An Irrevocable Life Insurance Trust (ILIT) can play an important role in a comprehensive estate plan for residents of Running Springs and surrounding areas of San Bernardino County, California. The Law Offices of Robert P. Bergman assists families in structuring life insurance ownership and beneficiary designations so policy proceeds are held and distributed according to the grantor’s intentions. This page explains why an ILIT may be appropriate, describes how one functions, and outlines common considerations for funding, trustee selection, and beneficiary protections. If you own a life insurance policy and want to protect proceeds and manage tax exposure, learning about ILITs is a useful first step.
This guide outlines the practical steps involved in forming and maintaining an ILIT in California, tailored to the circumstances commonly seen in Running Springs. You will find clear definitions of core terms, a comparison of legal options, detailed descriptions of the formation and funding process, and tips to avoid pitfalls when moving a policy into trust. The goal is to give you the information needed to make informed decisions about whether an ILIT aligns with your estate planning priorities, family needs, and long-term financial objectives while preserving the intent of your life insurance arrangements.
An ILIT provides a way to remove life insurance proceeds from an estate for the purposes of administration and potential estate tax planning, while giving the grantor control over how proceeds are held and distributed to beneficiaries. In addition to reducing potential estate inclusion of life insurance proceeds, an ILIT can protect proceeds from creditor claims, provide structured distributions to heirs, and ensure proceeds are used for intended purposes such as education, care of a surviving spouse, or long-term financial security. For many families, the combination of control, protection, and orderly administration makes an ILIT a practical choice within a broader estate plan.
The Law Offices of Robert P. Bergman provides estate planning services to individuals and families across California including Running Springs and San Bernardino County. Our approach emphasizes careful document drafting, clear communication, and working closely with clients to align legal tools with family goals. We handle trust formation, funding, beneficiary coordination, and related petitions such as Heggstad and trust modification matters when appropriate. Clients appreciate a practical, solution-oriented process that addresses both immediate administrative steps and longer term considerations for preserving family assets and ensuring policies pay out according to plan.
An ILIT is a trust that owns one or more life insurance policies on the grantor’s life. When properly drafted and funded, the trust becomes the owner and beneficiary of the policy, so proceeds are paid into the trust upon the insured’s death and then distributed according to the trust terms. The grantor typically gives gifts to the trust to pay premiums, and the trustee handles policy administration and beneficiary distributions. Because the trust is irrevocable, the grantor generally cannot change the trust terms unilaterally, which is why careful planning and clear beneficiary designations are important before funding the trust.
From a practical perspective in California, timing and transfer mechanics matter. Moving an existing policy into an irrevocable trust may be effective for certain goals but may also trigger estate inclusion if not timed or structured properly. New policies can be issued to the trust to avoid inclusion, while existing policies may require a waiting period after transfer to ensure proceeds are excluded from the taxable estate. Working through California-specific estate and gift tax considerations, premium payment methods, and trustee responsibilities helps ensure the ILIT functions as intended and that beneficiaries receive the intended benefits without unnecessary delays or disputes.
An Irrevocable Life Insurance Trust is a legal vehicle that becomes the owner and beneficiary of a life insurance policy and is governed by a trust agreement that sets out how proceeds will be held and distributed. The trust is irrevocable, meaning the grantor cannot revoke or unilaterally change the trust terms after execution. A trustee administers the policy, accepts gifts to cover premiums, and distributes death benefits in accordance with the trust provisions. Proper drafting addresses transfer timing, notice requirements, trustee powers, and beneficiary instructions so that proceeds provide the intended benefit while aligning with broader estate planning goals.
Core elements of an ILIT include the grantor who creates the trust, the trustee who manages it, and the trust beneficiaries who will receive benefits. The trust document specifies trustee authority, distribution standards, and successor trustee provisions. Common processes include drafting the trust agreement, transferring ownership of a policy to the trust or issuing a new policy in the trust’s name, making premium contributions to the trust, and providing any required notices to beneficiaries when gifts are made. Regular recordkeeping, coordination with financial institutions, and review of premiums and coverage help the ILIT operate smoothly over time.
Understanding specific terms used with ILITs will help you make informed decisions. This glossary explains common words and phrases such as grantor, trustee, beneficiary, Crummey withdrawal right, funding, and estate inclusion. Becoming familiar with these definitions clarifies the role each party plays, the legal steps required to fund a trust, and the tax consequences that may arise. Learning the terminology also makes it easier to follow conversations with counsel, trustees, and financial advisors when establishing or maintaining an ILIT in California.
An irrevocable trust is a trust that cannot be revoked or modified by the grantor once it is executed except in limited circumstances provided by law or by terms in the trust itself. Because the grantor gives up ownership rights to assets placed in an irrevocable trust, those assets are generally removed from the grantor’s estate for certain legal purposes. Irrevocable trusts are commonly used to hold life insurance policies, protect assets from creditors, and manage distributions for beneficiaries according to the trust terms. Proper drafting is necessary to achieve the intended estate planning result.
A Crummey withdrawal right is a limited opportunity given to beneficiaries to withdraw a portion of a current gift to a trust, typically used to qualify contributions for the annual gift tax exclusion. For ILITs, trustees often provide beneficiaries a brief notice that allows them to exercise the withdrawal right within a defined timeframe. If beneficiaries do not exercise the withdrawal right, the funds remain in the trust to be used for premiums or other trust purposes. Including Crummey language and proper notice procedures in the trust is often necessary to preserve favorable gift tax treatment under federal rules.
The grantor is the person who creates the trust and typically funds it by transferring ownership of a life insurance policy or making gifts to the trust to pay premiums. In the context of an ILIT, the grantor’s actions in drafting the trust and making premium gifts help establish the trust as the legal owner and beneficiary of the policy. Because an ILIT is irrevocable, the grantor gives up direct control over the policy once it is transferred. The trust document should reflect the grantor’s intent regarding how proceeds are to be managed and distributed to beneficiaries.
The gift tax exclusion allows an individual to transfer a certain amount per recipient each year without using lifetime gift tax exemptions. For ILITs, properly structured gifts used to pay policy premiums may qualify for the annual exclusion when conditions such as Crummey withdrawal notices are met. Using the annual exclusion can be an efficient way to fund premium payments into an ILIT without creating immediate gift tax consequences. It is important to follow IRS rules and keep clear records of notices and contributions to preserve this favorable treatment.
When deciding how to manage life insurance proceeds, homeowners and policyholders in Running Springs can compare ILITs with alternatives like beneficiary designations payable directly to individuals, payable-on-death accounts, or using a revocable living trust. Each option has trade-offs: direct beneficiary designations are simple but may leave proceeds subject to estate claims or lack structured distribution controls; revocable trusts offer control but do not remove assets from the taxable estate while the grantor is alive. An ILIT is a more structural approach focused on holding and distributing insurance proceeds outside the estate under specific terms.
A more limited approach may be appropriate when life insurance policies are small, beneficiaries are trusted to manage funds responsibly, and estate tax exposure is not a primary concern. In those situations, keeping beneficiary designations straightforward and using a revocable trust or payable-on-death arrangements can reduce administrative complexity and cost. If your primary objective is a direct and quick payout to a specific person and there are no creditor or estate tax concerns, a simple beneficiary designation may be adequate without the need to form an irrevocable trust.
A narrow approach can also be suitable when the planning horizon is short, for example during a transition period while other estate planning documents are being updated. If there is an expectation of significant change to family circumstances or assets in the near term, avoiding an irrevocable structure until goals are settled may be prudent. Limited measures allow greater flexibility and can be less costly to implement, giving time to evaluate whether an ILIT or other trust-based solution is the best long term option for your family and financial picture.
When life insurance policies are large relative to the overall estate, or when there is potential estate tax exposure, a comprehensive trust-based plan offers significant advantages. An ILIT structured and funded correctly can remove policy proceeds from the taxable estate, prevent unintended estate inclusion, and provide planning mechanisms to address tax consequences. Comprehensive planning coordinates trust documents, beneficiary designations, and premium funding strategies to reduce the risk of adverse treatment and align the management of insurance proceeds with broader estate and financial goals.
A comprehensive approach is often preferred when families have blended relationships, minor or vulnerable beneficiaries, creditor exposure, or concerns about future use of proceeds. An ILIT can provide tailored distribution provisions, spendthrift protections, and trustee directions to ensure proceeds are used for intended needs rather than being immediately accessible in ways the grantor would not want. A thorough planning process helps identify these concerns and crafts trust provisions that protect beneficiaries while allowing for flexibility where appropriate.
A comprehensive ILIT approach brings clarity and structure to life insurance ownership and beneficiary management, with benefits that include potential estate tax mitigation, protection against creditor claims, and the ability to set specific distribution terms. Carefully drafted trust documents and coordinated funding strategies promote smooth administration at death, reducing uncertainty and potential disputes among heirs. Thorough planning also anticipates practical matters such as trustee succession, tax reporting, and coordination with other estate planning documents like pour-over wills and retirement plan beneficiary designations.
Comprehensive planning helps avoid common pitfalls such as failing to properly transfer ownership, not accounting for Crummey notice rules, or neglecting to fund the trust timely. It also enables families to set realistic expectations for how proceeds will be used, to provide for contingencies, and to incorporate charitable or special needs provisions where appropriate. Overall, a holistic approach increases the likelihood that policy proceeds will accomplish the grantor’s objectives and will be distributed in a way that supports beneficiaries and preserves family wealth.
An ILIT can be part of a strategy to reduce the potential inclusion of life insurance proceeds in a deceased person’s estate for estate tax purposes when appropriately structured and timed. Removing policy ownership and beneficiary rights from the individual’s estate can help limit taxable assets and preserve more of the estate for intended recipients. Achieving this outcome depends on careful drafting, proper transfer procedures, and attention to timing rules, so it is important to coordinate the ILIT with other estate planning documents and financial arrangements to realize the intended tax benefits.
A comprehensive ILIT provides clear instructions for how proceeds should be managed and distributed, which can protect beneficiaries from poor financial decisions and help ensure funds serve long-term needs. Trustees can be given specific powers to invest proceeds, make staged distributions, or provide funds for particular purposes such as education or medical care. By setting these terms in the trust document, the grantor gains confidence that proceeds will be used according to carefully considered priorities rather than being subject to immediate or unintended consumption.
Choosing the right trustee is a foundational decision for an ILIT. The trustee will manage the policy, accept premium gifts, provide required notices to beneficiaries, and handle distributions in accordance with the trust terms. A trustee may be an individual or a professional fiduciary, depending on family needs and the complexity of the arrangement. Consider a person or entity that can communicate effectively with beneficiaries, maintain accurate records, and follow the trust terms consistently. Clear drafting of trustee powers and successor provisions helps avoid administrative confusion over time.
Ongoing recordkeeping for premium payments, notices, trustee decisions, and beneficiary communications is essential to ILIT administration. Periodic review allows adjustments for changing family circumstances, updates to contact information, and coordination with other estate planning documents like wills and beneficiary forms on retirement accounts. Regular reviews also provide an opportunity to confirm that the trustee continues to act in the best interests of the trust and that funding remains sufficient to keep policies in force. Clear records improve transparency and ease of administration when claims arise.
An ILIT is worth considering if your goals include protecting life insurance proceeds from estate claims, providing structured distributions to beneficiaries, or coordinating benefits with other estate planning tools. People often choose an ILIT to ensure proceeds are used for specific purposes such as family support, education, or charitable gifts. The trust can also help prevent proceeds from being consumed immediately by creditors or mismanagement. If you have significant policy values or complex family dynamics, an ILIT offers an organized way to achieve greater control over how proceeds are handled after your passing.
Other motivating reasons include the desire to separate ownership of a policy from personal assets, to reduce the likelihood of estate inclusion under certain conditions, and to implement distribution rules that match your priorities. An ILIT can complement other instruments like revocable living trusts, pour-over wills, and powers of attorney. By coordinating these documents, homeowners and policyholders in Running Springs can create a consistent plan that reflects financial goals and family needs while addressing practical matters such as premium funding, trustee duties, and beneficiary notifications.
Situations that commonly prompt clients to establish an ILIT include owning high-value life insurance policies, anticipating estate tax exposure, providing for minor children or beneficiaries with special needs, and seeking to protect proceeds from creditors or remarriage scenarios. An ILIT can also be appropriate where grantors expect to make ongoing gifts to cover premiums and want those gifts managed by a trustee. Each family’s facts differ, so analyzing assets, beneficiary needs, and tax considerations helps determine whether an ILIT is the right tool.
When life insurance policies represent a substantial portion of overall wealth, using an ILIT can help separate policy proceeds from the taxable estate and provide a structured mechanism for distributing those proceeds. This is particularly relevant for people whose combined estate and insurance values could trigger complex administration or increase tax exposure. Transferring ownership to a trust and making premium gifts under the correct procedures helps align insurance proceeds with long-term family goals while addressing potential estate concerns.
Clients who are concerned about estate tax exposure may use an ILIT as part of a broader strategy to reduce the taxable estate and preserve assets for heirs or charitable beneficiaries. While estate tax rules are federal and can change, careful planning around policy ownership, timing of transfers, and premium funding can reduce the risk of adverse tax treatment. An ILIT is one tool among many that can be coordinated with other planning steps to address tax considerations and to provide predictable outcomes for beneficiaries.
An ILIT can protect policy proceeds from creditors, judges, or beneficiaries who might otherwise access funds immediately upon receipt. Trust provisions can be drafted to provide spendthrift protection, specify permissible uses for funds, and create staged distributions that promote long-term security for heirs. This is particularly useful when beneficiaries are minors, have limited financial experience, or face creditor exposure. Protecting proceeds through a trust structure helps preserve family wealth and ensures distributions are consistent with the grantor’s intentions.
At the Law Offices of Robert P. Bergman we assist Running Springs residents with ILIT formation, trust funding, and related estate planning documents. Our team works to understand family goals, coordinate transfers of life insurance policies into trust, and prepare the notices and recordkeeping required to support favorable tax treatment when applicable. We also help with related petitions and documents such as Heggstad petitions, pour-over wills, powers of attorney, and guardianship nominations. To discuss ILIT options tailored to your situation, contact our office at 408-528-2827 to schedule a consultation.
Clients select the Law Offices of Robert P. Bergman because we focus on creating practical estate plans that reflect personal priorities and family circumstances. Our approach emphasizes careful drafting, timely funding, and clear communication about trustee duties and beneficiary notices. We work to ensure that trust documents are tailored to your objectives and coordinated with other estate planning instruments, such as pour-over wills and retirement account beneficiary designations, so that the plan operates consistently and predictably when needed.
We also help clients navigate the administrative steps involved in transferring policy ownership, making premium gifts, and preserving available tax treatments when appropriate. Our goal is to make the process as straightforward as possible by providing practical guidance on documentation, notices, and ongoing recordkeeping. For Running Springs clients, local considerations and California law nuances are integrated into the planning process so the trust functions as intended and aligns with state legal requirements and common probate practices.
Transparent communication and responsive client service are central to how we operate. We explain options in clear terms, outline expected timelines and fees, and provide ongoing support for trustee transitions or trust administration matters. If circumstances change, we assist with trust modifications or related petitions where appropriate, always with an emphasis on achieving your planning goals and protecting beneficiary interests. Reach out by phone at 408-528-2827 to discuss how an ILIT could fit into your estate plan.
Our process begins with a detailed discussion of your aims, followed by a review of existing life insurance policies and beneficiary designations. We then draft a trust document that reflects your instructions, coordinate the transfer or issuance of policies to the trust, and document premium funding. After formation we assist with ongoing administration steps, including notices and recordkeeping, to ensure the trust continues to operate in alignment with your goals. The process emphasizes clarity, compliance, and practical administration for your family’s peace of mind.
During the initial meeting we discuss your objectives, review existing insurance policies, and gather financial and family information necessary to design the trust. We will review policy ownership, beneficiary designations, premium schedules, and any existing estate planning documents such as wills or revocable trusts. This information helps identify whether a transfer into an ILIT or creating a new policy in trust best meets your needs. We also explain timing considerations and any potential implications for estate or gift reporting.
Collecting complete policy information, including policy numbers, ownership documentation, and premium schedules, helps determine the most effective funding approach. We also gather financial statements, retirement account beneficiary designations, and details about intended beneficiaries such as ages and special needs. This thorough information gathering enables careful coordination between the trust terms and other assets, ensuring beneficiary distributions and tax considerations are aligned with your overall planning goals and family circumstances.
We work with you to clarify how proceeds should be used, whether distributions should be immediate or staged, and what protective provisions may be appropriate. We discuss funding methods for premiums, such as direct gifts to the trust or other arrangements, and whether Crummey provisions will be incorporated to preserve gift tax exclusions. This stage sets the framework for a trust document that reflects both practical needs and long-term intentions for handling insurance proceeds.
Once objectives and details are settled, we draft a trust document tailored to your instructions, specifying trustee powers, beneficiary provisions, distribution standards, and successor trustee arrangements. The draft addresses administrative matters such as notice procedures, recordkeeping requirements, and terms governing investments and distributions. After review and any revisions, the trust is executed in accordance with California law so the trust becomes an enforceable instrument ready to accept policy ownership and contributions.
The trust document should be precise about trustee authority to own and manage life insurance policies, accept premium gifts, provide beneficiary notices, and make distributions. Clear provisions for successor trustees, trust termination, and dispute resolution help reduce future conflicts. We tailor the language to match your distribution preferences and protect beneficiary interests, while ensuring the document interacts properly with other estate planning instruments such as pour-over wills and powers of attorney.
Funding an ILIT requires attention to tax rules and procedural steps that can affect estate inclusion and gift tax treatment. We provide guidance on how to structure premium gifts, draft Crummey notices when applicable, and time transfers to help achieve the desired outcome. Coordination with accountants or tax advisors is recommended when complexity warrants additional tax planning. Documentation is maintained to support the treatment of gifts and to demonstrate compliance with relevant notice and reporting requirements.
After formation, the trust must be funded by transferring ownership of the policy or by contributing premiums that maintain coverage. Trustees handle notices, keep records of contributions and distributions, and ensure premiums remain paid to avoid policy lapse. The trust may also require periodic reviews to confirm it remains aligned with family circumstances and other estate planning documents. Ongoing administration ensures the trust continues to serve its intended purpose and that beneficiaries receive the protections and distributions specified by the grantor.
Transferring ownership of an existing policy to the trust or issuing a new policy in the trust’s name are common funding approaches. Trustees must ensure premium payments are received and that the trust remains in good standing so coverage continues. Proper documentation of transfers, premium gifts, and any beneficiary notices is essential to support the intended treatment and to assist with future administration or claims. Attention to these details reduces the risk of lapse or unintended consequences.
Trustees retain records of contributions, notices to beneficiaries, and policy documents to facilitate transparent administration and to support tax or legal positions if questions arise. At the insured’s death the trustee files claims with the insurance company, collects proceeds, and distributes funds according to trust terms. Maintaining clear records and following the trust’s procedures helps expedite claims processing and reduces the opportunity for disputes among beneficiaries or with creditors.
An Irrevocable Life Insurance Trust (ILIT) is a trust that becomes the owner and beneficiary of a life insurance policy. The grantor establishes the trust and names a trustee to manage the policy, accept gifts to pay premiums, and make distributions to beneficiaries under the terms set forth in the trust document. Because the trust is irrevocable, the grantor generally cannot revoke the arrangement, which helps ensure the policy proceeds are held and distributed according to the trust’s provisions rather than being subject to direct beneficiary control or immediate estate claims. The trustee administers the trust by maintaining records, paying premiums from trust funds or gifts, and filing claims when the insured dies. Proper drafting and funding steps, including any required notices to beneficiaries, help align the trust’s treatment with estate planning goals. An ILIT can be used to protect proceeds, provide structured distributions, and coordinate with other estate planning tools to achieve the grantor’s objectives.
Transferring ownership of an existing life insurance policy into an ILIT can have tax implications that depend on timing and the nature of the transfer. In some circumstances, a transfer made within a certain lookback period before death may result in the policy proceeds being included in the deceased’s estate for federal estate tax purposes. New policies issued in the name of the trust generally avoid this inclusion. Additionally, gifts to the trust to pay premiums may qualify for the annual gift tax exclusion if proper notice procedures such as Crummey provisions are followed. Because tax rules are complex and subject to change, careful planning and coordination with tax advisors is recommended when funding an ILIT. Documenting gifts, providing required notices, and understanding timing rules are important steps to preserve the intended tax treatment and avoid unintended consequences for the estate and beneficiaries.
Crummey notices provide beneficiaries with a temporary right to withdraw current gifts made to the trust, which helps those gifts qualify for the annual gift tax exclusion. For ILITs, trustees commonly provide written notices to beneficiaries when premium gifts are made, outlining the limited withdrawal window. If beneficiaries do not exercise their withdrawal right within the notice period, the funds remain in the trust and are used to pay premiums or for other trust purposes as directed in the trust document. Including Crummey language and following notice procedures consistently is important to support the gift tax exclusion and the intended treatment of premium contributions. Trustees should keep records of notices and any beneficiary responses, and the trust document should clearly set out the notice process and the mechanics of withdrawal rights to avoid disputes or IRS challenges regarding the tax treatment of the gifts.
Naming a spouse as trustee is permissible in many situations, but it is important to consider how that choice intersects with estate inclusion and control concerns. If the spouse has certain powers over the trust or the policy that could be construed as retaining control or ownership, it could have implications for estate inclusion. Careful drafting can allow a spouse to serve in an administrative role while limiting powers that would cause adverse tax or estate treatment, and provisions for successor trustees can provide continuity if the spouse cannot serve. Appointing a spouse as both trustee and beneficiary requires balancing the desire for family involvement with the need to preserve the legal and tax objectives of the ILIT. Discussing trustee powers, potential conflicts, and succession arrangements with counsel will help create a structure that respects family preferences while protecting the trust’s intended legal and financial benefits.
The time required to set up and fund an ILIT depends on factors such as whether a new policy will be issued in the trust’s name or an existing policy will be transferred, the complexity of the trust terms, and coordination with financial institutions and beneficiaries. Drafting the trust document and executing it can typically be completed in a few weeks, while transferring ownership of an existing policy or arranging for a new policy may add additional time depending on insurer processes. Advance preparation of beneficiary and policy information speeds the process. Funding the trust involves making premium gifts and providing any required Crummey notices, and trustees must maintain documentation to support gift tax treatment. Overall, planning sessions, document preparation, policy transfers, and initial funding commonly take several weeks to a few months depending on the specifics, and beginning the process early allows time to address any unexpected issues.
If premiums are not paid after a policy is transferred into an ILIT, the policy may lapse, causing loss of coverage and defeating the trust’s intended purpose of providing proceeds for beneficiaries. Trustees should maintain clear records of premium obligations and ensure that adequate funding is available to keep the policy in force. Contingency planning may include provisions for alternative funding sources, lapse prevention measures, or instructions for replacement coverage if premiums can no longer be maintained. Regular communication between the grantor, trustees, and any financial contributors helps avoid unintentional lapses. Trustees should be proactive in tracking premium schedules, notifying funding parties when contributions are needed, and documenting steps taken to preserve coverage so that beneficiaries will receive the intended benefits when the insured passes away.
Because an ILIT is irrevocable, making changes after execution is limited, but some modifications or petitions may be possible in specific circumstances under California law. Where trust provisions allow certain reserved powers or where all beneficiaries consent, modifications may be achievable without jeopardizing the trust’s purposes. In other cases it may be necessary to seek court approval to adjust terms or to address unforeseen issues affecting administration. Anticipating potential changes at the drafting stage by including flexible yet protective provisions can reduce the need for later court intervention. If circumstances change materially, discussing options with counsel early is important to understand whether the trust can be adjusted and how any changes could affect tax treatment or beneficiary rights. Thoughtful drafting at the outset and careful ongoing administration can minimize the need for later modifications while preserving the trust’s intended function.
An ILIT typically operates alongside other estate planning documents such as a revocable living trust and a will, and coordination among these instruments is essential. A pour-over will can direct assets to a revocable trust on probate, while an ILIT specifically holds life insurance policies separate from the revocable trust’s assets. Ensuring beneficiary designations and trust ownership are consistent with the overall plan helps prevent conflicts and unintended estate inclusion of policy proceeds. During planning, it is important to align the ILIT with retirement account beneficiary designations, powers of attorney, and guardianship nominations so that the entire plan works together. Coordinated review and updates across documents reduce the risk of contradictions and help ensure that assets transfer according to your combined estate planning objectives.
While ILITs are commonly associated with higher-value policies or significant estate planning needs, they can be appropriate for a range of families whose primary goals are to protect policy proceeds, provide structured distributions, or coordinate insurance with a larger estate plan. The decision to use an ILIT depends on the value of policies, desired distribution controls, creditor protection needs, and whether removing proceeds from the taxable estate is a priority. Even moderate policies can benefit from careful planning when family dynamics or beneficiary protection concerns exist. Evaluating the potential benefits against the costs and administrative requirements helps determine whether an ILIT is the right solution. For some families, simpler approaches suffice; for others, the additional structure and protections an ILIT provides justify the effort. Discussing specific circumstances with counsel helps clarify whether the trust aligns with your objectives and whether alternatives might be more suitable.
To begin creating an ILIT in Running Springs, start by gathering information about your life insurance policies, including ownership, beneficiaries, and premium schedules, as well as details about intended beneficiaries and financial goals. Contact the Law Offices of Robert P. Bergman to schedule a consultation where we will review your documents, discuss objectives, and provide a plan for drafting, funding, and administering the trust. We will also explain necessary notices and recordkeeping to preserve the intended treatment of premium contributions and policy transfers. During the initial meeting we outline timelines, fees, and the steps necessary to establish and fund the trust. We then draft a trust document tailored to your instructions, assist with transferring or issuing policies in the trust’s name, and advise on ongoing administration. Beginning with a clear discussion of goals ensures the ILIT is structured to meet your family’s needs and integrates with the rest of your estate plan.
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