An Irrevocable Life Insurance Trust (ILIT) can be a valuable element of an overall estate plan for residents of Crestline and San Bernardino County. At the Law Offices of Robert P. Bergman, we help families understand how an ILIT works and how it coordinates with wills, living trusts, powers of attorney, and health care directives. This page explains the purpose of an ILIT, common reasons people create one, and how it can provide liquidity and manage benefits for beneficiaries. If you are considering an ILIT, a focused conversation by phone at 408-528-2827 can help you evaluate your options.
An ILIT is a trust designed to own and manage life insurance policies outside of a grantor’s taxable estate while providing structured distributions to named beneficiaries. Funding an ILIT often involves transferring an existing policy or having the trust purchase a new policy, and it requires careful drafting so that the insurance proceeds are controlled by trust terms rather than passing directly to heirs. Properly integrated with other documents such as pourover wills, durable powers of attorney, and healthcare directives, an ILIT supports both immediate financial needs and long-term planning goals for families in California.
Creating an ILIT can help manage estate liquidity, protect life insurance proceeds from estate administration, and establish clear, enforceable directions for distributions. In families with significant life insurance coverage, an ILIT can prevent policy proceeds from increasing estate tax liability or being subject to creditors during probate. The trust also allows the grantor to set conditions for distributions, safeguard funds for minor beneficiaries or those with special needs, and maintain privacy by keeping insurance proceeds out of public court filings. For many Californians, these features create a dependable framework for passing assets according to their intent.
The Law Offices of Robert P. Bergman provides estate planning services to clients across San Jose, Crestline, and the broader California region. Our attorney-driven approach focuses on listening to client goals, reviewing existing documents like revocable living trusts and wills, and designing ILIT structures that align with family circumstances and financial priorities. We emphasize practical drafting, clear funding instructions, and coordination with retirement plan trusts, special needs trusts, and other instruments. Clients receive individualized attention and straightforward recommendations, with forms and trust documents prepared to reduce future uncertainty for beneficiaries.
An ILIT is a trust created to own life insurance policies and manage the proceeds under the terms you set. The grantor transfers an existing policy or causes the trust to acquire a new policy, and the ILIT becomes the legal owner and beneficiary. Because the trust is irrevocable, the policy proceeds typically do not form part of the grantor’s probate estate, which can simplify settlement and limit exposure to estate administration issues. An effective ILIT requires careful timing of transfers, precise beneficiary designations, and clear funding plans so that the trust functions as intended after the grantor’s death.
Implementing an ILIT often involves coordination with insurers, trustees, and sometimes financial advisors. The trustee manages the policy, pays premiums from trust funds or gifts, and distributes proceeds according to trust terms. Grantors commonly include provisions to cover administrative costs, provide for spousal benefits, or set distribution conditions for children and other beneficiaries. Because the trust is designed to operate independently of the probate process, it can provide faster access to liquidity for estate settlement costs, income tax matters, and ongoing support needs without exposing the proceeds to public probate proceedings.
An Irrevocable Life Insurance Trust is a legal arrangement in which the grantor transfers ownership of a life insurance policy into a trust that cannot be changed or revoked by the grantor after creation. This structure separates the insurance proceeds from the grantor’s estate for settlement purposes. The trust naming a trustee ensures that upon the insured’s death, proceeds are received and managed according to the trust terms rather than passing directly to beneficiaries. The ILIT can specify timing, amounts, and conditions of payments to beneficiaries, which supports estate planning objectives like creditor protection and benefit preservation for vulnerable family members.
Key elements of an ILIT include clear trust language, selection of a reliable trustee, designation of beneficiaries, premium funding mechanisms, and coordination with existing beneficiary designations and financial accounts. The process typically begins with a planning meeting to determine goals, followed by drafting trust documents, executing transfers or trust-owned policy purchases, and establishing procedures for premium gifts or loans. Trustees must be instructed on how to accept gifts, manage policy payments, and handle claims to ensure proceeds are received and distributed in line with the grantor’s intentions and applicable tax rules.
Knowing core terms helps clients make informed choices. Important concepts include grantor, trustee, beneficiary, premium funding, Crummey withdrawal rights, and the distinction between revocable and irrevocable trusts. Familiarity with these terms simplifies discussions about funding, tax implications, and the ways an ILIT coordinates with other estate planning documents like pour-over wills, power of attorney, and advance health care directives. Clear definitions help prevent misunderstandings and ensure that the trust functions as intended when life insurance proceeds are distributed.
An Irrevocable Life Insurance Trust is a trust that owns life insurance policies and is structured so the grantor cannot revoke or alter its terms once it is executed. The trust is designed to keep policy proceeds out of the grantor’s probate estate, allowing the trustee to manage and distribute proceeds under the trust’s directions. ILIT terms typically cover premium funding, beneficiary designations, and distribution rules for heirs. Because the grantor gives away control of the policy, planning must address timing and gift tax considerations to accomplish the desired estate planning outcomes.
A Crummey withdrawal right permits a trust beneficiary a limited, short-term right to withdraw gifts made to the trust, which permits those gifts to qualify for the annual gift tax exclusion. This mechanism is commonly used when funding an ILIT so that premium gifts qualify as present interest gifts for tax purposes. The trustee typically notifies beneficiaries of a temporary withdrawal right and administers the notice and window carefully. Properly managed Crummey provisions preserve the intended tax treatment while ensuring the trust retains the funds to pay insurance premiums.
The trustee is the individual or entity responsible for administering the ILIT according to the trust’s terms. Duties include accepting ownership of the policy, managing premium payments, filing claims when a death occurs, and distributing proceeds to beneficiaries. Trustees must follow fiduciary duties of loyalty and prudence under trust law. Selection of a trustee involves considering reliability, administrative ability, and familiarity with trust administration processes. Trustees also coordinate with insurance carriers and tax advisors to carry out their responsibilities.
The grantor, sometimes called the settlor, is the person who creates the ILIT and transfers a life insurance policy or the funds to purchase one into the trust. Once assets are transferred into an irrevocable trust, the grantor typically cannot unilaterally revoke or change the trust’s terms. The grantor’s goals determine trust provisions such as beneficiary classes, distribution timing, and whether the trust will provide liquidity for estate administration. Careful drafting is required to ensure the transfer achieves the intended estate and tax planning results.
A limited approach to life insurance planning might involve simply naming beneficiaries on a policy and keeping coverage outside of a formal trust structure. This approach is straightforward but may expose proceeds to probate or creditor claims and can leave distribution timing uncontrolled. A comprehensive approach integrates an ILIT with the broader estate plan, including wills, trusts, and powers of attorney, allowing for coordinated funding, creditor protection, and distribution control. The best option depends on family complexity, the size of life insurance proceeds, and longer-term goals for asset preservation and beneficiary support.
If a life insurance policy is modest in size and the beneficiary list is straightforward with adults who are financially responsible, a limited approach that names beneficiaries directly on the policy can be reasonable. Under these circumstances, the administrative costs and complexity of forming and funding an ILIT may outweigh the benefits. Families in this situation may prefer simplicity and ease of access to proceeds. It is still important to ensure designations are up to date and consistent with the overall estate plan to avoid unintended outcomes after the insured’s death.
When the insured’s total estate is unlikely to trigger substantial estate administration concerns or tax exposure, direct beneficiary designations may suffice. In smaller estates where probate costs and creditor risks are minimal, the additional steps required to form an ILIT may not be justified. However, even in modest estates, clients should consider potential future changes in assets, family structure, or taxation that could alter the appropriateness of a limited approach. Periodic review helps ensure beneficiary designations continue to reflect current goals and circumstances.
A comprehensive plan that includes an ILIT is often recommended when life insurance proceeds are significant and the estate would benefit from immediate liquidity to pay taxes, debts, or administration expenses. By placing the policy in an ILIT, proceeds can bypass probate and be available to pay obligations without depleting other estate assets that beneficiaries wish to preserve. This coordinated approach minimizes disruption to the estate settlement process and helps ensure that assets pass according to the grantor’s long-term intentions.
When beneficiaries include minors, individuals receiving government benefits, or parties with creditor exposure, an ILIT provides tools to protect proceeds and control distributions over time. Trust terms can stagger payments, create secured distributions for education or living expenses, and prevent direct cash transfers that might jeopardize benefit eligibility. Integrating an ILIT with special needs trusts or guardianship nominations helps preserve both financial and government support for vulnerable family members while honoring the grantor’s wishes for long-term stewardship of resources.
A comprehensive ILIT arrangement offers estate liquidity, structured distributions, and greater assurance that insurance proceeds will be handled according to the grantor’s intentions. It can protect proceeds from probate delays and public filings, maintain privacy for family affairs, and provide a mechanism for creditor protection in many circumstances. When combined with a revocable living trust, pour-over will, and well-drafted beneficiary designations, an ILIT helps reduce administrative friction at a difficult time while directing funds to support care, education, and financial stability for named beneficiaries.
Another advantage of a coordinated approach is its ability to anticipate changing family or financial circumstances. The trust design can consider remarriage, blended family concerns, business succession needs, and retirement account coordination. With careful drafting, an ILIT can work alongside retirement plan trusts and special needs trusts to limit unintended tax consequences and to ensure orderly transfer of wealth. Periodic review and adjustments to related documents help maintain alignment with long-term goals and shifting legal or financial conditions.
One primary benefit of an ILIT is providing immediate funds to address estate administration needs without requiring the sale of assets. Life insurance proceeds held by the trust can be distributed quickly to cover final expenses, taxes, debts, and ongoing family support. This liquidity reduces the pressure to liquidate property during probate and helps preserve the long-term value of assets intended for heirs. Because the trust defines how proceeds are used, it streamlines administration and reduces disputes among beneficiaries over distributions.
An ILIT gives the grantor control over distribution timing and conditions through enforceable trust terms. This allows for staged distributions, protections for beneficiaries who may not manage large sums well, and provisions to preserve eligibility for public benefits where necessary. The trustee’s role is to follow the trust’s instructions, ensuring funds are applied in ways that reflect the grantor’s wishes. These protections can prevent impulsive spending and protect assets from certain creditor claims, providing long-term stability for beneficiaries.
Choosing the trustee for an ILIT is an important decision because the trustee will manage premiums, coordinate with the insurer, and distribute proceeds according to the trust document. Consider someone who understands administrative duties or a corporate trustee when consistent management and continuity are priorities. The trustee should also be able to communicate clearly with beneficiaries and financial professionals. If family members are considered, discuss expectations ahead of time so they are prepared to assume responsibilities. Thoughtful trustee selection reduces administrative friction and improves the chances that the trust will be administered smoothly.
Keep complete records of all trust documents, insurance policy assignments, premium funding gifts, and trustee notifications. Periodically review the ILIT in light of life changes such as marriage, divorce, births, or significant changes in assets. Regular reviews help ensure that Crummey notices are administered correctly and that trust funding plans remain effective. Maintaining clear records and updating the plan when circumstances change reduces the risk of administrative error and helps beneficiaries obtain their intended benefits without unnecessary delay.
Families consider an ILIT when they want to provide a clear, private mechanism for distributing life insurance proceeds outside of probate while setting conditions for beneficiary distributions. An ILIT supports estate liquidity, helps protect proceeds from direct creditor claims in some situations, and allows for customized distribution timing to match family needs. For those with blended families, minors, or beneficiaries with special circumstances, an ILIT provides legal tools to maintain financial support while preserving long-term stewardship of the insurance proceeds according to the grantor’s intent.
Another common reason to pursue an ILIT is to preserve estate assets that would otherwise be sold or used to pay final expenses. When an ILIT provides immediate liquidity, it reduces the likelihood that real property or business interests must be liquidated quickly for settlement costs. Additionally, an ILIT can be integrated with other estate planning measures such as pour-over wills, financial powers of attorney, and retirement plan trusts to create a cohesive plan that addresses taxes, administration, and long-term support for beneficiaries.
Common circumstances that prompt ILIT planning include significant life insurance holdings, concerns about probate or creditor exposure, blended family arrangements, and the need to preserve benefits for vulnerable beneficiaries. Business owners and those with real estate holdings often use an ILIT to provide liquidity for succession or estate settlement. An ILIT is also considered when a grantor wants more control over the timing and conditions of distributions to heirs in order to support education, healthcare, or long-term care needs without exposing proceeds to immediate claims.
When life insurance coverage is large relative to total estate assets, placing the policy in an ILIT helps prevent an unexpected increase in estate administration complexity. The trust ownership structure separates policy proceeds from other estate assets and can provide funds to cover taxes, debts, and administration costs without forcing the sale of real property or business interests. This arrangement protects the grantor’s intent to provide for heirs while preserving other estate assets for long-term benefit and continuity.
Blended families or situations with multiple potential claimants benefit from clear, enforceable trust instructions that remove ambiguity about who receives life insurance proceeds and when distributions occur. An ILIT allows grantors to protect legacy intentions for children from a prior marriage, provide for a surviving spouse while preserving assets for descendants, and set rules that apply consistently across family circumstances. This structure can reduce conflicts and make administration more orderly when multiple interests are involved.
When beneficiaries receive means-tested government benefits, direct receipt of insurance proceeds may jeopardize eligibility. Properly drafted trust provisions, or coordination with a special needs trust, can preserve critical public benefits while providing supplemental support through trust distributions. An ILIT can be tailored to ensure funds are used for permitted expenses such as medical care, personal support, and housing without disqualifying beneficiaries from necessary programs. Professional guidance helps structure distributions to align with benefit rules.
The Law Offices of Robert P. Bergman provides estate planning services to Crestline residents, offering thoughtful ILIT drafting, trustee coordination, and document integration with revocable trusts, wills, and powers of attorney. Our goal is to help clients create plans that address liquidity needs, preserve family assets, and provide for beneficiaries under terms that reflect the grantor’s wishes. We assist with policy transfers, premium funding strategies, and trust administration preparation so trustees and families have clear instructions when the trust must be implemented.
Clients choose the Law Offices of Robert P. Bergman for practical, client-focused estate planning that addresses both immediate and long-term objectives. We take time to understand family dynamics, policy structures, and financial goals so the ILIT complements other planning tools. Our drafting emphasizes clarity and administration ease, helping trustees manage obligations and beneficiaries understand their rights. We also coordinate with financial institutions and insurers to implement ownership transfers correctly and to document the trust’s funding in a way that achieves the grantor’s intentions.
Because ILITs involve careful timing, premium funding considerations, and potential tax matters, we provide step-by-step guidance through the setup process. That includes preparing trust documents, assisting with policy assignments, and advising on Crummey notices and other procedures needed to preserve favorable tax treatment. Our role is to reduce uncertainty by creating clear instructions for trustees and by helping clients integrate the ILIT with their overall estate plan so that the plan functions smoothly when it is needed most.
Local accessibility and ongoing support matter when establishing an ILIT. We assist clients across San Bernardino County with document execution, recordkeeping, and periodic plan reviews to reflect life changes. Whether your plan needs coordination with a retirement plan trust, a pour-over will, or a special needs trust, we provide practical options and clear explanations. To begin, call 408-528-2827 to discuss how an ILIT could align with your objectives and what steps would be required to implement a durable, well-documented plan.
Our process begins with an in-depth discussion of your objectives, assets, and family considerations, followed by a review of existing estate documents. We then recommend a trust structure, prepare draft documents, and coordinate with insurers to transfer or issue policies to the trust. The trustee and funding plan are documented so that premiums can be paid and Crummey notices administered if needed. After execution, we provide trustees and families with guidance on administration and periodic review schedules to keep the plan aligned with changing circumstances.
The initial step focuses on information gathering and goal setting. We assess current life insurance policies, beneficiary designations, and other estate planning documents such as revocable living trusts and pour-over wills. This review identifies gaps and helps determine whether an ILIT is appropriate given your overall wealth structure and family priorities. We also discuss trustee selection and premium funding strategies so that the trust can be funded and maintained in a way that matches your intentions without unnecessary complications.
During this phase we collect details about existing policies, retirement accounts, real property, and potential creditors or special beneficiary needs. Understanding family dynamics and long-term goals is essential to tailor trust provisions and distribution rules. We also identify any immediate steps required to align beneficiary designations or to prepare for policy transfers. This comprehensive information helps avoid surprises and ensures the trust structure reflects both current assets and likely future changes in your estate.
With the relevant information in hand, we evaluate whether to transfer an existing policy into the trust or to have the trust acquire a new policy. We consider premium affordability, potential gift tax implications, and how to implement Crummey provisions for annual exclusion treatment. The evaluation includes coordination with insurance carriers to confirm acceptability of ownership changes and to ensure that transfers are properly documented so that the trust receives policy proceeds as intended.
In the drafting phase we prepare the ILIT document tailored to your objectives, including trustee authority, distribution standards, and premium funding mechanisms. We also prepare any supplemental documents needed for proper administration, such as notices for beneficiaries and instructions for premium contributions. Execution is handled with careful attention to signing requirements and documentation of transfers to ensure that the trust meets both legal form and practical funding needs. Clear records at execution reduce later administrative uncertainty.
Trust terms specify how and when proceeds will be used, whether distributions are fixed or discretionary, and how trustees should handle claims and investments. Trustee instructions detail premium payment procedures, recordkeeping responsibilities, and communication with beneficiaries. These provisions are drafted to be practical for administration and to reduce the likelihood of disputes. The clarity of terms impacts the trustee’s ability to carry out the grantor’s intent without unnecessary delay or ambiguity.
After documents are finalized, we coordinate signatures and handle the necessary transfers to place the policy into trust ownership. This can include assigning an existing policy or arranging for the insurer to issue a new policy owned by the trust. We verify with the carrier that beneficiary designations and ownership records reflect the trust arrangement. Documentation of these steps is retained to support proper administration and to demonstrate that proceeds should be paid to the ILIT when payable.
After formation, the trust must be funded on an ongoing basis to cover premiums, and trustees must manage administration duties such as issuing notices, maintaining records, and handling claims. Periodic review ensures the trust remains aligned with changes in family circumstances, policy performance, and applicable law. We provide guidance on administering Crummey notices when annual gifts are used to fund premiums and advise trustees on recordkeeping practices that preserve the trust’s intended tax treatment and administrative clarity.
Ongoing administration includes arranging for gifts to the trust to cover premiums, issuing beneficiary notices when required, and maintaining complete records of transfers and payments. Proper administration helps preserve favorable tax treatment and provides a clear trail for trustees and beneficiaries. Trustees must also coordinate with insurers for premium receipts and policy servicing so the trust remains in good standing and ready to receive proceeds when needed for beneficiary distributions or estate liquidity purposes.
Life changes such as births, deaths, marriage, divorce, and shifts in assets may require revisiting the ILIT and related estate documents. Periodic review helps determine whether trust terms, trustee arrangements, or premium funding approaches need updating. We assist clients with reviews and recommend adjustments that preserve the trust’s goals while responding to changed circumstances. Regular attention reduces the risk that paperwork or outdated designations will undermine the plan’s effectiveness when it is needed most.
An Irrevocable Life Insurance Trust is a trust arranged to own life insurance policies and hold the proceeds for beneficiaries under terms you specify. Once the trust is formed and the policy is transferred or issued in the trust’s name, the trustee administers the policy and receives proceeds at the insured’s death. The trust’s irrevocable nature means the grantor typically gives up the right to revoke or modify the trust unilaterally, which helps keep the proceeds from forming part of the grantor’s probate estate. The trust terms control timing and conditions of distributions to beneficiaries. The ILIT’s practical operation involves selecting a trustee to manage premium payments and claims, documenting any gifts used to pay premiums, and ensuring beneficiary designations align with the trust’s purpose. When properly funded and administered, an ILIT can provide immediate, private access to funds for estate settlement and provide structured support for heirs while preserving other estate assets. Coordination with insurers and careful recordkeeping are essential for the trust to function as intended.
An ILIT can reduce the portion of life insurance proceeds that are subject to estate administration by ensuring the trust, rather than the decedent, owns the policy. Because the policy is not part of the probate estate, proceeds received by the ILIT typically avoid probate-related delays and public filings, which can indirectly reduce administrative burdens on heirs. The effect on estate taxes depends on the size of the estate and current tax laws, so an ILIT is most beneficial when life insurance proceeds would otherwise increase estate administration complexity or potential tax exposure. It is important to plan the timing of policy transfers to avoid triggering inclusion under estate rules, and to follow required procedures such as establishing the trust well before the insured’s death. A coordinated review of all estate assets, beneficiary designations, and related documents helps determine whether an ILIT is an effective strategy for reducing estate administration costs or minimizing tax exposure in your particular situation.
Transferring a life insurance policy into an ILIT typically involves assigning ownership of an existing policy to the trust or arranging for the insurer to issue a new policy owned by the trust. The assignment process requires proper documentation and insurer approval; the insurer will update its records to reflect the trust as owner and beneficiary as directed. If an existing policy is transferred, gift tax considerations and the timing of the transfer need to be reviewed so the transfer achieves the intended estate planning outcome without unintended tax inclusion. When transfers involve gifts to the trust to cover premiums, Crummey withdrawal rights or other procedures may be used to qualify the gifts for annual gift tax exclusion. Careful coordination with the insurer, trustee, and legal counsel ensures the transfer is effective and the trust receives proceeds in accordance with the grantor’s plan. Maintaining complete records of the transfer is important for later administration and potential tax review.
A trustee should be someone or an entity capable of managing administrative duties, keeping accurate records, and following the trust’s distribution directives. Common choices include a trusted family member, a close friend with financial acumen, a corporate trustee, or a professional fiduciary. The decision factors include reliability, availability, familiarity with administrative tasks, and the level of oversight you want for distributions. Trustees must act in the trust’s best interests and coordinate with insurers and advisors to ensure premium payments and claims are handled properly. It is helpful to name successor trustees and provide clear instructions so transitions are smooth if the primary trustee is unable to serve. In some cases, appointing co-trustees or naming a corporate trustee for continuity may be appropriate. Discussing the role and its expectations with the proposed trustee in advance helps ensure they are prepared to manage responsibilities on behalf of beneficiaries.
Crummey withdrawal rights are temporary rights given to trust beneficiaries to withdraw gifts made to the trust for a limited period. These rights convert gifts into a present interest, which may qualify them for the annual gift tax exclusion. In the ILIT context, Crummey powers are commonly used when the grantor makes annual gifts to the trust to pay insurance premiums. Properly administered Crummey notices and withdrawal windows help preserve favorable tax treatment and avoid unintended gift tax issues for the grantor. To function properly, Crummey notices must comply with legal requirements and be delivered to beneficiaries in a timely manner. Trustees should keep detailed records of notices and any election to withdraw. Most beneficiaries do not exercise the withdrawal right, which allows the trust to use the funds for premiums, but the formal right and documentation support the desired tax treatment when gifts are made to the trust.
Yes, an ILIT can be structured to help preserve eligibility for means-tested government benefits for certain beneficiaries, but careful drafting and coordination are required. Often, the solution involves tailoring ILIT distribution provisions so funds are paid in a manner that supplements, rather than replaces, public benefits or by coordinating with a special needs trust when appropriate. The trust language can specify permissible uses of proceeds and authorize payments for items that enhance quality of life without disqualifying beneficiaries from benefits. Because rules governing public benefits are complex and vary by program, it is important to consider the beneficiary’s eligibility criteria when designing distributions. Working with counsel who understands benefit rules and trust drafting techniques helps ensure that funds intended to support a vulnerable beneficiary do not inadvertently reduce or eliminate critical government assistance.
An ILIT complements a revocable living trust and a pour-over will by handling life insurance proceeds separately while the revocable trust manages other assets during the grantor’s lifetime. A pour-over will can direct assets to a revocable trust upon death, while the ILIT handles insurance proceeds according to its own terms. Coordination prevents conflicts between beneficiary designations and trust terms, ensuring that life insurance proceeds follow the plan the grantor intends without undermining the distribution scheme established by other estate documents. During the planning process, we review existing trusts and wills to confirm consistency. Attention to beneficiary designations and ownership records ensures that the ILIT receives proceeds as planned and that the revocable trust or will do not create overlapping or contradictory instructions. Consistent documentation simplifies administration and avoids unintended distributions.
Common pitfalls include failing to properly transfer or retitle a policy to the trust, neglecting to coordinate beneficiary designations, and incorrectly handling Crummey notices or premium funding. Another frequent error is creating an ILIT too close to the insured’s death without allowing sufficient time to avoid estate inclusion under applicable rules. Poor trustee selection or vague trust terms can also create administration difficulties and unanticipated disputes among beneficiaries. Avoiding these pitfalls requires precise documentation, accurate insurer notifications, and thorough coordination among advisors. Regular reviews and clear trustee instructions help prevent administrative problems. Engaging counsel early in the process ensures that the ILIT is set up and funded correctly so the intended protections and benefits are realized when the trust is called upon to act.
An ILIT should be reviewed periodically, particularly after major life events such as marriage, divorce, births, deaths, changes in financial circumstances, or changes in tax law. Periodic reviews ensure that trustee designations, beneficiary instructions, and premium funding mechanisms remain appropriate. Reviews also verify that insurer records correctly reflect the trust as policy owner so proceeds flow to the trust when payable. A routine review schedule prevents administrative surprises and keeps the plan aligned with current family and financial realities. Practical review intervals vary by client, but many families review estate documents every few years or after any significant change. During reviews we check policy ownership, beneficiary status, and the sufficiency of premium funding, and we recommend adjustments when necessary to maintain the trust’s intended operation and benefits.
To begin creating an ILIT with our firm, start with a phone call to discuss your goals and existing estate documents. We will gather information about current policies, family relationships, and financial objectives to determine whether an ILIT fits your plan. After an initial review, we propose a trust structure, prepare drafts, and coordinate with insurers and trustees to implement the design. The process emphasizes clear documentation and careful timing to achieve the desired outcome without unintended tax or administrative consequences. Once you decide to proceed, we prepare the trust document and supporting paperwork, assist in transferring or issuing the policy in the trust’s name, and provide guidance on funding and trustee administration. We remain available for follow-up and periodic reviews to keep the ILIT aligned with changing circumstances and to assist trustees and beneficiaries when needed.
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