An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of a thoughtful estate plan for individuals in University Town Center who want to protect life insurance proceeds from estate tax exposure and to control how benefits are distributed after death. This page explains when an ILIT may be appropriate, how it works, and what steps are involved in creating and funding this type of trust. Our goal is to provide clear, practical information so you can make informed decisions about whether an ILIT fits within your overall estate planning priorities and family needs.
Choosing to create an ILIT is often driven by concerns about tax planning, asset protection, creditor considerations, and leaving a structured legacy to beneficiaries. This section introduces key concepts including trust funding, trustee duties, gift tax implications, and the role of life insurance policies held by the trust. You will also find an overview of common variations, such as Crummey withdrawal powers and life insurance ownership transfers. The information here is intended to empower you to ask the right questions during an initial consultation and to understand the practical effects of an ILIT.
An ILIT matters because it provides a way to remove life insurance proceeds from an estate while allowing a grantor to control how and when beneficiaries receive the money. This can reduce potential estate tax exposure, offer creditor protection for proceeds, and ensure that funds are managed according to specific directions rather than passing outright to beneficiaries who may be inexperienced or vulnerable. For families with blended estates, business interests, or significant life insurance policies, an ILIT creates a predictable structure for distribution and can be tailored to provide for minors, loved ones with special needs, or long-term legacy objectives.
The Law Offices of Robert P. Bergman brings practical estate planning services to clients across California, including University Town Center residents seeking carefully drafted Irrevocable Life Insurance Trusts. Our approach is client-centered, focusing on clear communication, individualized planning, and coordination with financial and insurance advisors. We assist with document drafting, trust funding, trustee selection, and ongoing administration guidance. Our goal is to help clients implement durable solutions that reflect their values, protect family wealth, and provide peace of mind about how insurance proceeds will be handled after death.
An ILIT is a trust that owns one or more life insurance policies, and because the trust is irrevocable, the death benefit generally falls outside of the grantor’s estate for estate tax purposes. Creating an ILIT typically involves drafting trust documents, naming a trustee, and transferring ownership of an existing policy or directing the trust to purchase a new policy using gifts from the grantor. The trust terms govern distribution of proceeds to beneficiaries. Proper funding and timing are important to achieve the intended tax and asset protection outcomes, and care must be taken to follow applicable gift tax rules and notice requirements.
Timing and administration matter when using an ILIT. If a policy is transferred to an ILIT within three years of the insured’s death, federal estate tax inclusion rules may still apply, which is why early planning is often advised. The trust must be properly funded and beneficiary designations coordinated so the trust remains the policy owner and beneficiary. Trustees have fiduciary duties to manage policy premium payments, issue required notices for gifts, and distribute proceeds according to trust provisions. These practical tasks are part of ensuring the ILIT achieves the planner’s intended protections and distributions.
An Irrevocable Life Insurance Trust is a trust that, once established and funded, cannot be revoked or altered by the grantor except under limited circumstances provided in the trust instrument or by law. The trust becomes the owner and beneficiary of one or more life insurance policies, and the proceeds from those policies are distributed according to the trust’s terms. This structure separates the insurance proceeds from the grantor’s taxable estate and creates a framework for disciplined distribution, asset management, and creditor protection. Drafting considerations include naming contingent beneficiaries, setting distribution schedules, and addressing trustee powers and duties.
Core elements of an ILIT include the trust document, trustee selection, policy ownership assignment, premium funding mechanisms, beneficiary designations, and administration rules regarding distributions and notices. Initial steps typically involve meeting with counsel to define objectives, drafting the trust instrument to reflect those objectives, transferring ownership of existing policies or directing new policy purchases, and establishing a funding plan for premiums through gifts or other means. Trustees must handle notices related to gifts, manage premium payments, keep clear records, and coordinate with insurance carriers to maintain proper ownership and beneficiary status.
Understanding common terminology helps demystify the ILIT process. Important terms to know include grantor, trustee, beneficiary, Crummey power, gift tax, estate tax inclusion, transfer-for-value rules, and trust funding. Each of these concepts affects how an ILIT operates and how it should be drafted and administered. For example, Crummey powers relate to giving beneficiaries temporary withdrawal rights so premiums can qualify as present interest gifts for annual exclusion. Familiarity with these terms allows you to participate more effectively in planning decisions and to evaluate recommendations from counsel and financial advisors.
The grantor, sometimes called the settlor, is the person who creates the trust and typically provides funds or transfers a life insurance policy into the ILIT. The grantor’s intentions, such as protecting proceeds from estate inclusion and controlling distributions to beneficiaries, shape the trust’s provisions. Because an ILIT is irrevocable, the grantor generally relinquishes direct control over the policy once transferred. The grantor may still provide resources to pay premiums through gifts to the trust, but the trust must be structured so that ownership and beneficiary status are clearly held by the trust rather than the individual grantor.
A Crummey right is a temporary withdrawal power granted to beneficiaries of an ILIT that allows gifts used to pay policy premiums to qualify as present interest gifts for the annual gift tax exclusion. The trust typically gives beneficiaries a limited period during which they can withdraw the gifted amount before it is used for premiums. Practically speaking, trustees must send timely notices to beneficiaries to preserve this treatment, and procedures should be documented to show the option was available. Properly administered Crummey provisions help reduce gift tax exposure while funding the trust for insurance premiums.
The trustee is the person or institution entrusted with managing the ILIT’s assets, including paying insurance premiums, keeping accurate records, sending required notices to beneficiaries, and making distributions according to the trust terms. Trustee selection should be thoughtful, considering reliability, financial acumen, and willingness to serve, because trustees handle ongoing administrative duties and may be called upon to make discretionary decisions. The trust document should clearly define trustee powers, compensation, removal processes, and successor appointment to ensure continuity of administration if circumstances change.
Estate tax inclusion rules determine whether life insurance proceeds are counted toward a decedent’s taxable estate. If the insured owns the policy or retains certain powers at death, proceeds may be included in the estate for tax purposes. Transferring ownership to an ILIT and ensuring the trust is truly irrevocable at death are ways to avoid such inclusion, provided transfers occur outside designated look-back periods and applicable rules are followed. Proper planning and coordination with beneficiary designations and ownership records are essential to achieve the intended estate tax treatment.
An ILIT is one option among many for handling life insurance in an estate plan. Alternatives include keeping a policy in personal ownership with beneficiary designations, using payable-on-death arrangements, or integrating proceeds into revocable trusts or other estate planning vehicles. Each approach has different implications for estate tax exposure, creditor protection, control over distributions, and administrative complexity. Comparing options requires evaluating goals such as tax efficiency, control over timing of distributions, protection from creditors, and cost. A carefully considered plan aligns the choice with financial objectives and family circumstances.
If a life insurance policy has a relatively small death benefit compared with the size of the grantor’s estate, the administrative costs and ongoing obligations of an ILIT may outweigh its potential estate tax advantages. In situations where the proceeds are unlikely to increase estate tax liability or where beneficiaries already have financial stability, leaving the policy in personal ownership with clear beneficiary designations could be a practical choice. Assessing cost, complexity, and the relative value of the policy helps determine whether a simpler arrangement meets client objectives without adding unnecessary trust administration duties.
Some individuals prefer minimal ongoing administration and want to avoid trusteeship duties and gift notice obligations. Where simplicity is a primary goal, or where family dynamics do not demand structured distributions, maintaining straightforward beneficiary designations and a revocable trust for other assets may provide adequate protection and clarity. Clients who do not require sophisticated tax planning or who prioritize ease of management may find that less complex arrangements strike the right balance between control and administrative burden, particularly when the anticipated benefits of an ILIT are limited.
When clients face complex family structures, significant business interests, or sizable estates, integrating an ILIT into a comprehensive plan promotes coordination among documents, beneficiaries, and financial instruments. A holistic approach helps prevent unintended tax consequences, conflicts between beneficiary designations and trust terms, and gaps in funding or administration. Comprehensive planning ensures that the ILIT complements other trusts, wills, powers of attorney, and healthcare directives, and that trustee responsibilities are clearly aligned with broader estate objectives to preserve wealth and provide for long-term family needs.
An ILIT may require ongoing attention to gifting strategies, premium funding, and trustee actions over many years. For grantors who expect changes in health, financial position, or family circumstances, a comprehensive planning process builds flexibility and clarity into the overall estate structure. Professional guidance during drafting and administration helps establish procedures for successor trustees, contingent beneficiaries, and modifications where legally permitted. This long-term perspective reduces the risk of administration errors and helps ensure that the trust operates as intended when benefits become payable.
A comprehensive approach to estate planning that includes an ILIT can deliver multiple practical benefits, such as coordinated beneficiary designations, consistent distribution goals across documents, and clearer administration instructions for trustees. This alignment reduces the likelihood of disputes and provides a single framework for handling life insurance proceeds alongside other estate assets. It can also simplify the grantor’s and trustee’s responsibilities by establishing unified policies for decision-making, investment direction, and distribution timing, all tailored to family needs and financial realities.
In addition to administrative clarity, integrating an ILIT with a broader plan supports tax planning and asset protection objectives more effectively than isolated documents. The trust can be designed to work in harmony with wills, revocable trusts, powers of attorney, and healthcare directives so that each piece supports the others. This reduces the potential for conflicting instructions and helps ensure that beneficiaries receive the protections and distributions intended by the grantor, whether the focus is minimizing taxes, preserving business continuity, or providing for children and other dependents.
Coordinating an ILIT with the rest of an estate plan allows a grantor to align tax mitigation strategies with the timing and manner of benefit distributions. Proper integration can minimize estate tax exposure while ensuring that beneficiaries receive funds in a way that supports long-term financial stability. Drafting choices addressing contingencies, such as premature death of a beneficiary or changes in tax law, add resilience to the plan. Trustees benefit from clear instructions that reduce discretionary conflicts and facilitate smoother administration of policy proceeds when they become payable.
An ILIT integrated with a comprehensive estate plan enhances protection against creditors and claimants while preserving the grantor’s intent for the use of proceeds. Trust provisions can specify sequencing of distributions, conditions for access, and safeguards for beneficiaries who may not be prepared to handle large sums. When paired with other instruments like special needs or spendthrift provisions, an ILIT can serve as a reliable vehicle for delivering lasting financial support according to the grantor’s wishes, providing both structure and flexibility in managing how benefits are used over time.
Starting ILIT planning well before it is needed gives you more options for structuring ownership, funding premium payments, and avoiding potential look-back periods that might pull proceeds back into the taxable estate. Early planning also allows coordination with insurance advisors and financial planners so the trust is funded appropriately and beneficiary designations align with the trust. Timing matters for tax treatment and administrative ease, and involving advisors from multiple disciplines ensures that your ILIT complements a broader financial and estate strategy rather than operating in isolation.
Because ILIT administration can span many years, choosing a trustee who will reliably manage premium payments, communicate with beneficiaries, and maintain accurate records is essential. Consider whether a family member, trusted friend, or professional fiduciary is best suited to the role based on availability, financial literacy, and willingness to serve. Including successor trustee provisions and guidance about compensation and removal reduces the risk of administrative gaps. A thoughtful trustee selection helps ensure the ILIT is managed consistently with the grantor’s intentions and practical needs.
An ILIT is often considered by those seeking to reduce potential estate tax exposure, protect life insurance proceeds from creditors, or exert more control over how death benefits are distributed to heirs. It can be particularly useful where beneficiaries may be young, have special needs, or require protections from creditors or divorcing spouses. An ILIT can also support business succession plans by providing liquidity to buy out interests without causing estate disruption. Ultimately, the decision to use an ILIT reflects a desire to preserve family wealth and to provide for orderly, managed distributions.
Other compelling reasons to consider an ILIT include coordinating insurance proceeds with other estate planning vehicles, minimizing unintended inclusion of policy proceeds in the taxable estate, and establishing protections that survive the grantor’s incapacity or death. When used thoughtfully, an ILIT contributes to a durable legacy plan and reduces the administrative burden on family members after a death. It is an appropriate option for those with significant life insurance holdings, complex family dynamics, or a wish to ensure that proceeds are used in specific ways over time.
Frequent circumstances that make an ILIT worth considering include significant estate values that could trigger estate taxes, life insurance policies intended to provide liquidity for estate settlement or business continuation, blended families where distribution control matters, and concerns about beneficiary creditor exposure. Other scenarios include providing for minor children or family members with special needs where structured distributions are preferred, or when owners of closely held businesses want to protect insurance proceeds used for buy-sell arrangements. Each situation warrants tailored planning to address specific goals and constraints.
When life insurance holdings represent a substantial portion of an individual’s transferable wealth, transferring policies into an ILIT can prevent those proceeds from increasing estate tax liability and provide a clear distribution plan. This approach is often used as part of broader tax mitigation strategies and to ensure that death benefits are preserved for intended beneficiaries without being subject to estate claims. An ILIT can be integrated with other estate planning instruments to balance liquidity needs with long-term wealth preservation for heirs and charitable objectives.
Individuals concerned about creditor claims, future lawsuits, or divorce-related claims may use an ILIT to create a layer of protection for life insurance proceeds so they remain available to beneficiaries rather than to satisfy claims against the grantor’s estate. While no solution offers absolute protection in every scenario, transferring ownership of a policy to an irrevocable trust provides a structured mechanism that can reduce exposure while preserving flexibility in distribution terms. Careful drafting and timing are important to maximize protective benefits.
When beneficiaries include minors, young adults, or individuals who may need long-term financial support, an ILIT allows the grantor to set conditions and schedules for distributions to ensure funds are used responsibly. The trust can provide for staged distributions, education expenses, or support while protecting assets from waste or mismanagement. This controlled approach to distribution helps preserve funds for meaningful use and offers peace of mind that beneficiaries will be cared for according to the grantor’s wishes.
The Law Offices of Robert P. Bergman serves clients in University Town Center and throughout California with thoughtful estate planning that includes Irrevocable Life Insurance Trusts. We assist with drafting trust documents, transferring policy ownership, establishing gifting procedures for premiums, and advising trustees about ongoing administration. Our office focuses on clear explanations of options and hands-on support during setup and funding. Clients receive practical guidance on how an ILIT interacts with other estate planning documents so that benefits are delivered as intended when they become payable.
Clients choose our firm because we provide careful, client-focused estate planning services tailored to each family’s needs. We take the time to understand your objectives, explain available options in plain language, and coordinate with financial and insurance professionals to implement a cohesive plan. Our approach emphasizes clarity, thoroughness, and practical administration guidance so trustees and families have clear directions to follow when premiums must be paid or benefits are distributed. We work to minimize surprises and to align documentation with your intentions.
Our firm assists with every phase of the ILIT process, from initial planning and trust drafting to funding the trust and advising trustees on record-keeping and notices. We help ensure that ownership transfers, beneficiary designations, and gifting strategies are carried out in a way that supports intended tax and distribution outcomes. We also review related documents such as wills, revocable trusts, powers of attorney, and healthcare directives so that the ILIT functions as part of a comprehensive estate plan and not as a standalone instrument.
We recognize that estate planning decisions are personal and often involve sensitive family dynamics. Our firm provides practical guidance to help clients weigh the benefits and obligations of an ILIT, prepares clear and enforceable trust documents, and offers support for trustees during long-term administration. We aim to create durable plans that reflect client values and priorities while addressing legal and procedural requirements, so families have greater confidence that insurance proceeds will be managed and distributed as intended.
Our process begins with a detailed consultation to identify goals, family circumstances, and funding sources for premiums. From there we draft the trust document tailored to the client’s objectives, coordinate transfers of policy ownership or arrange for new policy purchases by the trust, and set up procedures for gifting and trustee notices. We also review beneficiary designations and related estate documents to ensure consistency. Once the ILIT is established, we provide guidance on administration tasks and beneficiary communications to preserve intended tax and distribution outcomes.
The initial meeting focuses on your objectives for life insurance proceeds, family dynamics, and any tax or creditor concerns that might affect planning choices. We gather information about existing policies, estate size, and beneficiaries. This discussion helps determine whether an ILIT is appropriate and what features the trust should include, such as withdrawal powers, distribution timing, and trustee responsibilities. Clear goal-setting at this stage informs drafting decisions and identifies any coordination needed with insurance advisors or financial planners.
Collecting accurate information about current life insurance policies, ownership, beneficiary designations, and estate asset composition is essential. This data allows us to evaluate whether transferring a policy is feasible, whether funding through gifts is required, and how the ILIT will integrate with other estate documents. We also discuss the client’s desired timing for transfers and any potential look-back concerns that could affect estate tax inclusion. A thorough review at the outset reduces the likelihood of errors during the transfer and funding process.
During the initial planning phase we work with you to set clear objectives for the trust, including distribution timing, conditions for access, and intended protections for beneficiaries. Trustee selection is discussed in detail, considering who will be responsible for managing premiums, sending notices, and overseeing distributions. We also explain successor trustee arrangements and record-keeping practices. Aligning trust provisions with your objectives from the start helps ensure the ILIT functions smoothly and reduces the likelihood of disputes or administrative difficulties later.
After objectives are set, we draft the ILIT to reflect the client’s intentions and legal requirements, including trustee powers, distribution provisions, and gifting mechanisms for premium payment. Funding the trust may involve transferring existing policies, establishing procedures for gifts to cover premiums, and coordinating with insurers to update ownership and beneficiary records. Proper documentation and timing are critical to achieving desired tax implications and to ensuring the trust owns and benefits from the policy at the appropriate times.
Transferring an existing policy to the ILIT or arranging for the trust to purchase a new policy requires coordination with the insurance company and careful attention to transfer rules and potential look-back periods. We assist with the necessary paperwork, beneficiary designations, and communications to the insurer so ownership and beneficiary status align with the trust terms. When a transfer occurs, we also consider any tax reporting requirements and help structure premium funding to preserve the intended tax treatment.
A practical funding plan is essential for maintaining life insurance coverage. We help clients establish procedures for making gifts to the trust to pay premiums and for issuing any required Crummey notices to beneficiaries. Documentation of each gift and notice is kept to preserve desired tax treatment and to provide transparency for trustees and beneficiaries. Clear agreements about who will make ongoing contributions and how notices will be sent reduce the risk of missed premiums and unintended policy lapse.
Once the ILIT is funded, trustees take on responsibilities including paying premiums, maintaining records, sending beneficiary notices, and managing distributions when proceeds are payable. Our firm provides trustees with guidance on record-keeping practices, communication templates, and administrative timelines to help maintain compliance with gift tax and trust administration requirements. Regular reviews are recommended to confirm the trust continues to meet the grantor’s objectives and to address any changes in family circumstances or tax law that may impact the trust.
Trustees should maintain detailed records of gifts, premium payments, notices sent to beneficiaries, and communications with insurance carriers. These records support tax reporting and demonstrate that administration followed the trust terms. Regular communication with beneficiaries and coordination with accountants or financial advisors as needed help prevent misunderstandings and ensure transparency. Clear administrative practices reduce the likelihood of disputes and help trustees carry out their duties with confidence when premiums are due or claims arise.
When life insurance proceeds are paid to the ILIT, the trustee follows the trust’s distribution provisions, pays any necessary taxes or debts, and manages transfers to beneficiaries. This may include creating subaccounts, establishing staggered distributions, or making distributions for specific purposes like education or healthcare. Trustees should also review whether any final tax filings are required and prepare documentation to close the trust’s administrative chapter when distributions are complete. Clear, documented action at this stage ensures the grantor’s intentions are fulfilled efficiently.
An Irrevocable Life Insurance Trust is a trust that owns life insurance policies and is structured so that proceeds are held by the trust and distributed according to the grantor’s directions. The trust is typically irrevocable, meaning the grantor gives up direct ownership and control over the policy once it is transferred. An ILIT is commonly used to keep policy proceeds out of the taxable estate, provide creditor protections, and give the grantor greater control over how benefits are paid to beneficiaries. Individuals with significant life insurance holdings, complex family dynamics, or estate tax concerns may consider an ILIT as part of a broader estate planning strategy. It is also useful when beneficiaries would benefit from managed distributions rather than outright inheritance. The decision to create an ILIT should be based on your financial picture and objectives, and proper timing and administration are key to achieving the intended results.
Transferring a life insurance policy to an ILIT can remove the death benefit from the grantor’s taxable estate if the transfer is completed outside applicable look-back periods and the trust is properly structured. Policies owned by the trust and not subject to retained powers by the grantor are generally not included in the taxable estate. This can reduce estate tax liability for estates that otherwise might exceed exclusion thresholds, thereby preserving more of the proceeds for beneficiaries. Careful attention to timing, such as avoiding transfers close to the insured’s death, and to the trust language that limits retained powers is essential. Coordination with tax and insurance advisors helps ensure that transfers achieve the desired tax outcome and that any gift tax consequences are addressed through proper documentation and annual exclusion strategies.
Crummey powers are temporary withdrawal rights given to beneficiaries of an ILIT that allow gifts used to pay insurance premiums to qualify as present interest gifts eligible for the annual gift tax exclusion. The trust grants beneficiaries a limited period during which they may withdraw the gifted amount, and trustees must provide timely notice of that withdrawal right for the gift to be treated as a present interest. Issuing Crummey notices and documenting beneficiary responses are practical steps trustees take to preserve favorable gift tax treatment. While withdrawal rights are rarely exercised in practice, the existence of the right is what permits the gift tax exclusion. Trustees should follow consistent procedures to maintain compliance and to provide transparent records.
An ILIT may be funded either by transferring an existing life insurance policy into the trust or by arranging for the trust to purchase a new policy. Transferring ownership of an existing policy requires coordination with the insurance company and consideration of any policy clauses, cash value implications, and potential look-back periods that might affect estate inclusion. Purchasing a new policy through the trust requires underwriting and a plan for funding premium payments through gifts to the trust. Whether an existing policy or a new purchase is preferable depends on factors such as the policy’s cash value, premium amounts, underwriting status of the insured, and timing. We can review your existing policies and recommend the approach that best aligns with your objectives while attending to practical administration and tax implications.
A trustee of an ILIT has responsibilities that typically include making or overseeing premium payments, maintaining accurate records of gifts and notices, sending required beneficiary notices, interacting with the insurance company about ownership and beneficiary designations, and making distributions according to the trust’s terms upon receipt of proceeds. Trustees must act in accordance with the trust document and applicable law, and they should document all administrative actions to provide transparency and support tax reporting. Trustees also handle communications with beneficiaries and may need to manage investments or subaccounts within the trust if proceeds are paid and later distributed. Because trusteeship can be long-term and administrative in nature, selecting someone who is willing and able to fulfill these duties and setting clear guidance in the trust document reduces the likelihood of disputes or administrative lapses.
Once a policy is transferred to an ILIT and the trust is the policy owner and beneficiary, changes to beneficiaries and ownership generally must be made through the trust’s provisions and trustee actions. The grantor typically does not retain unilateral power to change these elements, which is part of what preserves the trust’s intended estate tax treatment. If changes are needed, they must be made in accordance with the trust document and by the trustee if authorized to do so. It is important to coordinate beneficiary designations with the trust terms to prevent conflicts. Periodic review of beneficiary designations and the trust instrument ensures they remain aligned with current wishes, and any desired changes should be discussed with counsel to confirm they are possible without jeopardizing intended tax or protection outcomes.
Premium payments to an ILIT are commonly handled through gifts from the grantor to the trust that the trustee then uses to pay the insurer. To qualify for the annual gift tax exclusion, these gifts are often structured with Crummey withdrawal rights so they are treated as present interest gifts. Trustees should document each gift, send notices when required, and keep records showing how funds were used to maintain coverage and achieve intended tax treatment. Establishing a regular funding plan helps ensure premiums are paid on time and coverage remains in force. When gifts for multiple years are planned, documenting the intent and maintaining consistent procedures reduces administrative uncertainty and helps trustees meet their obligations without interruption to the policy.
An ILIT can provide protection against creditors for life insurance proceeds held by the trust, depending on the timing of transfers, trust language, and applicable state law. Because the trust owns the policy and directs how proceeds are distributed, the assets may be shielded from claims against the grantor’s estate or from creditors of beneficiaries, subject to legal limits and timing considerations. Proper planning and adherence to rules regarding transfers and retained powers improve the likelihood that proceeds will be protected as intended. However, no arrangement guarantees absolute protection in every circumstance, and outcomes may vary based on laws, potential fraudulent transfer claims, or specific creditor actions. It is important to structure the trust and timing of transfers with informed legal guidance so that protective objectives are pursued appropriately while remaining compliant with legal requirements.
If the insured dies shortly after transferring a policy to an ILIT, estate tax inclusion rules may apply depending on timing and the specifics of the transfer. Federal rules include certain look-back provisions that can cause the policy proceeds to be included in the grantor’s taxable estate if transfer occurred within a specified period prior to death. Because of this, timing is a key planning consideration and transferring ownership well in advance of an anticipated death reduces the risk of unintended estate inclusion. When transfers occur close to the time of death, careful review is needed to understand potential tax consequences and whether any alternative strategies are available. Early planning and coordination with counsel and insurance carriers help mitigate these timing risks and support more predictable estate outcomes.
To begin setting up an ILIT with the Law Offices of Robert P. Bergman, contact our office to schedule a consultation where we will discuss your objectives, review existing policies and estate documents, and outline recommended steps for drafting and funding a trust. During this initial conversation we gather information about your family, financial situation, and desired outcomes so that the trust can be tailored to your needs. We also coordinate with insurance and financial advisors as necessary to create a cohesive plan. After the consultation we prepare a draft trust document for your review and assist with policy transfers or purchases and with establishing premium funding procedures. We provide guidance to trustees on required notices and record-keeping and remain available for ongoing administration questions. Our goal is to provide practical, clearly explained support throughout the process so your ILIT functions as intended.
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