An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of a thoughtful estate plan for families in Wilton and throughout Sacramento County. This page describes how an ILIT works, how it can protect life insurance proceeds from estate tax exposure, and how careful planning can preserve wealth for beneficiaries. Our firm, the Law Offices of Robert P. Bergman, serves California families with practical solutions tailored to individual circumstances. If you own life insurance and want to ensure those proceeds pass according to your wishes while minimizing potential estate complications, an ILIT may be appropriate.
Deciding whether an ILIT is right for you involves reviewing your overall estate planning goals, the ownership and beneficiary designations on your policies, and potential tax implications. We help clients in Wilton navigate these questions, explain the difference between revocable trusts and irrevocable trusts, and outline the administrative responsibilities a trust imposes on its trustee. With clear communication and attention to details such as trust funding, trustee selection, and coordination with other estate documents like wills and powers of attorney, clients can make informed decisions that align with their long-term plans.
An ILIT can remove life insurance proceeds from an individual’s taxable estate, potentially reducing estate tax liability and ensuring that policy benefits are distributed according to the trust’s terms. Beyond tax planning, an ILIT offers control over how proceeds are used, whether for supporting minors, paying estate expenses, or providing ongoing income for a surviving spouse or other beneficiaries. Creating an ILIT also helps coordinate life insurance with other estate planning tools like pour-over wills, powers of attorney, and health care directives, providing a cohesive approach to protecting family resources and reducing potential disputes after a death.
The Law Offices of Robert P. Bergman assists clients across California with estate planning matters, including drafting and administering irrevocable life insurance trusts. Our approach focuses on listening to client objectives, reviewing existing documents, and proposing practical solutions to meet those goals. We work closely with financial advisors and insurance professionals to ensure trust funding and policy ownership align with the intended results. Throughout the process, we emphasize clarity in trust terms, trustee responsibilities, and beneficiary instructions, so families feel confident that their wishes are documented and will be carried out properly.
An Irrevocable Life Insurance Trust is a separate legal entity that owns one or more life insurance policies and holds the policy proceeds for the benefit of named beneficiaries. Once the trust owns the policy, the original policy owner typically gives up the ability to change the policy’s ownership or beneficiary designations. This transfer must be handled carefully to comply with tax rules and to avoid unintended consequences, such as asset inclusion in the insured’s estate if the insured retains certain control. Properly drafted and funded, an ILIT can help achieve estate planning goals while protecting life insurance proceeds for beneficiaries.
Creating an ILIT involves drafting trust documents that specify trustee duties, distribution rules, and administrative provisions. The trust generally purchases an existing policy or becomes the beneficiary and owner of a new policy. Trustees manage premium payments, invest any trust assets, and distribute proceeds after the insured’s death according to the trust’s terms. Because the trust is irrevocable, changes are limited after execution, so it is important to consider potential future circumstances and include flexible provisions when appropriate. Coordination with retirement and tax planning is essential to make sure the trust functions as intended.
An ILIT is an irrevocable trust created to hold life insurance policies and receive the death benefit outside the insured’s probate estate. The trust is legally separate from the insured, with its own trustee who controls policy ownership and disbursement of proceeds. Because the trust is irrevocable, transfers into the trust are typically final, and the settlor’s ability to change terms is restricted. The trust document will set out distribution conditions, such as payments for education, health care, or income replacement, and may include timing provisions to preserve benefits for long-term use by beneficiaries.
Establishing an ILIT requires several critical steps, including drafting clear trust terms, selecting a trustee, funding the trust with a life insurance policy or transferring an existing policy, and coordinating premium payments. The trust should cover administrative matters like trustee powers, beneficiary distributions, and successor trustees. It is also important to consider gift tax implications when transferring policy ownership and to plan for the three-year rule that can bring proceeds back into the estate if the insured dies shortly after the transfer. Communication with beneficiaries and other advisors helps ensure the trust functions smoothly after funding and at the time of claim.
The following terms appear frequently when discussing ILITs and estate planning. Understanding them can help you make informed decisions and communicate effectively with professionals. Terms include trust settlor, trustee, beneficiary, premium, funding, ownership transfer, and estate inclusion rules. Each term has implications for how the trust will operate and how life insurance proceeds will be treated for tax and probate purposes. Familiarity with these terms helps clients participate in planning conversations and ensures that the trust language reflects their objectives and family circumstances.
The settlor or grantor is the person who creates the trust and transfers property into it. In the context of an ILIT, the settlor typically funds the trust by transferring ownership of a life insurance policy or by providing funds to purchase a policy owned by the trust. Once the transfer is complete, the settlor generally cannot unilaterally change the trust terms, so careful drafting at creation is important. The settlor’s intent should be documented clearly to ensure the trustee follows the desired distribution plan for policy proceeds and ancillary assets held by the trust.
The trustee is the individual or institution responsible for managing the trust’s assets and administering distributions according to the trust document. For an ILIT, trustee duties include holding the life insurance policy, paying premiums from trust funds, filing claims after the insured’s death, and distributing proceeds to beneficiaries. Trustees must follow the trust’s instructions, maintain accurate records, and comply with fiduciary duties imposed by law. Choosing a trustee who understands or can reasonably handle these administrative responsibilities is critical to successful trust administration.
A beneficiary is a person or entity designated to receive benefits from the trust. ILIT beneficiaries might include spouses, children, grandchildren, or charitable organizations. The trust document specifies how and when beneficiaries receive trust assets, whether in lump sums, periodic payments, or conditional distributions for specific purposes like education or health care. Terms can be tailored to protect beneficiaries from creditors, preserve assets for multiple generations, and provide for individuals with special needs through carefully drafted provisions.
Funding an ILIT can be accomplished by transferring an existing life insurance policy to the trust or by providing funds for the trust to purchase a new policy. Ownership transfer must be executed properly, and premium payments must be maintained to keep the policy in force. When transferring a policy, it is important to consider gift tax rules and the three-year inclusion rule that may affect estate tax treatment. Proper coordination with insurance and tax advisors ensures the trust is funded in a way that aligns with the settlor’s objectives and avoids unintended adverse consequences.
An ILIT is one of several tools available to manage life insurance and estate taxes. Compared with keeping a policy in your name, an ILIT can remove proceeds from the taxable estate and impose distribution controls for beneficiaries. A revocable living trust offers flexibility and control during life but does not offer the same estate tax reduction for life insurance proceeds. Wills and beneficiary designations remain important complements to trusts because they handle assets not held in trust and provide backup distribution mechanisms. A comprehensive plan often uses a combination of these options to meet varied goals.
A limited approach that leaves a policy in the insured’s name may be reasonable when the policy value is modest relative to the overall estate and estate tax exposure is unlikely. In such cases, the administrative burden and irrevocable nature of an ILIT may outweigh its potential tax benefits. Families with straightforward beneficiary designations and minimal creditor concerns might prefer simpler arrangements. It is important to periodically review whether the current setup still fits changing family circumstances, life insurance needs, and potential shifts in estate planning goals.
When life insurance is intended to meet temporary needs such as covering a mortgage or short-term liabilities, retaining ownership in the insured’s name can simplify matters. Transferring a policy into an ILIT makes sense for long-term wealth preservation or tax planning, but for short-duration objectives the complexities of trust funding and administration might not be justified. Policyholders should consider the intended duration of coverage and whether the potential transfer would create administrative burdens that outweigh the benefits for their specific circumstances.
A comprehensive approach ensures an ILIT is integrated with the rest of an estate plan, including wills, revocable trusts, powers of attorney, and health care directives. Proper coordination helps avoid conflicts between beneficiary designations and trust terms, prevents unintended estate inclusion, and ensures liquidity to pay final expenses. Reviewing assets, retirement accounts, and business interests alongside life insurance enables tailored recommendations that complement each client’s goals. Planning in a coordinated manner reduces the risk of gaps that can lead to extra cost or family disputes after a death.
A trust-based approach provides tools to protect beneficiaries from creditors, manage distributions for young or financially inexperienced beneficiaries, and preserve assets for multiple generations. An ILIT can include specific provisions to address special circumstances like support for a spouse, funding education, or providing for a family member with special needs. Thoughtful drafting anticipates future changes in family dynamics and provides mechanisms for successor trustees and contingencies so that the trust remains effective and serves its intended purpose over time.
A comprehensive estate plan that includes an ILIT can provide clarity and protection for family assets, reduce the potential for estate tax exposure on life insurance proceeds, and set clear guidelines for distributions to beneficiaries. By coordinating trust provisions with other estate documents and financial accounts, families can create a cohesive plan that addresses immediate needs and long-term goals. This holistic planning helps ensure the settlor’s intentions are honored, assets are available when needed, and beneficiaries receive support in a manner consistent with the settlor’s priorities.
In addition to tax considerations, a comprehensive approach can reduce the administrative burden on surviving family members by naming trustees, providing distribution instructions, and setting procedures for handling claims and creditor issues. Clear documentation and proactive planning can help avoid disputes and delays, improving the chances that transitions occur smoothly. When a trust is aligned with retirement planning and beneficiary designations, it becomes a practical tool for maintaining financial stability for loved ones and protecting assets for future generations.
One key benefit of using an ILIT as part of a comprehensive plan is the ability to keep life insurance proceeds out of the settlor’s probate estate in many circumstances, which can simplify administration and reduce probate-related costs. When properly structured and funded, the ILIT may also reduce estate tax exposure, depending on the size of the estate and current tax laws. While tax outcomes depend on individual circumstances and applicable rules, using an ILIT thoughtfully can protect the intended beneficiaries from unnecessary estate administration complications and preserve more assets for distribution.
An ILIT enables the settlor to outline specific distribution terms that match family needs, such as staggered payments over time, funds earmarked for education, or reserves for medical expenses. This control can shield beneficiaries from immediate creditor claims or poor financial choices and can maintain support for dependents who require ongoing assistance. Clear trust language also helps trustees understand their duties and provides a roadmap for handling complex family situations, thereby protecting both the intent of the settlor and the long-term welfare of beneficiaries.
Before establishing an ILIT or transferring policy ownership, review current beneficiary designations and policy ownership to ensure they align with your goals. Transfers into a trust can change tax and legal consequences, so document any existing designations and coordinate changes to avoid conflicting instructions. Communicate planned changes to relevant parties, such as trustees and financial advisors, so premium funding and policy management proceed without interruption. Regular reviews help account for life changes like marriage, divorce, births, or changes in financial circumstances that might affect trust planning.
Selecting a trustee who can manage administrative duties and follow the trust terms is essential. Whether naming a trusted family member or an institution, consider the person’s availability, recordkeeping ability, and willingness to serve. Include successor trustee provisions in case the initial trustee is unable or unwilling to continue. Clear instructions on trustee powers, compensation, and recordkeeping expectations will help ensure the trust is administered smoothly. Regular communication and providing trustees with necessary contact information for beneficiaries and advisors simplifies trust administration when the time comes.
You might consider an ILIT if you want life insurance proceeds managed outside your probate estate, aim to reduce potential estate tax exposure, or desire controlled distributions for beneficiaries. An ILIT can provide long-term protection for proceeds, enabling support for children, grandchildren, or a surviving spouse under terms you set. It is also useful where beneficiaries face creditor risks or have limited financial experience, allowing you to define how and when funds are accessed. A careful review of family needs and financial goals can reveal whether an ILIT complements your broader estate plan.
An ILIT may also be appropriate when life insurance represents a significant portion of your estate, when business succession planning requires liquidity at death, or when you want to ensure life insurance proceeds are used for specific purposes like education. It helps provide financial certainty for loved ones and can be coordinated with other documents such as pour-over wills, financial powers of attorney, and health care directives to create a comprehensive plan. Evaluating tax and gift considerations alongside policy ownership and beneficiary designations is a vital part of the decision-making process.
Common circumstances that prompt consideration of an ILIT include situations where the insured’s life insurance benefit is sizable relative to their estate, where there are concerns about estate taxes or creditor claims, and where there is a desire to control distributions to multiple generations. Other scenarios include business owners needing liquidity at death, blended families seeking specific distribution schemes, and those wishing to provide for minors or dependents with ongoing needs. Each situation requires personalized planning to ensure the trust terms and funding methods align with goals.
When life insurance represents a large portion of the value a person intends to pass on to heirs, using an ILIT can help prevent those proceeds from being included in the taxable estate and provide a smoother distribution process. The trust can outline who receives funds and under what conditions, reducing the potential for disputes and providing financial security. For those with sizable policies, an ILIT may be an efficient way to preserve wealth and manage the flow of funds to beneficiaries over time.
Business owners often need liquidity at death to address taxes, buy out partners, or provide continuity for the business. An ILIT can hold life insurance proceeds that are earmarked for these purposes, offering a source of funds without drawing on business assets. When coordinated with shareholder agreements and buy-sell arrangements, an ILIT helps ensure the business transition plan is funded and carried out in an orderly way, protecting both the owner’s family and the business from financial disruption.
For families with beneficiaries who have special needs, substance abuse concerns, or limited financial experience, an ILIT allows the settlor to tailor distributions to meet long-term needs while protecting trust assets from creditors and beneficiaries’ poor financial decisions. Provisions can be included to coordinate with government benefits for disabled beneficiaries and to provide ongoing oversight. Thoughtful drafting helps ensure that support is available when needed and that beneficiaries receive assistance in a structured, protective manner.
The Law Offices of Robert P. Bergman serves clients in Wilton and throughout Sacramento County, offering estate planning assistance tailored to local needs. We help residents review life insurance policies, create irrevocable life insurance trusts, and coordinate trust provisions with wills, powers of attorney, and healthcare directives. Our goal is to provide clear guidance so families understand the implications of trust funding, trustee selection, and beneficiary designations. If you are considering an ILIT, scheduling a consultation helps clarify whether this tool aligns with your financial and family planning objectives.
Clients rely on our firm for thoughtful estate planning guidance that addresses a range of issues, from trust drafting to coordination with insurance and tax professionals. We focus on practical solutions that reflect each client’s goals and family circumstances. Our approach includes detailed document drafting, careful explanation of trustee duties, and coordination with other estate planning tools to ensure consistent results. We aim to simplify complex decisions and provide a clear plan for managing life insurance proceeds in a way that meets client objectives.
We place emphasis on communication and tailored planning. Each ILIT is drafted to reflect the settlor’s intentions for distributions, trustee powers, and administrative procedures. We also help clients anticipate future changes and include provisions that allow for reasonable flexibility while respecting the irrevocable nature of the trust. Coordinating an ILIT with documents like pour-over wills, powers of attorney, and health care directives ensures a comprehensive plan that addresses both immediate and future needs for families in Wilton and across California.
When working on ILIT matters, we also help clients consider potential tax, gift, and estate inclusion rules that can affect the outcome. We encourage collaboration with insurance and financial advisors to confirm policy ownership transfers and premium funding strategies work as intended. By offering clear guidance on administrative steps and trust mechanics, we help reduce uncertainty and provide families with plans designed to preserve assets and ensure beneficiaries are cared for according to the settlor’s wishes.
Our process begins with an initial consultation to understand your objectives, review existing documents, and identify policy ownership and beneficiary designations. From there we draft trust documents tailored to your goals, advise on funding strategies for the trust, and coordinate with insurance and financial advisors to execute transfers or policy purchases. During drafting we detail trustee responsibilities and distribution instructions, and we prepare supporting estate documents such as pour-over wills and powers of attorney. We also provide guidance on administrative steps to keep policies in force and ensure the trust functions as intended.
The first step includes a thorough review of current estate documents, life insurance policies, beneficiary designations, and financial circumstances. We discuss your objectives for life insurance proceeds, consider potential tax implications, and identify who should serve as trustee and beneficiaries. This review helps determine whether an ILIT is appropriate and what specific trust provisions are necessary to achieve your goals. Clear goal setting at the outset guides trust drafting and funding decisions to align legal documents with your estate planning priorities.
We examine existing policies to determine ownership, cash value, beneficiary designations, and any policy restrictions. Understanding these details is important for choosing whether to transfer an existing policy or have the ILIT purchase a new one. We also review wills, revocable trusts, powers of attorney, and advance health care directives to ensure consistent planning. This assessment helps identify any immediate actions needed to avoid conflicts and to prepare for trust funding and premium arrangements that align with your overall plan.
Choosing the right trustee and defining distribution rules are central to creating an effective ILIT. We guide you through options for trustees, including individuals and institutional choices, and discuss backup plans if a trustee is unable to serve. We also help articulate distribution goals, such as providing ongoing income, lump-sum payments, or conditional distributions for education and health needs. These decisions shape the trust language and help ensure the settlor’s intentions are translated into practical administrative provisions.
After establishing goals and reviewing documents, we prepare the ILIT trust agreement with clearly defined trustee powers, distribution provisions, and administrative rules. We provide instructions for transferring policy ownership or for the trust to acquire a new policy, and advise on gift tax considerations and premium funding strategies. This stage includes coordinating with insurance carriers and any financial advisors to effect ownership changes correctly and to ensure premium payments are sustainable. Proper execution at this phase is essential to achieving the desired estate planning results.
The trust document sets the course for how life insurance proceeds will be handled. We include instructions for trustee powers, compensation, recordkeeping, and distribution mechanics. Administrative provisions address how to handle claims, creditor issues, and communication with beneficiaries. The trust language can also provide flexibility for changed circumstances while preserving the irrevocable nature of the arrangement. Clear drafting helps trustees administer the trust without ambiguity and supports seamless transitions when beneficiaries make claims against the trust.
To fund the ILIT, we coordinate transfers of existing policies or guide the purchase of new policies owned by the trust. This coordination involves communication with insurance providers to update ownership records and beneficiary designations, and planning premium funding through gifts to the trust or other mechanisms. It is important to document transfers properly and consider gift tax reporting if applicable. Ensuring premiums are maintained protects the policy and preserves the ILIT’s intended benefits for beneficiaries.
Once the ILIT is funded, trustees must manage premium payments, maintain records, and ensure distributions follow the trust terms. Periodic reviews of the trust and related estate documents are important to confirm the arrangement still meets family objectives and to address any changes in tax laws or personal circumstances. We provide guidance for trustees on recordkeeping, claims procedures, and communication with beneficiaries. Regular check-ins help prevent administrative issues and ensure the trust continues to function as intended for the long term.
Trustees are responsible for maintaining accurate records of premium payments, trust assets, and communications with beneficiaries and advisors. Clear recordkeeping supports efficient trust administration and helps resolve any disputes or inquiries. Trustees should also provide beneficiaries with relevant information about distributions and process expectations. Documented procedures for handling claims and coordinating with insurance carriers streamline the administration process and reduce the likelihood of delays when benefits become payable.
Even though the ILIT is irrevocable, reviewing the broader estate plan periodically ensures documents like pour-over wills, powers of attorney, and health care directives remain aligned. Life changes such as births, deaths, marriages, or changes in financial circumstances may call for adjustments elsewhere in the estate plan to reflect current intentions. Regular communication with financial and insurance advisors helps maintain the viability of premium funding plans and confirms that beneficiaries and trustees have the information they need to carry out the settlor’s direction effectively.
An Irrevocable Life Insurance Trust is a trust that owns life insurance policies and receives the death benefit for the benefit of named beneficiaries. Once a policy is transferred into the trust or purchased by it, ownership and beneficiary designations are controlled by the trust document. The trust designates a trustee to manage the policy, pay premiums, and distribute proceeds according to the trust’s terms. Because the trust is irrevocable, changes are limited after execution, so careful planning is essential to align the trust with your overall estate goals. The trust’s separate legal status is what generally allows life insurance proceeds to avoid inclusion in the insured’s probate estate, subject to certain timing rules and tax considerations. Trustees must follow trust instructions, maintain accurate records, and coordinate with insurance carriers to ensure the policy remains in force. Proper funding, documentation, and communication with beneficiaries are key to ensuring the ILIT functions as intended at the time benefits become payable.
Transferring a life insurance policy into an ILIT can have gift tax implications because it is considered a transfer of property to the trust. Whether a gift tax return is required or tax is owed depends on the nature of the transfer and applicable exemptions. In some cases, annual gift tax exclusion provisions can be used to fund premium payments, but careful planning and documentation are necessary to stay within applicable tax rules and reporting requirements. Additionally, transfers made within a certain time period before death may still be included in the insured’s estate under tax rules designed to prevent avoidance, so timing is an important consideration. Working with legal and tax advisors helps ensure transfers are structured and documented to meet your planning goals while managing potential gift tax consequences and reporting obligations.
Typically, the insured cannot also be a beneficiary in a way that defeats the purpose of removing the death benefit from the insured’s estate. If the insured retains certain rights or benefits through the trust, the policy proceeds could be included in the insured’s estate. The trust should be drafted to avoid retained incidents of ownership that would negate the intended estate planning benefits. Careful drafting ensures beneficiaries can receive proceeds without the insured’s estate reclaiming those assets for tax purposes. It remains possible for family members or other third parties to be beneficiaries while the insured or a spouse may receive indirect benefits if the trust terms permit distributions for specific purposes. Because each situation is different, planning should account for desired outcomes and the need to preserve the intended tax and probate advantages offered by the ILIT.
There is a commonly referenced timing rule that can affect estate inclusion when a policy is transferred into an ILIT shortly before death. Transfers made within three years of the insured’s death may be included in the taxable estate under certain tax rules, which can negate the intended estate tax benefits. Planning transfers with awareness of this timing rule helps avoid unintended tax consequences and preserve the benefits of the ILIT for beneficiaries. Because of these timing considerations, many clients consult advisors well in advance of policy transfers and evaluate funding strategies like purchasing a new policy owned by the ILIT or using annual gifts to the trust to cover premiums. Each approach carries different administrative and tax implications, so coordination with advisors ensures the trust will function as planned.
Selecting a trustee for an ILIT depends on the complexity of trust administration, the settlor’s comfort with potential candidates, and the trustee’s ability to manage records and communicate with beneficiaries. Some choose a trusted family member or friend who is organized and available, while others prefer a professional trustee for increased continuity and impartial administration. The trust should name successor trustees and include clear instructions for compensation and duties to minimize disputes and interruptions in administration. Trustee selection also involves considering conflict of interest and the trustee’s familiarity with working with insurance carriers and financial advisors. Clear trust language outlining administrative powers and recordkeeping responsibilities supports successful trust administration regardless of who is named to serve.
If premiums are not paid and a policy lapses, the intended benefit provided by the ILIT may be lost, and the trust may hold reduced or no assets to distribute to beneficiaries. Trustees have a duty to follow the trust’s directions and to use available funds to maintain policies when the trust’s terms require it. If administrative failures cause a lapse, beneficiaries may face unintended consequences, including loss of promised support or increased estate complications. To prevent such outcomes, the trust should include procedures for maintaining premium payments, backup funding plans, and clear authority for trustees to access funds or request gifts to the trust. Regular communication between trustees and settlors, when possible, as well as coordination with insurance carriers and advisors, reduces the risk of policy lapses and preserves the trust’s intended protections for beneficiaries.
An ILIT can be drafted to provide for a family member with special needs in a way that aims to preserve eligibility for government benefits. Specialized trust provisions can direct distributions for supplemental needs such as education, medical care, and personal support without replacing means-tested public benefits. It is important to coordinate language with advisors familiar with benefits programs to craft distribution rules that support the beneficiary while avoiding disqualification from assistance programs. Because rules governing benefits programs are complex and may vary, the trust should be carefully tailored and coordinated with disability planning tools when appropriate. Collaborating with advisors who understand benefits planning helps ensure the trust’s provisions support the beneficiary’s long-term needs while maintaining access to available public resources where necessary.
An ILIT operates alongside other estate planning documents such as wills and revocable trusts. Because the ILIT owns the life insurance policy, the proceeds typically pass according to the ILIT’s terms rather than under a will or revocable trust. Pour-over wills remain useful for assets not held in trust, ensuring those assets move into a revocable trust if appropriate. Coordination ensures beneficiary designations on retirement accounts and insurance policies do not conflict with trust provisions and that the overall plan achieves the settlor’s objectives. Regular reviews help maintain alignment among estate documents so changes in family circumstances or financial arrangements do not create unintended conflicts. A coordinated plan minimizes ambiguity, reduces the risk of disputes, and helps ensure that assets pass in accordance with the settlor’s wishes.
Administrative costs for an ILIT can vary depending on the complexity of the trust, whether a professional trustee is used, and ongoing expenses such as recordkeeping, tax filings, and premium payments. Initial drafting fees cover preparing the trust agreement and coordinating policy transfers, while ongoing costs may include trustee compensation, accounting fees, and taxes or reporting obligations. Understanding these potential costs helps clients decide whether an ILIT is the right vehicle for their situation and how to budget for administration over time. Many clients weigh these costs against the benefits of the trust, such as potential estate tax savings and the value of controlled distributions. Discussing expected expenses and administrative responsibilities upfront helps set realistic expectations and ensures the trust remains adequately funded for both premiums and administrative needs.
To start creating an ILIT in Wilton, contact the Law Offices of Robert P. Bergman to schedule a consultation. During the initial meeting we review your life insurance policies, estate planning documents, and financial objectives. We then outline options for trust terms, trustee selection, and funding strategies, and coordinate with insurance carriers and financial advisors to effect any necessary policy transfers or purchases. From there we prepare the trust documents, advise on funding and premium payment arrangements, and provide guidance for trustees on administration and recordkeeping. Early planning helps avoid timing pitfalls and ensures the trust is arranged in a way that meets your goals and protects beneficiaries in the long term.
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