An Irrevocable Life Insurance Trust (ILIT) can be a vital component of a thoughtful estate plan for California residents who wish to manage life insurance proceeds and protect legacy intentions. At the Law Offices of Robert P. Bergman we help clients in Chualar and Monterey County understand how an ILIT operates, how it can remove life insurance policy proceeds from a taxable estate, and how trust structure affects distribution to beneficiaries. This introduction outlines the basics of ILITs, the benefits many clients pursue, and the ways our firm supports each step of the planning and funding process locally.
Choosing to create an ILIT involves purposeful decisions about ownership, trustee selection, funding mechanics, and beneficiary design. This guide walks through common situations that make an ILIT appropriate, contrasts limited versus comprehensive approaches to life insurance planning, and explains how ongoing administration and trust provisions influence results. We will also cover how an ILIT fits with other estate planning documents such as pour-over wills, powers of attorney, and health care directives so you have a cohesive plan aligned with family and financial goals in California.
An Irrevocable Life Insurance Trust can help manage how life insurance proceeds are collected, preserved, and distributed after death, and often provides advantages related to estate tax exposure and creditor protection when properly structured. Beyond tax considerations, an ILIT allows a grantor to designate specific terms for distributions, appoint trustees to oversee payments, and set conditions that reflect family needs and long-term goals. For many clients in Monterey County, an ILIT coordinates with other planning tools to reduce administrative friction, protect assets for beneficiaries, and provide a clear framework for trustees to follow when administering proceeds.
The Law Offices of Robert P. Bergman provide estate planning services to individuals and families across Monterey County, including Chualar. Our practice focuses on crafting clear, practical trust arrangements such as ILITs alongside wills, powers of attorney, and health care directives. We emphasize communication, careful document drafting, and straightforward administration planning so clients understand how the trust will operate in real life. If you call 408-528-2827 we can discuss whether an ILIT aligns with your goals and describe the process for creating, funding, and maintaining that trust in California.
An Irrevocable Life Insurance Trust is a legal vehicle designed to hold a life insurance policy outside of a grantor’s probate estate once the policy is transferred or the trust acquires the policy. The grantor typically gives up ownership and control in order to create specific tax and asset protection results. Trustees manage premium payments and trust distributions according to the trust terms. Understanding the distinctions between owning a policy personally and placing it into an ILIT is essential, because those distinctions affect estate inclusion rules, gift tax considerations, and the practical steps for funding the trust so it can cover insurance premiums over time.
When evaluating an ILIT, clients should consider trustee selection, gift tax filing requirements, and timing rules that may affect whether proceeds are included in the grantor’s estate. The trust language should clearly identify beneficiaries, define distribution triggers, and authorize trustees to receive policy proceeds and pay expenses. An ILIT often works in concert with other documents like a pour-over will and powers of attorney so that overall estate planning objectives are met. Thorough planning helps ensure the trust operates as intended while minimizing unforeseen administrative or tax complications.
An ILIT is a trust into which a life insurance policy is owned or a trust that purchases a policy for the grantor’s benefit of designated beneficiaries. Once created and funded, the trust holds the policy, the trustee manages premium payments, and beneficiaries receive proceeds under the trust terms after the insured’s death. Key issues include whether the transfer is completed outside of a three-year lookback window for estate inclusion and how gift tax returns are handled for premium contributions. Clear drafting and proper funding directions help the ILIT deliver the intended estate and beneficiary outcomes.
Creating an effective ILIT involves several coordinated steps: selecting a trustee and beneficiaries, drafting trust terms that reflect distribution objectives, arranging for ownership transfer or purchase of the life insurance policy by the trust, and establishing a funding mechanism for premiums. Trustees need authority to manage proceeds, pay premiums or premiums funds, and make distributions. The client should also coordinate beneficiary designations on other accounts to avoid conflicts. Proper documentation and timely filings ensure the trust accomplishes its intended estate planning and asset management goals for the grantor and beneficiaries.
Understanding certain terms helps when planning an ILIT. This glossary explains commonly used words in trust documents and administrative discussions so grantors and trustees can communicate clearly. Terms covered include trust grantor, trustee duties, beneficiary definitions, and funding mechanics. Becoming familiar with these words eases coordination with financial institutions and helps to avoid ambiguity that can complicate trust funding or administration. Clear definitions in the trust also reduce the chance of disputes and help trustees carry out the grantor’s intent effectively.
An Irrevocable Life Insurance Trust is a trust designed to own life insurance policies or to receive life insurance proceeds for the benefit of named beneficiaries. The grantor relinquishes ownership rights over the policy to the trust, which removes policy proceeds from the grantor’s taxable estate if properly structured and timed. The trustee manages the policy, handles premium payments funded by gifts to the trust, and distributes proceeds according to the trust terms. Clear drafting is important to ensure the trust meets legal and tax objectives while reflecting the grantor’s distribution wishes.
The grantor is the person who creates the ILIT and transfers either a policy or funds to the trust to accomplish intended estate planning objectives. By transferring ownership of a policy into an ILIT, the grantor gives up rights to control the policy, and those actions can have tax and administrative consequences. The grantor typically makes gifts to the trust to enable premium payments and should plan for the timing and documentation of those gifts to comply with tax rules and to protect the intended removal of proceeds from the taxable estate.
The trustee is the person or institution appointed to manage the ILIT on behalf of the beneficiaries, including handling premium payments, filing any necessary tax returns for the trust, collecting policy proceeds, and making distributions under the trust terms. Trustee responsibilities include following the trust document, keeping records, and communicating with beneficiaries and advisors. Choosing an appropriate trustee who will act impartially and follow the grantor’s directions is a key decision when creating an ILIT.
A beneficiary is an individual or entity named in the ILIT to receive benefits from the trust, typically including life insurance proceeds or distributions of principal. Beneficiary labels and distribution conditions should be clearly stated in the trust to avoid ambiguity. Sometimes beneficiaries include family members, trusts for minors or dependents, charities, or other entities. Defining beneficiaries and the terms of distribution in practical language helps trustees carry out the grantor’s intent after the insured’s death without unnecessary delay or dispute.
When considering life insurance in estate planning, clients can choose a limited approach focused solely on transferring or retitling a policy, or a comprehensive ILIT strategy that addresses funding, trustee duties, beneficiary protection, and integration with other planning documents. A limited approach may be simpler and less costly initially, but it can leave gaps in tax planning and administration. A comprehensive ILIT approach typically requires more planning time and careful drafting but tends to produce clearer long-term outcomes for beneficiaries and trustees. Selecting the right level of planning depends on family goals, asset structure, and the degree of control the grantor wishes to relinquish.
A limited approach that simply changes the ownership of a life insurance policy or updates beneficiary designations may be sufficient for a household with straightforward needs and limited estate tax exposure. In such cases, the primary goal is to ensure proceeds pass to the intended person quickly without probate delays. However, even simple transfers require attention to timing, potential gift tax issues, and unintended consequences, so careful documentation and coordination with other estate planning documents remain important to avoid confusing beneficiary outcomes down the road.
Families with uncomplicated financial situations and clear beneficiary relationships often find a limited solution adequate, particularly when life insurance proceeds will be paid to a spouse or adult children without complicated trusts. In those circumstances, updating the policy ownership and beneficiary forms, and confirming that beneficiary designations align with wills or trusts, can accomplish the client’s aims with minimal legal work. Even so, it is wise to review the long-term implications of ownership changes to ensure they do not unintentionally expose proceeds to creditors or create tax issues.
A comprehensive ILIT is often needed when clients want to reduce inclusion of life insurance proceeds in their taxable estate or to provide some measure of protection from certain creditor claims after death. By moving policy ownership to the trust and coordinating gifts to fund premiums, the grantor can achieve clearer estate planning results and leave specific instructions for how proceeds should be used. Detailed drafting and ongoing administration planning help ensure the ILIT operates consistently with the grantor’s wishes while addressing tax and creditor matters within California law.
When beneficiaries include minors, dependents with special needs, blended family members, or when there are particular conditions for distributions, a comprehensive ILIT can provide tailored distribution schedules and trustee powers to manage proceeds appropriately. The trust can set terms that account for education, health, or other long-term needs while reducing potential conflicts. Proper coordination with other estate planning documents ensures that the ILIT works seamlessly with wills, powers of attorney, and healthcare directives to realize the grantor’s broader family and financial goals.
A comprehensive ILIT approach provides clarity about who receives benefits, when distributions are permitted, and how trustees should manage and invest proceeds. It reduces administrative uncertainty for trustees, helps avoid disputes among beneficiaries by setting clear rules, and aligns life insurance planning with broader estate goals. Comprehensive planning also addresses funding mechanics and gift tax reporting so that premium payments will be sustained over time, offering a reliable framework for carrying out the grantor’s wishes while reducing the risk of unintended tax or legal consequences.
By building an ILIT into a coordinated estate plan, clients preserve the ability to specify protections for beneficiaries who may be vulnerable to creditor claims or who require oversight for financial decision making. A well-crafted ILIT can also complement other trust arrangements and reduce probate concerns by ensuring that life insurance proceeds flow through the trust rather than passing directly through probate. For trustees and family members, this structure often simplifies administration and promotes predictable, orderly distributions aligned with long-term objectives.
A comprehensive ILIT allows the grantor to set specific distribution standards and timing that reflect family needs and financial goals, such as phased distributions for younger beneficiaries or provisions for education and healthcare expenses. Trustees follow the trust terms when making decisions, which reduces ambiguity and risk of conflict among heirs. This level of control also supports longer-term planning, enabling proceeds to be managed prudently and used in ways that align with the grantor’s intentions rather than being immediately disbursed without oversight.
When properly structured and timed, an ILIT can reduce the likelihood that life insurance proceeds will be counted as part of a grantor’s taxable estate, supporting clearer estate tax outcomes. Additionally, the trust sets out trustee authorities and administrative procedures that guide how proceeds are received and managed, reducing post-death uncertainty. The combination of tax planning and administrative clarity makes a comprehensive ILIT appealing for clients seeking predictable outcomes and minimized administrative burdens for their loved ones.
Selecting a trustee who will follow the trust terms and communicate effectively with beneficiaries is one of the most important practical decisions when creating an ILIT. The trustee should be comfortable managing premium payments, maintaining records, and coordinating with financial institutions and advisors. Many clients select a trusted family member, a bank trust department, or a professional fiduciary depending on complexity and family dynamics. Whichever route you choose, define trustee powers and succession provisions in the trust so administration continues smoothly if a trustee becomes unable to serve.
To avoid conflicts and unexpected outcomes, coordinate the ILIT with other estate planning documents such as a pour-over will, power of attorney, and advance health care directive. Confirm that beneficiary designations on retirement accounts and life insurance policies do not unintentionally override trust intentions. Clear coordination ensures that assets are distributed according to the broader estate plan and reduces the risk of contested outcomes. Regular reviews of the entire plan help maintain alignment with life changes like marriage, divorce, births, or significant changes in finances.
Individuals and families consider an ILIT for several reasons, including the desire to control how life insurance proceeds are used and to align distributions with long-term family needs. An ILIT may help preserve assets for heirs, ensure funds are available for specific purposes like education or long-term care, and reduce administrative friction after a death. In households with significant life insurance proceeds, a trust structure can create a smoother process for trustees to follow, protecting the grantor’s intent while offering beneficiaries clarity about how and when distributions will occur.
Other common motives include minimizing potential estate inclusion of policy proceeds for tax planning purposes and protecting proceeds from certain creditor claims after the insured’s death. An ILIT can also help families manage complex situations such as blended families, minors who require trusteeship, or beneficiaries who need oversight. By setting clear terms for distributions and trustee responsibilities, an ILIT supports orderly administration and reduces the likelihood of disputes or misuse of proceeds, making it an attractive option for many planning scenarios in Monterey County.
Typical circumstances that prompt clients to establish an ILIT include owning substantial life insurance policies, concerns about estate tax exposure, protecting proceeds from certain creditor claims, and providing for beneficiaries who may need oversight or staged distributions. An ILIT is also common when clients want to ensure that proceeds are preserved for future generations or used specifically for education, healthcare, or to support dependents. Discussing family dynamics and financial goals early helps determine whether an ILIT will meet those objectives effectively.
When a grantor owns large life insurance policies, an ILIT can be a tool to manage how those proceeds are treated for estate purposes and how they are distributed to beneficiaries. Properly designed ILITs can help clarify ownership, funding, and distribution and reduce administrative burdens after a death. The decision to use an ILIT should take into account the timing of transfers, gift tax rules, and the need to establish a funding regimen that ensures premiums will be paid without placing undue strain on family finances.
Families that want to protect beneficiaries from creditors or to stagger distributions over time often find an ILIT helpful. The trust can impose conditions or schedules for distribution, provide safeguards for minors or vulnerable adults, and guide trustees in managing funds responsibly. These provisions help maintain financial stability and reduce the risk that proceeds will be misused immediately upon receipt, providing trustees with authority to act in beneficiaries’ long-term interest according to the grantor’s written directions.
Blended families, second marriages, or complicated beneficiary situations can complicate direct beneficiary designations on life insurance. An ILIT allows the grantor to set detailed instructions for how proceeds should be divided and used, and to coordinate those instructions with other trust arrangements and wills. When estate coordination is needed to avoid conflicts and ensure fair treatment across family branches, an ILIT can provide structure and predictability that simple beneficiary designations alone may not achieve.
At the Law Offices of Robert P. Bergman we offer focused assistance to residents of Chualar and Monterey County who are considering or implementing an ILIT as part of their estate plan. From explaining transfer mechanics and tax implications to drafting trust provisions and advising on funding strategies, our role is to provide practical legal guidance tailored to your family’s circumstances. Reach out by phone at 408-528-2827 to schedule a consultation where we can review your current policies, estate documents, and goals to determine the best path forward.
We focus on clear communication and careful document drafting to help clients in Chualar and surrounding areas create ILITs that reflect their goals. Our approach emphasizes practical solutions for trustee duties, funding strategies, and beneficiary protections so the trust performs as intended. We take time to explain relevant timing and filing requirements and to coordinate the ILIT with wills, powers of attorney, and health care directives so the overall estate plan is cohesive and easy to follow by trustees and family members.
When you work with our firm we review existing life insurance policies, assess how ownership changes or transfers would affect estate inclusion, and help design a funding plan to maintain premium payments. We assist with drafting clear trust language to avoid ambiguity and provide direction for trustee decision-making and recordkeeping practices. Our goal is to reduce administrative burdens for loved ones and to provide a trust structure that aligns with your long-term objectives and family considerations in California.
We also guide clients on practical matters such as coordinating beneficiary designations, preparing necessary gift tax documentation where appropriate, and advising on trustee selection and successor provisions. For clients concerned about protecting proceeds for minors, dependents, or charitable goals, we help develop distribution schedules and trust provisions that address those needs. To discuss whether an ILIT is appropriate for your situation, call 408-528-2827 and we will set up an appointment to review your options and next steps.
Our process begins with a thorough review of existing policies and estate documents, followed by a discussion of goals and family considerations to determine if an ILIT is appropriate. We then draft a trust tailored to those goals, coordinate transfer or acquisition of the policy, and set up a funding plan for premiums. Throughout, we provide guidance on trustee duties, recordkeeping, and any necessary filings. This stepwise, communicative approach seeks to minimize surprises and deliver a trust that functions smoothly for beneficiaries when needed.
The first step involves collecting information about existing life insurance policies, beneficiary designations, other estate planning documents, and the client’s goals for proceeds. We assess whether an ILIT would achieve the desired outcomes and review timing issues that could affect estate inclusion. This planning phase includes discussing trustee options, funding mechanisms for premiums, and any special distribution conditions the client prefers, so the subsequent drafting and transfer steps proceed with a clear plan and accurate documentation.
We examine current policy ownership, beneficiary designations, and related estate documents to identify conflicts or gaps that could affect the ILIT’s function. Understanding those elements early helps avoid unintended outcomes and ensures the trust terms align with existing accounts and beneficiary forms. This review also identifies any timing concerns, such as lookback periods and gift tax implications, that influence the optimal transfer strategy and the design of funding mechanisms to support premium payments reliably.
During this part of the process we discuss the client’s goals for the proceeds, family dynamics, and trustee preferences. Clear goal setting helps determine whether provisions such as staggered distributions, educational trusts, or spendthrift protections should be included. We also review trustee roles, powers, and potential successor trustees so the trust has a practical administration plan. This conversation ensures the trust document reflects not only tax and legal considerations but also the client’s personal priorities.
After planning, we draft the ILIT to reflect the decisions made about ownership, trustee powers, beneficiary distributions, and funding arrangements. The trust language is written to be clear and practical so trustees can administer proceeds without ambiguity. We also prepare any necessary transfer documents, premium funding instructions, and guidance on maintaining records. If gift tax filings or Crummey notices are required, we explain the mechanics and timing, and assist with the documentation needed to support the funding strategy.
Trust provisions outline who will receive proceeds, under what conditions, and how trustees should handle payments, investments, and distributions. Drafting focuses on operational clarity to reduce disputes and administrative confusion. The document will also include trustee succession, recordkeeping requirements, and provisions to address unforeseen circumstances. A well-drafted trust supports efficient administration and aligns with the grantor’s intentions for preservation and distribution of proceeds over time.
This part of the process coordinates how premiums will be paid to keep the policy in force, whether through annual gifts, regular transfers, or trust-owned policy acquisition. We assist with preparing any gift documentation and advise on timing to reduce the risk of including proceeds in the estate. Coordination with insurance carriers is handled to ensure proper ownership designation and beneficiary listing, and clients receive clear instructions for maintaining funding documentation and records for future administration.
Once the ILIT is in place, trustees must manage premium funding, maintain records, and follow trust distribution directions. We provide guidance for trustees about recordkeeping, communication with beneficiaries, and practical steps to maintain the policy. Periodic reviews are recommended to confirm the ILIT continues to meet family needs and that funding arrangements remain sustainable. When circumstances change, amendments to related estate documents may be suggested to preserve consistency across the estate plan.
Trustees should keep detailed records of premium payments, gifts to the trust, communications with beneficiaries, and policy documentation. Good recordkeeping helps when it is time to collect proceeds and makes gift tax reporting clear. Trustees should also communicate with beneficiaries about the trust’s purpose and distribution expectations as appropriate. We provide templates and guidance to ease this administrative burden and to make sure there is a clear paper trail for future fiduciary actions.
Family circumstances and financial situations change over time, so reviewing the ILIT and related estate documents periodically is important. During reviews we confirm that funding arrangements remain appropriate, beneficiary designations align, and that any changes in law do not undermine the trust’s goals. Coordination updates to wills, powers of attorney, and health care directives ensure the entire estate plan remains effective and integrated with the ILIT structure.
An Irrevocable Life Insurance Trust is a trust instrument created to hold a life insurance policy or to receive proceeds from a policy upon the insured’s death. Once the grantor transfers ownership of a policy to the trust or the trust purchases the policy, the trust becomes the owner of the policy and the trustee is responsible for managing it. The trust terms dictate who the beneficiaries are, how proceeds will be distributed, and the powers the trustee has to manage proceeds. This structure helps ensure that proceeds are handled according to the grantor’s directions. The grantor typically gives up ownership and control when creating an ILIT, which is why careful timing and coordination are important. Funding mechanisms must be in place so that the trust can pay premiums and keep the policy in force. Trustees must follow the trust terms for distributions and recordkeeping. Clear documentation and communication among the grantor, trustee, and beneficiaries help the ILIT function smoothly and provide the intended legacy protection once the insured has passed away.
Transferring a life insurance policy to an ILIT can remove the policy proceeds from a grantor’s taxable estate if the transfer is done outside applicable lookback periods and the grantor no longer retains incidents of ownership. This means that, when properly structured and timed, death benefits received by the trust are not included in the grantor’s estate for estate tax purposes. Tax rules can be complex, and attention to timing, ownership, and trust provisions is necessary to achieve the intended tax result. Because the details can significantly affect outcomes, planning includes evaluating any potential gift tax reporting requirements and ensuring the trust receives appropriate funding to cover premiums. Coordination with tax advisors and careful receipt of documentation for gifts to the trust helps support the desired estate tax treatment. Reviewing income tax and gift tax consequences as part of the overall plan is recommended so the ILIT delivers the intended benefits.
Funding an ILIT so premiums are paid consistently typically involves making gifts to the trust, authorizing the trustee to use those funds to pay insurance premiums, or arranging for the trust to purchase the policy initially. Many ILITs include Crummey withdrawal powers or annual gifting strategies that allow the grantor to make the necessary transfers in a way that qualifies for annual gift tax exclusions. Documentation of these transfers and any required notices is important to support the chosen funding strategy. Another common approach is to set up regular transfers or to fund the trust with assets that produce income dedicated to premium payments. Whichever funding mechanism is chosen, it should be sustainable based on the grantor’s finances and clearly reflected in the trust language so trustees understand how to manage premium obligations and maintain the policy over time.
Yes, minors and dependents can be named as beneficiaries of an ILIT, and the trust can include provisions to manage distributions for their benefit. Because minors generally cannot directly receive large sums without a guardian or conservator, the ILIT can instruct the trustee to make distributions for education, healthcare, and support, or to hold funds until beneficiaries reach specified ages. The trust can also provide spendthrift protections to guard against creditors or poor decision-making by beneficiaries. Drafting detailed distribution terms and appointing a trustee capable of prudent management are essential when beneficiaries are minors or dependents. The trust should clearly define permissible uses of trust assets and any conditions or milestones for distributions so trustees can act in the beneficiaries’ best interests while following the grantor’s intentions.
A trustee of an ILIT is responsible for managing the life insurance policy if the trust owns it, paying premiums from trust assets, maintaining accurate records of gifts and payments, and distributing proceeds according to the trust terms after the insured’s death. Trustees must follow the trust’s instructions, keep beneficiaries informed as appropriate, and act prudently in managing trust assets. They also handle necessary communications with insurers and financial institutions to ensure the policy remains effective. Trustees may need to prepare and retain documentation for potential tax filings and to support funding transfers. If a trustee is unfamiliar with these duties, the trust can provide procedures and guidance to help administration go smoothly. Selecting a trustee who will carry out these responsibilities reliably and transparently is an important component of successful trust administration.
The timeline to set up and fund an ILIT varies with complexity, but many straightforward trusts can be drafted and executed in a few weeks, while more complex arrangements or transfers requiring coordination with insurance carriers may take longer. Timing considerations include the need to avoid certain lookback periods if the grantor intends to remove proceeds from the taxable estate, and any insurer procedures for changing ownership of policies. Efficient planning and prompt coordination with advisors and the insurer help shorten the timeline. Funding the trust and establishing a reliable premium payment plan can add time to the process, particularly if gift tax planning or documentation is required. Once the trust is funded and the ownership properly transferred or the policy is purchased by the trust, the trustee should begin administering premiums and recording transactions to keep the policy in force and preserve the trust’s intended benefits.
An ILIT is generally irrevocable, meaning the grantor surrenders control and cannot unilaterally revoke the trust or reclaim ownership of the policy once the transfer is complete. Because of this permanence, careful drafting and consideration of the trust terms are essential before creation. In limited circumstances where trusts allow for certain administrative changes or have built-in flexibility, trustees or designated parties may be able to take particular actions within the authority granted by the trust document. If circumstances change materially after the ILIT is created, alternatives such as creating new planning arrangements or using other estate tools may be discussed. Because the trust is intended to be long-lasting and binding, understanding the implications before establishment and coordinating with other parts of the estate plan helps ensure the arrangement remains aligned with evolving needs.
An ILIT should be coordinated with related estate planning documents such as a pour-over will, powers of attorney, and advance health care directives so that all parts of the plan work together. For example, beneficiary designations on retirement accounts and other life insurance policies should be reviewed to avoid conflicts with the ILIT’s goals. A pour-over will can help capture assets not specifically transferred to trusts and keep the overall plan cohesive for probate and post-death administration. Regular reviews of the entire estate plan are recommended to maintain alignment among documents as family circumstances and finances change. Coordination helps prevent unintended results and ensures that the ILIT is implemented as part of a broader strategy rather than in isolation, which supports smoother administration and clearer execution of the grantor’s wishes.
Costs associated with creating and administering an ILIT vary depending on the complexity of the trust, whether the trust purchases a policy, and the choices made for trustee roles. Upfront costs typically include drafting the trust, coordinating transfers with insurers, and potentially preparing gift tax documentation. Ongoing costs may include trustee fees, policy premium payments, and administrative expenses. For many families, the benefits of a structured trust and reduced probate complications justify these expenditures. Choosing an appropriate trustee can influence costs; family members may serve without fees, while institutional or professional trustees will charge for ongoing administration. During the planning conversation we outline anticipated costs and help design a funding and trustee approach that balances economy and reliable administration to meet the grantor’s goals and the family’s needs.
For an initial consultation about an ILIT, bring information about existing life insurance policies, current beneficiary designations, recent estate planning documents such as wills and trusts, and financial statements that reflect premium obligations and funding capacity. Having policy numbers, carrier contact information, and any existing trust documents available accelerates the assessment and helps identify potential coordination issues. Also be prepared to discuss family dynamics and long-term goals for proceeds to inform trustee and distribution planning. During the meeting we will review these materials, discuss timing and funding options, and explain the process for drafting and implementing an ILIT. If you have questions about potential tax consequences or insurance procedures, bringing notes from financial advisors or tax preparers can help ensure a comprehensive planning discussion that addresses all relevant considerations for a successful ILIT.
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