An irrevocable life insurance trust (ILIT) can be a powerful component of an estate plan for families in Good Hope and surrounding areas. At the Law Offices of Robert P. Bergman, we help clients understand how an ILIT can remove life insurance proceeds from the insured’s taxable estate, maintain privacy, and provide liquidity to pay estate expenses or equalize inheritances. This overview will explain key features, typical uses, and how an ILIT interacts with other estate planning documents such as wills, revocable trusts, and powers of attorney to help you make informed decisions for your family and beneficiaries.
Choosing the right structure for life insurance in an estate plan requires careful consideration of family dynamics, asset composition, and long term tax and Medicaid planning. In Riverside County and across California, an ILIT can protect proceeds from being included in the insured’s estate and control distribution timing to beneficiaries. This guide explains how funding works, trustee responsibilities, gift tax and generation skipping transfer tax considerations, and common drafting choices to help you determine whether an ILIT aligns with your financial and legacy goals here in Good Hope.
An irrevocable life insurance trust provides several practical benefits for estate planning, including removing policy proceeds from estate tax calculations when properly structured, preserving family wealth, and providing guaranteed liquidity for debts, taxes, and final expenses. It also allows you to set conditions for distributions, protect benefits from creditors, and maintain privacy by keeping proceeds out of probate records. For families with blended relatives, business owners, or those seeking to provide ongoing support for beneficiaries, an ILIT offers control and predictability that can be difficult to achieve through beneficiary designations alone.
The Law Offices of Robert P. Bergman provides estate planning services to clients in Good Hope, San Jose, and across California with a focus on clear, practical solutions. Our team works closely with clients to design trusts and complementary documents such as pour-over wills, powers of attorney, advance health care directives, and certifications of trust. We emphasize tailored planning that reflects family goals, asset types, and tax considerations while guiding clients through the administrative details of funding trusts and selecting trustees. Our approach prioritizes communication and thorough documentation to help minimize uncertainty for your family.
An irrevocable life insurance trust is a trust that owns one or more life insurance policies on the insured and is designed so that the policy proceeds are paid to the trust upon the insured’s death. Once properly established and funded, the policy and its death benefit are generally not included in the insured’s taxable estate, which can reduce estate tax exposure for larger estates. The trust document sets out the trustee’s duties, distribution rules, and any contingent provisions, enabling you to specify how proceeds should be managed and distributed to beneficiaries over time.
Creating an ILIT involves several important steps, such as selecting a trustee who will manage premium payments and distributions, transferring an existing policy or arranging for a new policy to be issued to the trust, and structuring gifts to the trust to cover premiums while observing gift tax rules. Timing rules, like the three-year rule for transfers, and interactions with other estate planning tools must be carefully considered. Working with legal counsel helps ensure the trust language and funding methods align with your intentions and applicable tax rules under federal and California law.
An irrevocable life insurance trust is an arrangement where the trust, rather than the individual, owns the life insurance policy. The trust can be structured to receive the proceeds directly, giving the grantor the ability to control how and when beneficiaries receive funds and to protect those proceeds from creditors or probate. Because the grantor gives away ownership and incidents of ownership over the policy, the death benefit may escape inclusion in the grantor’s taxable estate if the transfer complies with timing and other tax requirements. This makes an ILIT a strategic option for those seeking preserved wealth transfer and liquidity.
Establishing an ILIT requires drafting the trust document, selecting a trustee and successor trustees, transferring ownership of a policy or arranging for a new policy to be issued to the trust, and setting up a system for funding premium payments. The trust should include clear distribution provisions, trustee powers, and instructions for handling tax filings and trust administration. Proper coordination with financial advisors and insurance agents ensures premiums are paid without unintended gift tax consequences, and that the trust operates in line with both the grantor’s estate plan and applicable tax regulations.
Understanding common terms used in ILIT planning helps clarify choices and legal effects. Terms like grantor, trustee, beneficiary, incidents of ownership, gift tax, three-year rule, and generation-skipping transfer tax come up frequently. This section defines those terms in plain language and explains how they influence the design and operation of an irrevocable life insurance trust. Familiarity with this vocabulary will make it easier to discuss options with legal and financial advisors and to make informed decisions about structuring life insurance within your estate plan.
The grantor is the person who creates and funds the trust. In the context of an ILIT, the grantor typically transfers ownership of a life insurance policy to the trust or arranges for the trust to be the owner of a new policy. By transferring ownership, the grantor gives up rights to control the policy, which can result in the policy proceeds being excluded from the grantor’s estate for tax purposes, subject to timing rules and other legal requirements. The trust document memorializes the grantor’s intentions for how proceeds should be managed and distributed.
The trustee is the person or entity responsible for managing the trust according to its terms. Duties typically include paying insurance premiums if necessary, handling trust investments, filing required tax returns, and making distributions to beneficiaries as the trust directs. The trustee has fiduciary duties to act in the beneficiaries’ best interests, to follow the trust instrument, and to keep accurate records. Choosing a responsible trustee who understands administrative obligations is a key decision in the successful operation of an ILIT.
Incidents of ownership refer to the rights associated with an insurance policy that, if retained by the insured or transferred improperly, may cause the policy’s proceeds to remain part of the insured’s taxable estate. Examples include the ability to change beneficiaries, borrow against the policy, or surrender the policy for cash. When a grantor transfers ownership of a life insurance policy to an ILIT, the grantor must relinquish incidents of ownership to help ensure the death benefit is not included in the grantor’s estate for tax purposes.
The three-year rule under federal tax law provides that if the grantor transfers ownership of a life insurance policy to someone else and dies within three years of the transfer, the policy proceeds may be included in the insured’s gross estate. This timing rule underscores the importance of planning ahead when using an ILIT to achieve estate tax objectives. Proper planning may include purchasing a policy owned by the trust from the outset or waiting beyond the three-year window after transferring ownership to reduce the risk of inclusion.
When deciding how to hold life insurance within an estate plan, individuals can choose different structures such as owning a policy personally, naming beneficiaries directly, or using a trust like an ILIT to hold the policy. Each option has tradeoffs related to control, probate, creditor protection, estate tax exposure, and administrative requirements. Personal ownership may be simpler but can expose proceeds to estate inclusion. An ILIT adds administration and donor responsibilities but can offer more control and potential tax and probate advantages. Evaluating your goals will guide the best path forward.
For families with modest assets and low risk of federal estate tax liability, maintaining personal ownership of a life insurance policy and designating beneficiaries directly can be an appropriate and cost-effective approach. This arrangement simplifies administration and reduces legal costs while still delivering proceeds directly to beneficiaries outside of probate in many cases. If your estate does not approach thresholds that trigger complex tax planning, a less formal structure can provide liquidity to loved ones without the additional duties associated with a trust.
When beneficiaries are well defined and there is little concern about creditor claims or family disputes, relying on beneficiary designations and a straightforward estate plan may be sufficient. This route allows policy proceeds to pass outside probate directly to named beneficiaries and avoids trust administration. It is especially practical for those who prefer minimal ongoing administration and who do not require distribution controls or protections. Periodic review of beneficiary designations and overall planning documents remains important to ensure they reflect current wishes.
For individuals with larger estates or complex asset holdings, an ILIT can be an integral part of a coordinated tax and legacy plan. Using a trust to own life insurance may reduce estate tax exposure and provide structured distributions that reflect long term family or charitable goals. Additionally, an ILIT can help address generation-skipping transfer tax concerns and work in tandem with other trust structures to preserve wealth across multiple generations while maintaining control over the timing and purposes of distributions.
An ILIT can provide protections against creditors, divorcing spouses, and imprudent spending by placing proceeds under trustee control with tailored distribution provisions. This is helpful for families with beneficiaries who have special needs, spendthrift tendencies, or other circumstances that make outright distributions unwise. A trust structure can also integrate with special needs planning and other targeted trusts, ensuring benefits are preserved while not interfering with public benefits eligibility when necessary.
A comprehensive approach that includes an ILIT alongside wills, revocable trusts, powers of attorney, and healthcare directives creates redundancy and clarity in how different assets are managed and distributed. With an ILIT, life insurance proceeds can provide immediate liquidity for taxes and expenses, reduce the need to liquidate family assets, and enable controlled distributions for beneficiaries over time. This layered planning approach can address probate avoidance, tax mitigation, and creditor protection in a cohesive way that aligns with family objectives and long term financial stability.
When coordinated with financial planning and retirement arrangements, an ILIT can serve specific roles such as funding buy-sell agreements, equalizing inheritances among heirs, or providing for minor or vulnerable beneficiaries. The trust’s terms can be crafted to permit flexibility where appropriate while imposing safeguards where needed, such as requiring trustee oversight or setting milestone distributions. This integration helps ensure a comprehensive plan supports both immediate liquidity needs and long term legacy intentions without creating unnecessary administrative burdens.
One of the primary benefits of an ILIT is the potential to remove life insurance proceeds from the grantor’s taxable estate when transfers and ownership are structured correctly. This can significantly reduce estate tax exposure for larger estates while ensuring liquid funds are available to cover estate taxes, administrative expenses, and debts. Access to timely liquidity helps preserve family businesses or real property from forced sales and provides beneficiaries with the resources they need without disrupting long term asset preservation strategies.
An ILIT allows grantors to set precise rules about how proceeds are used and distributed, which can protect beneficiaries from creditors, divorce, or poor financial choices. By keeping policy proceeds within a trust, families can avoid public probate records and maintain greater privacy. Trust provisions can include staggered distributions, conditions tied to life events, or specific purposes such as education or healthcare, all overseen by a trustee who administers according to the trust’s terms rather than immediate outright distributions.
Initiating ILIT planning well before significant life events or anticipated transfers helps avoid timing pitfalls such as the three-year rule and provides ample time to coordinate with insurance carriers and financial advisors. Early planning enables careful selection of trustees and the drafting of distribution provisions that reflect long term family objectives. By addressing funding methods and premium payment strategies in advance, you minimize the risk of unintended tax consequences and give beneficiaries a clearer path to receiving the intended support when it is needed.
Selecting a trustee who will carry out the trust’s terms reliably is one of the most important decisions in ILIT planning. Consider naming successor trustees and providing clear written guidance about distribution objectives, permissible investments, and records to keep. Trustees should be prepared to handle insurance premium payments, tax filings, and communications with beneficiaries. Clarifying discretionary powers and decision-making protocols in the trust document reduces the likelihood of disputes and helps ensure the trust operates smoothly during sensitive times.
Homeowners, business owners, and families with significant retirement accounts or real property may consider an ILIT to manage the complexities of estate transfer and liquidity needs on death. An ILIT can preserve wealth for future generations, provide funds to cover estate taxes and debts, and offer peace of mind by establishing a clear mechanism for distributing life insurance proceeds. For those concerned about probate costs, creditor claims, or family disputes, a trust structure can deliver protections and control that beneficiary designations alone cannot provide.
An ILIT is also a useful tool for providing for minor or vulnerable beneficiaries, ensuring that resources are used for intended purposes such as education, healthcare, or support through predetermined distributions. It can be integrated with special needs planning when appropriate and can work alongside other trust documents like pour-over wills and certification of trust forms. Considering an ILIT early allows time to design funding strategies and set up the trust with attention to tax rules and trustee selection.
Typical circumstances that lead families to use an ILIT include having a large estate where estate taxes are a concern, owning a family business that requires liquidity for continuity, having beneficiaries who need asset protection, or wanting to provide predictable distributions for children or grandchildren. An ILIT can also be part of a strategy to equalize inheritances among heirs, fund buy-sell agreements, or preserve family assets while supporting philanthropic goals. Each situation benefits from a trust tailored to the family’s specific objectives and legal constraints.
When the size or complexity of an estate creates potential tax liability or administrative burdens, an ILIT can provide structured liquidity and preserve value for heirs. By placing life insurance in a trust, families may reduce estate tax exposure while ensuring funds are available to pay taxes, debts, and settlement costs. An ILIT can be designed to work with other planning vehicles like revocable trusts and retirement account beneficiary designations to craft a comprehensive strategy that protects wealth and simplifies the transfer process.
Business owners often use an ILIT to fund buy-sell agreements or to provide liquidity for business succession planning without burdening the business with liquidity demands at a difficult time. Life insurance proceeds held in a trust can ensure a smooth transition by providing funds to buy out an owner’s interest or to support continuing operations. The defined trust distribution rules and trustee oversight help ensure the proceeds are used as intended to preserve business continuity and protect other stakeholders.
For families with beneficiaries who have special needs, addiction challenges, or creditor exposure, an ILIT offers a controlled approach to distributing life insurance proceeds. Trust provisions can require trustees to make distributions for specific purposes such as medical care or education, and can protect funds from being claimed by creditors or misused. When combined with other protective planning tools, an ILIT helps ensure long term support for vulnerable beneficiaries while preserving eligibility for certain public benefits when appropriate.
The Law Offices of Robert P. Bergman serves residents of Good Hope and nearby areas with tailored estate planning services including ILIT formation, trust funding guidance, and trustee consultation. We assist clients at every stage, from initial document drafting to ongoing administration and coordination with insurance carriers and financial advisors. Our goal is to provide clear, practical guidance so you can make informed decisions about how life insurance fits into your overall estate plan, protect family interests, and ensure a smooth transition for beneficiaries when the time comes.
Clients choose our firm for thoughtful estate planning that balances legal, financial, and family considerations. We strive to draft trust documents that anticipate administrative needs and reduce future ambiguity, and we work closely with insurance agents and financial planners to ensure funding strategies align with legal requirements and family goals. Our approach emphasizes clear communication and careful drafting so trusts function as intended and trustees have the guidance they need to act responsibly on behalf of beneficiaries.
We place a high priority on creating durable plans that address both immediate concerns and long term objectives, including tax considerations, creditor protection, and beneficiary needs. Whether you are transferring an existing policy or arranging for a trust-owned policy, we help navigate the legal and administrative steps involved, including gift tax reporting and trust administration requirements. Our process is designed to anticipate changes in family circumstances and provide mechanisms for successor trustees and amendments where permitted by law.
We also provide guidance on trustee selection, successor trustee provisions, and practical administration tasks to reduce the burden on loved ones at a difficult time. With careful planning, the ILIT can provide liquidity, protect assets, and preserve privacy while supporting broader estate planning goals like funding trusts for minors, equalizing inheritances, or integrating charitable giving objectives. Our focus is on durable documentation and clear instructions so your intentions are followed faithfully.
Our process begins with a thorough intake to understand family dynamics, asset composition, and planning goals. We then evaluate whether an ILIT fits within the overall plan and propose drafting options tailored to your objectives. After document preparation, we coordinate with insurance carriers to transfer or issue policies to the trust and advise on premium funding. Finally, we provide written administration guidance for trustees, including recordkeeping, tax filings, and distribution protocols to help ensure smooth trust operation over time.
During the initial consultation, we gather information about assets, current insurance policies, family considerations, and estate planning objectives. This includes reviewing beneficiary designations, existing wills and trusts, retirement accounts, and any business succession needs. Based on this assessment, we recommend whether an ILIT is appropriate, outline potential tax and administrative implications, and suggest strategies for funding the trust and selecting trustees. Clear communication at this stage helps set realistic expectations and timelines.
We request documents such as current policies, existing estate planning instruments, and financial statements to understand the interplay of assets and beneficiaries. Reviewing these materials allows us to spot coordination issues that could affect estate tax outcomes or beneficiary designations. This careful review helps ensure that the ILIT complements rather than conflicts with other planning documents and identifies funding strategies and potential tax considerations that may influence how the trust is drafted and administered.
After assessing your situation, we discuss practical options for ownership of policies, methods for funding premium payments, trustee duties, and distribution structures. We explain timing rules and potential tax implications in clear language to help you decide among alternatives. This stage includes consideration of successor trustees, coordination with beneficiary designations, and how an ILIT integrates with wills, revocable trusts, and powers of attorney, so you can select the approach that best matches your goals and family circumstances.
Once the approach is selected, we prepare the trust document and related estate planning instruments that ensure cohesion across your plan. We work with insurance carriers to transfer existing policies or to issue new policies in the name of the trust and prepare any necessary assignments or endorsements. We also provide guidance on making gifts to the trust for premium payments and ensure compliance with gift tax reporting when needed, while documenting the trust’s powers and distribution provisions for future administration.
We draft the ILIT with clear trustee authorities, distribution instructions, and successor designations, and prepare related documents like pour-over wills and certifications of trust as appropriate. We guide you through execution formalities, including signatures and notarizations, and ensure copies are delivered to trustees and relevant advisors. Proper execution is essential to making sure the trust functions as intended and to facilitate trustee administration when the time comes.
Funding the ILIT may involve assigning ownership of an existing policy or arranging for a new trust-owned policy. We coordinate with insurance agents and carriers to complete required forms and endorsements, ensuring the trust is listed as owner and beneficiary where appropriate. We also advise on premium payment strategies, such as annual contributions or Crummey powers for gift tax planning, so ongoing funding occurs in a compliant and sustainable manner aligned with the trust’s objectives.
After the ILIT is in place and policies are held by the trust, we provide guidance on trustee responsibilities, recordkeeping, and tax filing obligations. We offer support for trustee actions such as premium payments, claims procedures, distributions, and periodic reviews to confirm the trust remains aligned with your overall estate plan. Ongoing communication with trustees and beneficiaries helps maintain transparency and provides peace of mind that the trust will be administered according to your intentions.
We provide trustees with written instructions on maintaining accurate records of premium payments, trust transactions, and correspondence with insurance carriers. Proper recordkeeping facilitates tax reporting and helps trustees demonstrate compliance with fiduciary duties. We also assist with preparing or reviewing required tax filings for the trust, and with documentation needed in the event of a claim or distribution to beneficiaries, streamlining administrative tasks during emotionally challenging times.
When a claim arises, trustees need to file required paperwork with carriers and follow trust distribution provisions. We support trustees through the claim process and advise on distribution mechanics to beneficiaries per the trust terms. Periodic reviews of the trust and related planning documents ensure that changes in family circumstances, tax laws, or financial holdings are addressed. This ongoing attention helps keep your plan effective and responsive to evolving needs.
An irrevocable life insurance trust is a trust that owns a life insurance policy and directs how the policy proceeds will be used and distributed to beneficiaries. Once the policy is owned by the trust, the trustee manages premium payments and claims, and the trust instrument controls distributions. Properly structured, the trust can keep death benefits out of the insured’s taxable estate and provide liquidity to pay estate-related expenses, support beneficiaries, or fund obligations such as business succession. The trust terms can specify timing, conditions, and purposes for distributions, which helps preserve family wealth and provide clarity. Establishing an ILIT normally involves drafting the trust, transferring ownership of the policy or arranging for a new policy to be issued in the trust’s name, and ensuring premium funding mechanisms are in place. Trustees have administrative duties like paying premiums, maintaining records, filing tax returns if required, and making distributions according to the trust’s provisions. Coordination with insurance carriers and advisors is important to confirm the trust owns the policy and beneficiary designations are aligned with the trust’s objectives.
An ILIT can affect estate taxes by helping to remove life insurance proceeds from the grantor’s taxable estate when ownership is transferred and the grantor does not retain incidents of ownership. This removal may reduce estate tax exposure for larger estates but depends on timing rules and proper trust drafting. Gift tax considerations arise when funding premium payments or transferring a policy to the trust; gifts to the trust may require reporting and can use part of your gift or unified credit, depending on the amounts and structure chosen. It is important to plan carefully to avoid unintended tax consequences, including understanding the three-year rule that may bring the proceeds back into the estate if the grantor dies within three years of a transfer. Working with legal counsel to document transfers, implement premium funding strategies, and complete any necessary gift tax filings helps ensure the plan achieves the intended tax outcomes while maintaining compliance with federal tax rules.
Yes, you can transfer an existing life insurance policy to an ILIT, but the transfer must be completed properly to avoid unintended consequences. When transferring ownership, the grantor must give up incidents of ownership, and the transaction should be recorded with the insurance carrier. The trust should be the owner and, where appropriate, the beneficiary. Transfers may trigger gift tax considerations if the transfer results in a completed gift of policy ownership or future premium responsibilities to trust beneficiaries. A key timing consideration is the three-year rule, which treats a completed transfer as part of the grantor’s estate if the grantor dies within three years of the transfer, potentially negating the estate inclusion benefits. To avoid this, many grantors either purchase a policy owned by the trust from the outset or plan transfers well in advance. Coordination with advisors ensures the transfer process and timing align with your overall estate planning objectives.
The trustee of an ILIT may be an individual you trust or a corporate trustee, and they are responsible for administering the trust according to its terms. Typical duties include paying premiums, maintaining trust records, filing tax returns if necessary, communicating with beneficiaries, and managing distributions. Trustees have fiduciary duties to act in the best interests of beneficiaries and must follow the trust instrument’s distribution rules. Naming successor trustees and providing clear guidance in the trust document helps ensure continuity of administration over time. Choosing a trustee involves balancing factors like availability, financial acumen, impartiality, and administrative capacity. Some families prefer a trusted family member with clear instructions, while others choose a professional or corporate trustee for longevity and neutrality. The trust should clearly outline trustee powers and any limitations to minimize uncertainty and reduce the potential for disputes among beneficiaries.
After a life insurance policy is owned by an ILIT, the trustee must ensure premiums are paid so the policy remains in force. Funding mechanisms include making gifts to the trust for the purpose of premium payments or setting up other funding arrangements that comply with gift tax rules. In some arrangements, beneficiaries receive the right to withdraw gifts for a limited time to qualify contributions as present interest gifts, a technique often used to preserve gift tax exclusion benefits while funding premiums. Clear documentation of gifts and timely coordination with trustees and financial advisors is important to avoid lapses in coverage. Trustees should maintain detailed records of premium payments, gifts to the trust, and any Crummey notice procedures used to preserve gift tax exclusions. Proper administration helps ensure the policy remains effective and that the trust’s intended benefits are preserved for beneficiaries.
An ILIT can offer protections against creditors and certain claims by placing insurance proceeds under trustee control, rather than passing them outright to beneficiaries. When funds remain within a trust, they are less likely to be subject to beneficiary creditors or to be immediately lost through divorce proceedings, depending on the trust terms and applicable law. However, protections are not absolute and depend on timing, state law, and the specific trust provisions, so careful drafting is required to provide meaningful safeguards for intended beneficiaries. While an ILIT can increase financial protection, it is important to consider the broader context of asset protection planning and to coordinate with other strategies when creditor risks are significant. Trustees should follow trust provisions and maintain prudent administration to preserve available protections. Legal counsel can advise on the extent of protection an ILIT is likely to provide given your family’s specific circumstances and creditor exposure.
An ILIT can be integrated with other planning tools such as special needs trusts, pour-over wills, and revocable living trusts to create a cohesive estate plan. For example, an ILIT may provide funds to a special needs trust indirectly through designated distributions to ensure a beneficiary’s eligibility for public benefits is preserved. Pour-over wills can direct residual assets into a revocable trust, while the ILIT specifically governs life insurance proceeds, allowing each document to serve a distinct and coordinated role in the overall plan. Coordination among documents is essential to avoid conflicts and ensure each trust accomplishes its intended purpose. The drafting should account for interactions with beneficiary designations, retirement accounts, and other trusts. Legal counsel can prepare integrated documents that reflect the totality of your estate planning objectives and provide instructions for trustees and fiduciaries to manage assets in harmony with your intentions.
If the grantor dies within three years of transferring a policy to an ILIT, federal tax rules may cause the policy proceeds to be included in the grantor’s taxable estate. This three-year rule applies to transfers of incidents of ownership and is designed to prevent last-minute transfers from defeating estate tax inclusion. Because of this rule, careful timing and planning are necessary when transferring existing policies to an ILIT, and many clients take steps well before the three-year window to obtain the intended estate tax benefits. To avoid unintended inclusion, some individuals arrange for new policies to be issued directly to the trust or plan transfers with sufficient lead time. Legal counsel can advise on timing strategies and alternative planning techniques to mitigate the risk of estate inclusion, while ensuring transfers and funding methods comply with federal tax rules and align with your estate planning goals.
Regular review of an ILIT and related estate planning documents is important whenever life circumstances or financial situations change, such as after marriage, divorce, births, deaths, business transitions, significant changes in assets, or changes in tax law. Annual or biennial check-ins can help confirm premium funding strategies remain viable and that trustees have current instructions. Reviewing beneficiary designations across accounts and ensuring coordination with the ILIT minimizes the risk of unintended distributions and keeps the estate plan functioning as intended. Periodic reviews also allow for updating trustee designations, successor trustees, and administrative protocols to reflect new realities. Working with legal and financial advisors during reviews helps identify necessary adjustments, such as modifying distribution provisions or revising funding plans, to preserve the ILIT’s effectiveness and to maintain alignment with your family’s present and future needs.
To get started with establishing an ILIT in Good Hope, begin by gathering information about existing life insurance policies, assets, family goals, and any concerns about taxes, creditor protection, or beneficiary needs. Contact the Law Offices of Robert P. Bergman to schedule a consultation where we will review your situation, discuss whether an ILIT fits your objectives, and outline the steps for creation, funding, and trustee selection. Clear communication at the outset helps streamline the process and sets realistic expectations regarding timing and coordination with insurance carriers. During the initial process we will prepare the trust document, coordinate with insurance agents to transfer or issue policies to the trust, and provide guidance on funding premium payments. We also help trustees understand their administrative duties and provide written instructions and templates for recordkeeping and claims processing. Our goal is to make forming and administering an ILIT as clear and manageable as possible for you and your family.
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