified in the trust. In an ILIT, beneficiaries may receive proceeds outright or in structured payments, depending on the trust terms, which can provide for minors, dependents with special needs, spouses, or charitable organizations. Clear beneficiary designation and trust language are essential to ensure benefits are paid as intended and to avoid unintended consequences or disputes among family members and creditors.
When weighing an ILIT against keeping a life insurance policy in one’s personal estate or using beneficiary designations alone, consider control, tax consequences, and probate avoidance. An ILIT can offer greater control over how proceeds are managed and distributed, as well as potential estate tax advantages, while beneficiary designations or personal ownership can provide simplicity and direct access. For some families, a limited approach like naming contingent beneficiaries or adjusting policy ownership may suffice, while others benefit from the structure and protection provided by an ILIT incorporated into a comprehensive estate plan with trusts and wills.
A limited approach may be suitable when the family’s financial situation is straightforward, beneficiaries are capable adults, and the likely estate tax exposure is low. In such cases, owning the policy personally or relying on direct beneficiary designations can be simpler to administer and less costly to set up and maintain. This approach allows beneficiaries to access proceeds quickly without the administrative steps involved with trust administration. For many Hilmar-Irwin households with modest estates, focusing on clear beneficiary designations, up-to-date beneficiary forms, and a coordinated pour-over will can achieve the desired outcomes without an ILIT.
If the value of the insured’s estate is well below federal and state estate tax thresholds and there are no unique creditor exposure concerns, an ILIT might add complexity without significant benefit. In those circumstances, policy ownership and beneficiary designations can be kept simple, and the priority may be ensuring liquid assets are available to pay final expenses and to provide for immediate needs. Many families in regional communities choose a streamlined approach combined with a revocable living trust or will to cover estate administration while avoiding the additional administration associated with an irrevocable trust.
A comprehensive approach ensures all documents work together so assets are transferred according to a client’s objectives without unintended tax or probate consequences. For families with significant life insurance combined with other sizable assets, retirement accounts, or complex family dynamics, an ILIT combined with a revocable trust and properly drafted beneficiary forms helps preserve wealth and protect beneficiaries from administrative delays, creditor claims, or misdirected distributions. Coordinated planning reduces the risk of conflict among heirs and provides a clear roadmap for trustees and family members after a death.
When beneficiaries include minors, individuals with ongoing care needs, or those who may have difficulty managing a large inheritance, an ILIT can be paired with other trusts and guardianship nominations to provide tailored long-term support. Trust terms can be written to provide staged distributions, professional trustee oversight, or dedicated funding for education and healthcare. This layered approach ensures resources are used as intended while providing continuity and stability for vulnerable beneficiaries, which is often a primary motivation for families to include ILITs within a broader estate plan.
Including an ILIT as part of a comprehensive plan can protect life insurance proceeds from probate, provide greater control over distributions, and potentially reduce estate tax exposure for larger estates. For many families, this structure also helps preserve privacy and prevents the public administration of life insurance proceeds. Combining an ILIT with documents like revocable trusts, pour-over wills, and powers of attorney creates an integrated plan that addresses both immediate and long-term needs, ensuring that beneficiaries receive support according to the grantor’s wishes while minimizing administrative friction at the time of death.
A comprehensive plan also allows for clear succession of trustee responsibilities and management of trust assets after death, which is especially important when life insurance proceeds will be used to support dependent family members or to fund trusts for future generations. When drafted and funded appropriately, an ILIT can coordinate with retirement plan trusts and other provisions to provide predictable liquidity and protect family wealth. Regular reviews keep the plan aligned with changing laws, family circumstances, and the evolving needs of beneficiaries to maintain effectiveness over time.
One of the primary reasons families consider an ILIT is to separate life insurance proceeds from the grantor’s probate estate, which can lead to faster distributions and potential tax benefits when estate values are significant. By placing policies in an irrevocable trust and avoiding retained ownership powers, proceeds can be managed and distributed according to the trust terms without becoming subject to the probate process. This can maintain privacy for the family, reduce delays, and ensure funds are available promptly to pay expenses or provide ongoing financial support for beneficiaries.
An ILIT provides the grantor with the ability to direct how life insurance proceeds will be used after death, including staged distributions, trust protectors, and provisions for education or health care needs. This level of control helps ensure that proceeds are not dissipated quickly, especially when beneficiaries are young or have limited financial capacity. Structured distributions can provide predictable income streams, protect assets from certain claims, and create lasting financial stability for beneficiaries according to the specific terms written into the trust.
Ensure that ownership and beneficiary designations on life insurance align with the trust documents to avoid unintended estate inclusion or beneficiary disputes. When transferring an existing policy into an ILIT, consider the timing relative to the three-year rule and confirm with the insurer that the trust is the named owner and beneficiary where appropriate. Keep clear records of gifts used to pay premiums and maintain updated beneficiary forms to reflect any changes in family circumstances. Regular reviews of policy ownership and trust terms help prevent surprises and ensure the ILIT functions as intended.
Selecting an appropriate trustee is critical because the trustee will manage the policy, make premium payments, interact with the insurer, and distribute proceeds according to the trust terms. A trustee should be someone who can handle ongoing administrative responsibilities, maintain accurate records, and act impartially when beneficiaries’ interests differ. Professional trustees can be considered where family dynamics are complex or ongoing oversight is required, but even a trusted family member should understand the administrative and fiduciary duties involved so the trust will be administered consistent with the grantor’s goals.
Families consider an ILIT to keep life insurance proceeds out of probate, deliver liquidity at a time of need, and to control how settlement funds are used by beneficiaries. For those with significant life insurance coverage, retirement assets, or concerns about creditor exposure, an ILIT can be part of a plan that ensures the intended outcomes for heirs. It can also protect proceeds in blended families by preserving distributions for children from prior marriages and by setting terms for distributions that reflect the grantor’s long-term objectives.
Another common reason to use an ILIT is to provide a predictable funding source for trusts designed to support vulnerable beneficiaries, such as minors or family members with long-term care needs. Including detailed distribution provisions and trustee powers in the ILIT helps maintain continuity and ensures that funds are used for essential needs like education, housing, and health care. Coordination with guardianship nominations and advanced healthcare directives builds a comprehensive plan to address both immediate and future welfare of loved ones.
Typical circumstances include owning substantial life insurance used to fund estate liquidity needs, having beneficiaries who may require oversight of distributions, dealing with blended family situations, and seeking strategies to manage potential estate tax exposure. Families often turn to ILITs when they want the flexibility to specify distribution timing, provide for discretionary trustee distributions, or protect proceeds from creditors. In many cases, an ILIT is combined with other estate planning tools to ensure cohesive outcomes, especially when the family’s financial and personal circumstances are complex.
When beneficiaries include minor children, an ILIT can be used to hold life insurance proceeds and distribute them according to a plan that provides for education, living expenses, and long-term support. Trust provisions can establish age-based disbursements, require trustee oversight, or set conditions for distributions to encourage responsible use. This approach helps avoid outright distributions to minors or immature beneficiaries and ensures that resources are managed by a trusted fiduciary to meet the child’s needs over time, offering peace of mind to parents who want thoughtful stewardship of funds.
Families concerned about creditor claims or potential future legal judgments may use an ILIT to place insurance proceeds beyond the reach of certain creditors, depending on the trust terms and applicable law. While protection varies by jurisdiction and the specifics of each case, an irrevocable structure can provide an additional layer of separation between heirs’ personal assets and the inherited funds. Careful drafting and trust administration help maximize asset protection opportunities while ensuring distributions align with the grantor’s intentions for beneficiary support.
In blended family situations, an ILIT allows grantors to ensure that proceeds are preserved for children from previous relationships while still providing for a surviving spouse during their lifetime if desired. The trust can include provisions that balance competing interests by directing income or limited distributions to a surviving spouse while protecting the ultimate remainder for children. This structured flexibility helps avoid unintended disinheritance and makes clear how resources should be allocated across family members over time.
The Law Offices of Robert P. Bergman provides local guidance to Hilmar-Irwin clients on how an ILIT fits within a full estate plan. We offer personalized consultations to review policy ownership, beneficiary designations, and the interaction of an ILIT with other documents like revocable living trusts, pour-over wills, and advance health care directives. Our team explains state-specific considerations and helps clients evaluate timing, funding, and trustee selection so they can make informed decisions that reflect their values and goals for family protection and financial continuity.
Clients rely on clear, practical guidance when deciding whether an ILIT is appropriate for their situation. Our firm focuses on creating documents that reflect each client’s unique financial picture and family circumstances, including coordination with retirement plan trusts, wills, and powers of attorney. We emphasize plain-language communication and careful drafting so trustees and beneficiaries understand their roles and responsibilities, and we work to minimize administrative burdens while preserving the client’s intended outcomes for their heirs.
We assist clients through each stage of establishing and maintaining an ILIT, from initial assessment and trust drafting to funding, coordination with life insurance carriers, and periodic reviews. Our process includes detailed recordkeeping recommendations and guidance on trustee selection to help ensure the trust is administered smoothly. For Hilmar-Irwin families, accessible local counsel provides continuity and practical support through life changes such as new children, remarriage, or significant changes in asset values, ensuring the plan remains effective over time.
Our team helps clients anticipate the practical needs of trustees and beneficiaries by drafting trust provisions that allow for flexibility in distributions, appointing successor trustees, and including instructions for coordination with other estate planning documents. We also advise on premium funding strategies and documentation necessary to support gifts to the trust. This comprehensive approach is designed to reduce ambiguity and provide trustees with the tools needed to act in the trust’s best interest, honoring the grantor’s intentions and protecting family assets.
Our ILIT planning process begins with a thorough fact-finding session to understand policy ownership, beneficiary designations, family dynamics, and long-term objectives. We then draft tailored trust documents and coordinate any necessary transfers or new policy acquisitions. After the trust is funded, we provide guidance on documenting gifts, administering premiums, and maintaining appropriate records. We also offer periodic reviews to ensure the ILIT and related documents remain aligned with changes in family circumstances, law, and financial goals, providing ongoing support as needed.
In the initial phase, we collect information about existing life insurance policies, asset values, beneficiary designations, and the client’s objectives for distributions. This assessment identifies whether transferring an existing policy or having the trust purchase a new policy best meets the client’s goals. We also analyze any potential gift tax implications and the timing considerations related to the three-year lookback rule for transferred policies. This preparation ensures the trust is structured to achieve the desired estate planning outcomes while addressing administrative needs.
We examine all life insurance contracts for ownership rights, beneficiary designations, and any policy restrictions that could affect a transfer to a trust. This review identifies whether the existing policy can be moved into the trust or whether a new policy purchased by the trust is more appropriate. We also confirm insurer requirements for changing ownership and coordinate requests so that the transfer is executed correctly. Clear documentation of these steps is provided to maintain a reliable record of the trust’s funding and administration.
We work with clients to define trust distribution terms, trustee powers, and any special provisions for beneficiaries with unique needs. Drafting includes clear instructions on how proceeds are to be used, who will serve as trustee and successor trustees, and what powers the trustee has to manage investments or make discretionary distributions. These terms are designed to reflect the client’s wishes while allowing necessary administrative flexibility for trustees to act in the beneficiaries’ best interest and to adapt to future circumstances.
Once documents are in place, funding the trust and implementing administration protocols are essential. This step may involve transferring an existing policy into the trust, assigning ownership, or arranging for the trust to take out a new policy. We provide guidance on gift documenting, setting up processes for premium payments, and keeping meticulous records of contributions. Proper funding and administration help prevent lapses in coverage and support the trust’s intended function as a vehicle for beneficiary protection and estate planning purposes.
When transferring an existing policy, we coordinate with the insurance carrier to complete required ownership and beneficiary change forms and to confirm that the trust meets the carrier’s requirements. If issuing a new policy within the trust, we assist in documenting the trust’s purchase authority and in establishing payment protocols for premiums. These steps are taken carefully to preserve the intended tax and administrative outcomes and to ensure the trust can function effectively when benefits become payable to beneficiaries.
Documentation of gifts to the trust to cover premium payments is essential, especially when the grantor seeks to use the annual gift tax exclusion. We provide templates and recordkeeping practices to substantiate gifts and maintain clear records of transfers and payments. Trustees are advised on how to receive gifts, make premium payments, and preserve receipts and trust ledgers. These records protect the trust’s integrity and help demonstrate the trust’s funding history if questions arise later.
After funding and implementation, periodic review ensures that the ILIT remains aligned with changes in family circumstances, tax law, and beneficiary needs. We recommend regular check-ins to update trust terms, beneficiary designations, and to confirm the trust’s funding and administrative processes are up to date. Trustees may need assistance with claims processing upon the insured’s death, distributing proceeds according to the trust, and managing ongoing trust assets. Proactive administration helps avoid disputes and preserves the trust’s benefits for beneficiaries.
Periodic reviews address changes such as births, deaths, marriages, or other family developments that could affect trust beneficiaries or distributions. Updating documents when circumstances change keeps the ILIT effective and aligned with the grantor’s intentions. These reviews also allow for revisiting funding strategies, confirming trustee availability and willingness, and making any adjustments required by changes in tax law or insurance products. Keeping the plan current reduces administrative complications and ensures the trust continues to serve its intended purpose.
When the insured passes, trustees often need practical assistance with filing claims, coordinating with insurers, and carrying out distributions consistent with trust terms. We assist trustees in gathering necessary documents, filing timely claims, and interpreting trust provisions to determine appropriate distributions. Clear guidance at claim time helps expedite the process for beneficiaries, maintain compliance with trust governance, and ensure proceeds are used as intended under the trust’s terms, providing a smoother administration during a difficult time for the family.
An Irrevocable Life Insurance Trust is a trust that owns one or more life insurance policies and holds the death benefit outside of a grantor’s probate estate. Unlike a personally owned policy, the grantor gives up ownership and certain control over the policy, and the trust’s terms dictate how proceeds will be distributed to beneficiaries. This separation can provide privacy, direct the use of funds, and help with estate tax planning when structured properly. Setting up an ILIT requires careful drafting to avoid retained powers that could cause estate inclusion and attention to timing when transferring existing policies. Trustees manage the policy, pay premiums from trust funds, and distribute proceeds as directed, which differs from a personal policy where the beneficiary receives proceeds directly.
Once a policy is owned by an ILIT, beneficiary designations are typically controlled by the trust document, so the grantor cannot unilaterally change beneficiaries without violating the irrevocable terms. This is part of why ILITs remove proceeds from the grantor’s estate, as the grantor has given up certain ownership rights. Any changes to beneficiaries should be made through the trust’s amendment procedures if allowed, or by creating new estate planning structures consistent with the irrevocable nature of the trust. Before transferring a policy, consider the long-term implications of losing direct control over beneficiary designations. If flexibility is important, alternatives or carefully structured trust terms might provide some discretionary mechanisms while maintaining the trust’s benefits for intended beneficiaries.
The three-year rule generally provides that if a policy is transferred out of the grantor’s estate within three years of the grantor’s death, the death benefit may still be included in the grantor’s taxable estate. This timing consideration is important when transferring existing policies into an ILIT and can influence whether a new policy issued to the trust is a better option. Understanding the timing and potential tax consequences helps clients make decisions that align with their estate planning goals. An ILIT, when established and funded outside the lookback period, can help exclude life insurance proceeds from the taxable estate, potentially reducing estate tax exposure for larger estates. Coordination with tax advisors and careful documentation are essential to ensure that the intended estate planning benefits are achieved under current law.
The trustee should be someone who can handle administrative tasks, maintain impartiality among beneficiaries, and adhere to fiduciary responsibilities. Common choices include a trusted family member, a close friend, or a professional trustee. Selecting a trustee involves balancing trustworthiness and administrative capability, and it is important to choose successor trustees in case the original trustee is unable or unwilling to serve in the future. For families with complex assets or potential for disputes, a professional fiduciary may be appropriate, but many grantors choose a responsible family member who understands the family dynamics and can carry out the trust’s objectives. Clear guidance in the trust document about trustee powers and duties helps ensure efficient administration.
Yes, an ILIT can be written to provide for a surviving spouse while preserving the remainder for children. Trust terms can allow distributions to a spouse for income or limited support during their life, with the remainder passing to children after the spouse’s death. This structure helps balance competing family interests and can prevent a surviving spouse from diverting assets intended for other heirs, while still honoring the grantor’s desire to provide for the spouse’s needs. Careful drafting is required to ensure the spouse’s benefits do not cause estate inclusion for the spouse or otherwise undermine the trust’s objectives. Coordination with the broader estate plan ensures that spouse provisions and remainder interests align with the client’s long-term wishes and legal considerations.
Premiums for policies in an ILIT are commonly funded by gifts to the trust from the grantor, which the trustee then uses to pay the insurer. When structured properly, these gifts may qualify for the annual gift tax exclusion if they are drafted and documented correctly, often using Crummey withdrawal notices where appropriate. Documenting gifts and the trust’s receipt of funds is important for tax and administrative records. Alternatively, the trust itself may hold cash or other assets that generate income to pay premiums, or the policy could be paid from trust-held investments. Proper planning ensures consistent premium funding and avoids lapses in coverage that could frustrate the grantor’s intent to provide for beneficiaries.
After funding an ILIT, trustees should keep clear, organized records of gift documents, receipts, premium payments, communications with insurers, trust account statements, and any notices related to policy ownership. Accurate ledgers and documentation of each premium-funded gift help demonstrate that the trust was properly funded and administered, which is particularly important if gift tax exclusions are claimed. Good recordkeeping supports trustee decisions and maintains transparency for beneficiaries. Additionally, trustees should retain copies of the trust document, any amendments, trustee acceptance forms, and beneficiary identification records. Keeping these materials accessible aids in efficient administration and helps the trustee fulfill duties in the event of the insured’s death or inquiries from beneficiaries and advisors.
An ILIT may help shield proceeds from some creditors of the beneficiaries when distributions are made through trust terms rather than directly to beneficiaries. By directing distributions through a trust, the grantor can limit outright payments that might be immediately reachable by creditors in some situations. The extent of protection varies by state law and the specific terms of the trust, so careful drafting is required to optimize protection under applicable rules. It is important to understand that protection is not absolute, and beneficiaries’ personal creditors may still access funds once distributions are made outright. Structuring the trust to make discretionary distributions or to employ spendthrift provisions can provide additional protection for beneficiaries against creditor claims while ensuring funds are used as intended.
An ILIT is often one part of a comprehensive estate plan that includes a revocable living trust, pour-over will, powers of attorney, and healthcare directives. While the revocable trust manages most assets during the grantor’s life and can avoid probate for those assets, the ILIT specifically holds life insurance policies to keep proceeds out of the grantor’s estate and to direct their use according to trust terms. Coordination is essential so beneficiary designations and trust terms do not conflict and so the plan functions cohesively at death. Proper integration ensures that proceeds from an ILIT are distributed according to the overall estate plan, with trustees and executors understanding their respective roles. Regular reviews help maintain alignment among all documents as family circumstances and laws change over time.
If you are considering an ILIT, start by taking inventory of existing life insurance policies, beneficiary designations, and broader estate planning documents. Gather policy contracts, current beneficiary forms, and information about any intended beneficiaries who may need special provisions. Initial fact-finding helps determine whether transferring a policy or issuing a new policy in trust best accomplishes your goals and identifies any timing or tax considerations to address. Next, consult with an estate planning attorney who can help draft trust terms, coordinate transfers or policy purchases, and recommend funding strategies. Planning early allows time to avoid potential pitfalls such as the three-year transfer rule, to select a trustee, and to document premium gifts properly so the ILIT operates as intended when its benefits are needed.
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