An Irrevocable Life Insurance Trust (ILIT) can be a vital component of a thoughtful estate plan for residents of Merced. This guide explains how an ILIT functions, what benefits it can provide for managing life insurance proceeds, and ways it may help with wealth transfer and creditor protection concerns. Understanding the role of an ILIT helps you make informed decisions about protecting family financial security while coordinating with other estate planning tools like wills, trusts, powers of attorney, and healthcare directives. We outline the essentials so you can consider whether an ILIT fits your broader planning goals.
Choosing to place a life insurance policy into an irrevocable trust involves important timing, tax, and administrative considerations. An ILIT removes ownership of the policy from the insured’s estate for many estate tax purposes but also limits your ability to change or revoke the trust later. This section introduces common reasons people in Merced pursue ILITs, such as preserving liquidity to pay estate liabilities, providing for beneficiaries outside probate, and protecting proceeds from future claims. We also describe the typical steps involved in establishing and funding an ILIT so you know what to expect during the process.
An ILIT can offer several benefits that matter for long-term family protection and financial planning. By removing life insurance from the taxable estate, an ILIT often reduces estate tax exposure and preserves policy proceeds for intended beneficiaries. It can also create a structured distribution plan, ensuring funds are used for specified purposes such as education, mortgage repayment, or ongoing support. In some circumstances, proceeds held in trust may be shielded from creditor claims or beneficiary mismanagement, providing a layer of financial stability that aligns with a family’s planning priorities and values.
Law Offices of Robert P. Bergman provides estate planning services to individuals and families throughout Merced and across California. Our approach emphasizes clear communication, careful review of client circumstances, and coordinated planning that aligns trusts, wills, powers of attorney, and healthcare directives. We guide clients through the practical considerations of creating and funding an ILIT, explaining the implications for taxes, ownership, and beneficiary designations. With attention to detail and focus on practical outcomes, we help clients make durable plans that reflect their goals and protect family interests over time.
An Irrevocable Life Insurance Trust is a legal arrangement where the grantor transfers ownership of a life insurance policy to a trust that cannot be revoked or modified by the grantor once properly executed. The trust then becomes the owner and beneficiary of the policy, and its terms control how proceeds are handled and distributed after the insured’s death. Creating an ILIT requires attention to trust drafting, funding mechanics, and timing rules for estate tax purposes, including a careful look at three-year gifting rules and premium payment arrangements to achieve the intended planning outcomes.
Establishing an ILIT involves several actionable steps such as drafting the trust document, naming trustees and beneficiaries, transferring an existing policy or purchasing a new policy within the trust, and coordinating premium payments. Trustees must manage the policy and trust assets in accordance with the trust terms and applicable law. Beneficiary instructions can provide flexible or restrictive distribution schemes depending on client goals. Throughout this process, clear communication and coordination with life insurance providers and financial advisors can prevent unintended tax consequences and ensure the trust operates as intended.
An ILIT works by transferring legal ownership of a life insurance policy to a trust that is irrevocable once created and funded. The trust becomes both owner and beneficiary, holding proceeds outside of the insured’s probate estate and enabling targeted distributions according to the grantor’s instructions. Drafting must address trustee powers, beneficiary designations, and provisions for premium funding, such as gift arrangements from the grantor to trust beneficiaries to cover policy costs. Proper setup and adherence to procedural formalities are essential to ensure the ILIT achieves its intended estate planning and tax objectives.
Key elements of an ILIT include the trust document itself, appointment of a trustee, naming of beneficiaries, instructions for premium payments, and coordination with the life insurance carrier. The process typically begins with drafting a trust tailored to client goals, followed by transferring an existing policy or purchasing a policy through the trust. Grantors often use annual gift exclusions or other funding strategies to cover premiums. Trustees must administer the trust and provide accountings if required. Attention to timing and formal transfer requirements helps avoid unintended inclusion of the policy in the taxable estate.
Understanding common terminology can make ILIT planning more straightforward. Terms such as grantor, trustee, beneficiary, premium funding, gifting rules, and estate inclusion interact in specific ways that affect the legal and tax consequences of placing a policy in trust. This glossary explains those terms in plain language so clients can follow the steps involved in drafting, funding, and administering an ILIT. Clear definitions reduce confusion and support better coordination among attorneys, trustees, financial advisors, and insurance carriers during the planning process.
The grantor is the person who creates the trust and transfers ownership of the life insurance policy into the trust. This individual sets the trust’s terms, names the trustee and beneficiaries, and typically provides funds or gifts necessary to pay policy premiums. Once the trust is irrevocable, the grantor generally cannot unilaterally change the trust terms or reclaim ownership of the policy. Understanding the grantor’s role is essential because certain actions by the grantor can affect whether the policy is included in the grantor’s estate for tax purposes.
Trustee powers refer to the authority granted to the person or institution managing the ILIT, including duties to hold the policy, collect proceeds, invest trust assets, and distribute funds according to trust terms. Trustees must follow fiduciary standards and act in beneficiaries’ best interests, executing the grantor’s directives while complying with applicable law. Trustees often handle administrative tasks such as filing claims with insurers, ensuring premium payments are made, and maintaining records. Clear specification of trustee powers in the trust document helps prevent disputes and ensures orderly administration.
A beneficiary is someone designated to receive trust assets or policy proceeds when the life insurance policy pays out. Beneficiaries may receive outright distributions, staggered payments, or distributions tied to specific conditions such as education or medical needs. The trust document can define primary and contingent beneficiaries and set terms for how distributions should be made. Proper beneficiary naming and coordination with trust provisions help ensure proceeds are used as intended and may limit exposure to probate, creditors, or unintended receivers.
Gift and estate inclusion rules determine when transfers to an ILIT are treated as taxable gifts or included in the grantor’s estate for estate tax purposes. For example, transferring an existing policy shortly before death may result in inclusion in the estate unless certain timing rules are satisfied. Funding premium payments often uses annual gift exclusions or other strategies to avoid tax complications. Understanding these rules helps planners choose appropriate timing and funding methods to preserve the intended benefits of the ILIT while complying with tax regulations.
When considering an ILIT, it helps to compare it with other estate planning options like revocable living trusts, beneficiary designations, and payable-on-death arrangements. Revocable trusts provide flexibility during the grantor’s lifetime but do not remove assets from the taxable estate. Naming a trust as beneficiary of a policy can accomplish specific distribution goals while keeping proceeds out of probate. Each option has trade-offs involving control, tax consequences, and administrative responsibilities, so evaluating them in light of personal goals, family dynamics, and financial circumstances guides the selection of the right approach.
For families with modest life insurance needs or straightforward distribution goals, a simple beneficiary designation on the policy may be sufficient. This approach allows proceeds to pass directly to named individuals without complex trust administration, reducing paperwork and ongoing trustee responsibilities. It is often appropriate when beneficiaries are financially responsible adults and there are no significant estate tax concerns or creditor risks. However, this option offers less control over how funds are used and may not provide the protective features of a trust-based arrangement.
A revocable living trust can provide a flexible option when the main goal is avoiding probate and maintaining control during life. Because the grantor retains the right to modify or revoke the trust, it offers adaptability if circumstances change. Revocable trusts do not typically remove life insurance proceeds from the taxable estate, so they may be less advantageous for significant estate tax planning. They are often suitable for people who desire centralized management of assets and straightforward transition at death without the permanence of an irrevocable arrangement.
Individuals with larger estates often require trust-based strategies to address estate tax exposure, liquidity needs, and orderly distribution. An ILIT can help remove life insurance proceeds from the taxable estate, which may be vital when significant estate tax liabilities could arise. Coordinating an ILIT with other trusts and estate planning documents can create a cohesive plan that addresses multiple goals, such as funding taxes and debts, preserving assets for future generations, and providing structured support for beneficiaries with varying needs and financial maturity.
Comprehensive trust planning, including an ILIT, can offer added protection against creditor claims, beneficiary mismanagement, and unintended transfers. By placing a policy inside an irrevocable trust, proceeds may be insulated from certain creditor actions and can be distributed under terms that preserve long-term family financial stability. This kind of structure is beneficial for individuals who want to control the timing and purpose of distributions, ensure funds are used for specific needs, and reduce the risk that proceeds will be diverted by unforeseen legal or financial challenges.
A comprehensive estate planning approach that includes an ILIT can yield multiple benefits such as tax efficiency, controlled distributions, and enhanced protection for beneficiaries. Coordinating the ILIT with wills, living trusts, powers of attorney, and healthcare directives creates a unified plan that addresses both lifetime decision-making and post-death asset transfer. This coordination helps reduce confusion, minimize probate involvement, and support clear lines of responsibility for trustees and decision makers. Thoughtful planning can preserve wealth for intended heirs while addressing liquidity needs at death.
In addition to tax and distribution advantages, a comprehensive plan provides peace of mind by documenting client preferences and naming trusted agents for financial and healthcare decisions. The ILIT can be tailored to match family circumstances, providing for minor children, individuals with disabilities, or beneficiaries with special financial considerations. With clear trust provisions and trustee instructions, the plan helps manage assets efficiently and ensures policy proceeds are used according to the grantor’s intentions, reducing the risk of disputes and unintended outcomes after death.
One practical benefit of an ILIT is providing immediate liquidity to pay estate expenses such as taxes, debts, or final medical costs, without forcing the sale of family assets. Life insurance proceeds placed in trust can be distributed promptly in accordance with trust terms, helping executors and trustees meet obligations while allowing other assets to remain intact. This approach supports orderly estate administration and reduces the pressure on heirs to liquidate property under unfavorable conditions to cover necessary expenses following a death.
An ILIT allows grantors to set precise distribution rules that reflect family priorities and concerns. Trust terms can direct that proceeds be used for education, housing, medical care, or staggered disbursements to protect younger beneficiaries. This tailored control can reduce potential conflicts, protect vulnerable beneficiaries, and ensure funds support long-term goals rather than immediate consumption. The result is a more predictable and managed transition of resources to beneficiaries in keeping with the grantor’s intentions and family circumstances.
When establishing or funding an ILIT, ensure the trust is the named owner and beneficiary of the policy and that beneficiary designations on the insurer’s records match the trust terms. Mismatches between the trust document and the insurance company’s paperwork can create undesired results, including accidental probate or inclusion in the taxable estate. Work closely with the insurer to document transfers correctly, verify policy assignments, and obtain confirmation of ownership changes. Proper paperwork and timely follow-up reduce the risk of administrative errors that could undermine your planning objectives.
Selecting the right trustee is essential because they will manage the policy, receive gifts, pay premiums, and distribute proceeds according to the trust. Trustees should be capable of maintaining records, communicating with beneficiaries, and fulfilling fiduciary duties. Depending on family dynamics and the trust’s complexity, trustees may be individuals, multiple co-trustees, or a trust administration professional. Clear trust instructions and backup trustee appointments can reduce future disputes and help ensure the trust operates smoothly when it is needed most.
People often consider an ILIT when they want to remove life insurance proceeds from their taxable estate, provide structured payments to beneficiaries, or protect proceeds from certain claims. An ILIT can be especially relevant for those with significant life insurance coverage, complex family situations, or specific wishes about how proceeds should be used after death. By placing the policy in trust and setting distribution rules, grantors can create a durable plan that supports long-term family goals, addresses potential creditor concerns, and coordinates with other estate planning documents.
Another common reason to use an ILIT is to ensure liquidity at death so that estate administration can proceed without forcing the sale of valuable assets. This can be particularly important for estate owners with real estate holdings, business interests, or other illiquid assets that require time and care to transfer. An ILIT can supply funds for taxes, debts, and final expenses, easing the burden on heirs. Considering an ILIT as part of a broader planning strategy allows clients to address multiple objectives in a coordinated way.
An ILIT is often considered when individuals own large life insurance policies, have potential estate tax exposure, wish to provide for minor children or beneficiaries with special needs, or want to maintain control over distributions after death. It can also be appropriate when clients seek to protect proceeds from creditor claims or to ensure that proceeds are used for specific family purposes. The trust can be tailored to address unique family dynamics, second marriages, or succession needs for family businesses, making it a flexible tool for many circumstances.
For individuals who hold substantial life insurance coverage and face potential estate tax liability, creating an ILIT can be an effective strategy to reduce estate inclusion of policy proceeds. By transferring ownership to an irrevocable trust and observing timing rules, grantors can often keep proceeds out of their taxable estate, helping preserve wealth for heirs. Proper coordination with overall estate planning documents and attention to premium funding methods ensure the ILIT functions as intended and addresses both tax efficiency and distribution preferences.
When beneficiaries include minors, individuals with disabilities, or people who may be prone to financial mismanagement, an ILIT allows grantors to set conditions and schedules for distributions that reflect the beneficiaries’ best interests. Trust terms can provide for education, medical care, maintenance, or staggered access to funds at certain ages or milestones. This approach helps protect beneficiary well-being over the long term while ensuring that proceeds are used consistent with the grantor’s intentions rather than being spent all at once.
For owners of family businesses or significant real estate holdings, an ILIT can supply liquidity for succession planning, tax obligations, or business continuity needs. Life insurance proceeds in trust can be allocated to buy out heirs, satisfy creditor claims, or provide working capital during transition periods. Coordinating an ILIT with business succession documents and buy-sell agreements helps ensure that family enterprises transfer smoothly and that proceeds support both personal and business-related obligations at the time of an owner’s death.
Our firm serves clients in Merced County with practical, responsive estate planning assistance tailored to local needs. Whether you are considering an ILIT to address estate tax concerns, protect life insurance proceeds, or create a dependable source of liquidity at death, we focus on explaining options, documenting clear trust provisions, and coordinating with insurance carriers and financial advisors. We understand local court processes and beneficiary considerations and help you implement a plan that aligns with your family’s goals and long-term financial security in the Merced community.
Clients choose our office because we provide careful, personalized attention to estate planning matters, including ILITs and related documents such as wills, revocable trusts, powers of attorney, and healthcare directives. We take time to understand family dynamics, financial goals, and the practical implications of various planning strategies. Our goal is to craft durable, understandable documents and to coordinate with insurers and advisors so that the ILIT functions smoothly and accomplishes the client’s objectives without unnecessary complications or surprises.
We emphasize clear communication and proactive administration to reduce the likelihood of disputes and administrative errors. When drafting an ILIT, we address trustee appointment and powers, premium funding strategies, and beneficiary instructions to provide a predictable framework for future distributions. Our approach also includes identifying potential pitfalls, explaining timing and tax implications, and recommending steps to help keep the trust aligned with family priorities. This thorough planning approach supports effective implementation and future administration of the trust.
In addition to drafting trust documents, we assist with the practical steps needed to fund and maintain an ILIT, such as coordinating policy transfers, confirming ownership changes with insurers, and documenting premium contributions. We help trustees understand their duties and ensure records are maintained for tax and administrative purposes. By addressing both the legal and practical aspects of ILIT planning, we aim to reduce uncertainty and help clients achieve reliable outcomes that protect family financial security over time.
Our process begins with a thorough review of your financial picture, existing estate documents, and life insurance policies. We discuss your goals for proceeds, beneficiary needs, and concerns about taxes or creditor protection. Based on that review, we recommend an approach and draft a trust that reflects your priorities. After drafting, we assist with execution and coordinate transfers of policies or the purchase of new policies through the trust. We also provide guidance on premium funding and trustee responsibilities to help ensure the ILIT operates as intended.
The first step involves meeting to discuss your estate planning goals, family situation, and current insurance coverage. During this stage, we collect documents such as existing wills, trust agreements, insurance policies, and financial statements to evaluate how an ILIT fits into your broader plan. We assess whether transferring an existing policy or issuing a new policy through the trust is preferable and identify funding strategies for premium payments. This foundational phase sets the scope and informs the next steps in drafting and implementation.
We carefully review your current estate planning documents and insurance policies to identify inconsistencies, outdated beneficiary designations, or provisions that could conflict with a trust-based plan. This review helps us determine whether existing policies can be transferred into an ILIT or whether a new policy should be purchased by the trust. Clarifying these details early prevents surprises and ensures the trust language and insurer records are aligned for the intended outcome.
Determining how premium payments will be funded is a key focus in the initial phase. We discuss options such as annual gifts to the trust that trustees use to pay premiums, or other funding arrangements consistent with tax rules. Properly documenting gifts and understanding annual exclusion limits helps protect the intended benefits. We also coordinate with financial advisors when necessary to align funding approaches with clients’ broader financial planning objectives.
Once the planning details are established, we draft the trust document with clear trustee powers, beneficiary provisions, and funding mechanisms tailored to the client’s preferences. We assist with signing and notarizing the trust, transferring existing policies to the trust owner when appropriate, and completing insurer forms to update ownership and beneficiary information. Careful execution and timely submission of transfer documents are essential to accomplish the desired estate planning objectives and reduce the risk of unintended estate inclusion.
The drafting stage produces trust documents that detail trustee authority, beneficiary distribution terms, and instructions for premium funding. We ensure the language is clear and aligns with the client’s goals while complying with applicable legal requirements. We may also prepare ancillary documents such as assignment forms, certification of trust, and letters of instruction for trustees and insurers. Clear documentation minimizes ambiguity and supports consistent administration when the trust becomes active.
After the trust is executed, we work with the insurance company to update ownership and beneficiary records, submit assignment paperwork, and confirm the trust’s recognition by the insurer. For new policies, we help ensure the trust is correctly listed as owner at issuance. Proper coordination with carriers prevents administrative errors that could cause proceeds to be paid outside the trust or inadvertently included in the grantor’s estate. Ongoing communication ensures the policy remains in force under the trust’s ownership.
Once the ILIT is established and funded, trustees have ongoing duties such as paying premiums, maintaining records, and executing distributions according to the trust. We provide guidance to trustees about record-keeping, tax filing obligations, and claims procedures when a policy pays out. Our support helps trustees navigate administrative tasks with confidence, ensuring compliance with trust terms and legal requirements. Timely and accurate administration preserves the benefits established through the ILIT and reduces the potential for disputes.
Trustees benefit from clear instructions on maintaining financial records, documenting gifts used to pay premiums, and preserving communications with the insurer. We advise trustees on practical bookkeeping and record retention practices that support fiduciary duties and facilitate any necessary accountings or tax filings. Proper records also strengthen the trust’s legal standing and provide transparency for beneficiaries, helping prevent misunderstandings during administration.
When the insured dies, trustees must file claims with the insurer, collect proceeds, and distribute funds in accordance with the trust terms. We assist trustees through this process by preparing required filings, advising on timely interactions with insurers, and helping interpret trust provisions for distributions. Our goal is to make the transition efficient and consistent with the grantor’s instructions so beneficiaries receive the support intended by the plan without unnecessary delays or disputes.
An Irrevocable Life Insurance Trust is a trust into which the owner of a life insurance policy transfers the policy so the trust becomes the owner and beneficiary. This structure seeks to remove the policy proceeds from the insured’s probate estate and allows for controlled distributions to beneficiaries according to the trust terms. By design, the trust cannot be revoked by the grantor once properly executed, which provides predictability regarding how proceeds will be handled after death and helps align distributions with long-term family objectives. People choose an ILIT for reasons including estate tax planning, providing liquidity to settle estate obligations, and directing how proceeds are used for children, education, or other purposes. The trust can also specify staggered distributions, conditions for payouts, or trustee discretion to address beneficiary needs. While an ILIT offers many planning advantages, it requires careful setup, funding strategies for premiums, and coordination with insurers to ensure intended outcomes, so thoughtful legal and administrative planning is important.
Yes, transferring an existing life insurance policy into an ILIT is often possible, but the transfer must be executed correctly and timed with awareness of relevant estate inclusion rules. If a policy is transferred shortly before death, certain timing rules may cause the policy proceeds to be included in the grantor’s estate. Proper documentation, insurer forms, and clear assignment of ownership to the trust are necessary to effect the transfer and to help achieve the desired estate planning results while avoiding administrative errors. When transferring a policy, it is important to consider premium funding, the potential need for a substitution of trustee or beneficiary updates, and whether a new policy issued directly to the trust might be preferable. Coordination with financial advisors and the insurance company helps confirm the transfer is recognized and that premium payment arrangements are in place to keep the policy in force. Reviewing the transfer’s tax and administrative implications in advance helps prevent unexpected consequences.
Premium payments for a policy owned by an ILIT are typically provided through gifts to the trust that the trustee then uses to pay premiums. Grantors commonly use annual gift exclusion methods to transfer money to the trust so the trustee can maintain premium payments without incurring gift tax consequences. Trust documents often permit trustees to accept contributions and define procedures for using funds to keep the policy active and in good standing. It is important to document gift transfers and to follow the trust’s procedures for applying funds to premiums. Proper record-keeping demonstrates the intent and supports the tax treatment of contributions. In some cases, other funding arrangements are used if they align with the client’s broader financial situation, so discussing funding options early helps identify the most appropriate approach and avoids lapses in coverage.
Placing a life insurance policy in an ILIT can affect estate tax treatment because properly executed transfers may remove policy proceeds from the grantor’s taxable estate. However, certain rules apply, such as the three-year lookback for transfers, which can cause recent transfers to be included in the estate if the grantor dies within that period. Understanding these timing rules and coordinating the transfer with other estate planning steps is essential to achieve the intended tax benefits. Other tax considerations include documenting gifts used to pay premiums and observing annual exclusion limits when appropriate. Trustees may also have reporting obligations related to trust income and distributions. Consulting with legal and tax advisors during planning helps align the ILIT strategy with current tax law and reduces the risk of unintended tax consequences.
Selecting a trustee for an ILIT involves balancing administrative capability, impartiality, and continuity. Trustees should be comfortable handling responsibilities such as paying premiums, keeping records, communicating with beneficiaries, and filing required documents. Often grantors choose a trusted family member, a professional fiduciary, or a combination of co-trustees to provide continuity and administrative reliability. Backup trustees should also be named to address incapacity or other disruptions. Trust documents should specify trustee powers and duties clearly to reduce uncertainty and potential disputes. Where family dynamics are complex, selecting a neutral third-party trustee or providing clear guidance on trustee decision-making can help maintain harmony and ensure the trust operates as intended. Trustee choice influences administration and how beneficiaries experience the trust’s benefits over time.
When the insured dies, the trustee files a claim with the insurance company and collects the policy proceeds on behalf of the trust. The trust document governs how those funds are distributed or managed, whether through outright payments, staggered distributions, or continued trust management for the benefit of designated beneficiaries. Trustees must follow the trust’s terms and applicable law when making distributions and should maintain records of all actions taken to administer the proceeds appropriately. Timely filing of claims, documentation, and clear communication with beneficiaries help ensure an orderly process. Trustees may also need legal or financial guidance to interpret trust provisions and make distribution decisions consistent with the grantor’s intent. Proper administration helps convert insurance proceeds into the financial support the trust was designed to provide.
An ILIT can provide a level of protection for proceeds from certain creditor claims or marital distribution in some circumstances because the trust owns the policy and governs how proceeds are used after death. This separation of ownership from the insured’s personal assets may reduce the risk that policy proceeds are subject to claims against the estate. Nevertheless, protection is not absolute and depends on the trust terms, timing of transfers, and applicable state law affecting creditor rights and marital property claims. Careful drafting and appropriate timing can enhance the protective features of an ILIT, but clients should understand the legal limits and potential exceptions. Coordination with other asset protection measures and family law considerations is important, especially in situations involving divorce proceedings, business liabilities, or potential future claims. Legal guidance helps align protective goals with enforceable trust provisions.
An ILIT often works in tandem with other estate planning documents such as pour-over wills and revocable living trusts. A pour-over will can direct assets not already titled in a trust to be transferred to a primary estate trust at death, while an ILIT specifically handles life insurance policy ownership and beneficiary directions. Coordinating these documents ensures that life insurance proceeds, liquid assets, and other property are managed according to a unified plan and that distribution instructions do not conflict across instruments. Integration also simplifies administration by establishing clear lines of responsibility and preserving orderly asset transfer. When an ILIT is part of a comprehensive plan, trustees and executors have a clearer framework for dividing responsibilities and implementing the grantor’s intentions without procedural confusion or contradictory directives.
Yes, timing rules can affect whether a transferred policy is included in the grantor’s taxable estate. One important consideration is a rule that can include policies transferred shortly before death within the grantor’s estate for tax purposes. Because of this, transfers should be planned with adequate lead time and in consultation with legal counsel to avoid undesirable inclusion. Proper execution, documentation, and alignment with funding strategies are essential to secure the anticipated tax treatment of the trust-held policy. Other timing-related considerations include the scheduling of premium gifts and the interaction with estate tax exemptions or portability rules. Advance planning and understanding of deadlines, gifting mechanics, and how transfers interact with current law are critical to achieve intended outcomes and avoid unintended estate tax exposure.
To set up an ILIT in Merced, begin by gathering your current estate documents, insurance policies, and a summary of your financial holdings and goals. Schedule a consultation to discuss your objectives, family considerations, and the role an ILIT should play alongside other estate planning documents. During the initial meeting, legal counsel can explain options, evaluate whether transferring an existing policy or purchasing a new policy through the trust is preferable, and recommend funding strategies for premium payments. After agreeing on an approach, the next steps include drafting the trust document, executing it with proper formalities, coordinating transfers with insurance carriers, and documenting premium funding arrangements. Ongoing trustee guidance and periodic reviews help keep the plan current with life changes, tax law developments, and family needs. Early planning and consistent administration help ensure the ILIT operates smoothly when it is needed most.
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