An irrevocable life insurance trust (ILIT) is a legal tool used to hold life insurance policies outside of a trustmaker’s taxable estate. For residents of Searles Valley and surrounding areas, an ILIT can help preserve wealth for heirs, provide liquidity to pay final expenses or estate taxes, and establish clear instructions for distribution. The attorneys at Law Offices of Robert P. Bergman can explain how an ILIT interacts with other estate planning documents such as revocable living trusts, pour-over wills, and powers of attorney, and help design a plan that aligns with family and financial goals.
Choosing to create an irrevocable life insurance trust involves careful consideration of timing, ownership, and control. Once a policy is transferred into an ILIT, the trust owns the policy and the grantor gives up certain rights, which can have important legal and tax consequences. It is important to consider funding needs, trustee selection, beneficiary designations, and whether lifetime gifting will be necessary to support ongoing premium payments. This guide offers an overview of how ILITs work, common circumstances that lead clients to use them, and how they fit into a broader estate plan for individuals in Searles Valley and across San Bernardino County.
An ILIT can play a key role in protecting assets from estate taxation and ensuring beneficiaries receive intended benefits without additional probate delay. By removing a life insurance policy from the trustmaker’s estate, an ILIT may reduce the estate tax burden and provide immediate liquidity at the time of death. This liquidity can pay estate settlement costs, ongoing care needs for family members, or provide equalization among heirs. Additionally, an ILIT creates a formal structure for managing insurance proceeds, preserving privacy, and avoiding the automatic distribution requirements that can accompany probate court oversight in the absence of clear planning.
Law Offices of Robert P. Bergman provides practical estate planning services for individuals and families in San Jose, Searles Valley, and throughout California. Our approach centers on listening to client goals and developing clear, durable documents such as revocable living trusts, wills, powers of attorney, and irrevocable life insurance trusts. We focus on thoughtful planning to preserve assets, protect family members, and provide for successors. Clients receive careful explanation of the choices available and step-by-step guidance during implementation so they can make informed decisions that reflect their values and financial priorities.
An irrevocable life insurance trust is a separate legal entity that owns one or more life insurance policies and names beneficiaries to receive the proceeds. Once created and funded, the trust holds legal ownership of the policy which can help keep the death benefit outside of the grantor’s taxable estate. This structure often requires annual gift funding if the trust is to pay ongoing insurance premiums. Proper drafting addresses trustee powers, distribution rules, and coordination with beneficiary designations to ensure the trust functions as intended when the insured passes away.
Timing and compliance are important considerations when establishing an ILIT. For example, transfers of existing life insurance policies can have different tax implications depending on whether the transfer occurs within three years of the grantor’s death. The trust document should clearly define trustee responsibilities, instructions for premium gifting, and contingencies for changes in policy ownership. Working through these choices helps clients in Searles Valley and San Bernardino County structure a plan that aligns with retirement planning, business succession, and family care objectives while addressing potential tax outcomes.
An ILIT is drafted as an irrevocable trust that owns and controls life insurance policies and receives the policy proceeds at death. The grantor gives up ownership rights to the policy, including the ability to change beneficiaries or reclaim the policy, which can remove the policy proceeds from the estate for tax purposes. The trustee manages the policy, receives gifts to pay premiums, and distributes proceeds according to the trust’s terms. Well-drafted ILITs include instructions for liquidity needs, special distributions for minors or dependents, and provisions that help avoid unintended tax consequences.
Essential elements of an ILIT include the trust document itself, trustee selection, funding arrangements for premium payments, coordination with beneficiary designations, and provisions addressing changes in family or financial circumstances. The process often begins with a consultation to determine objectives, followed by drafting the trust, transferring an existing policy or establishing a new policy owned by the trust, and setting up regular gifting to cover premiums. Trustees should maintain accurate records of gift receipts and distributions to support compliance with tax and fiduciary obligations.
Understanding common terms helps clients make informed choices. This glossary covers critical concepts such as grantor, trustee, beneficiary, Crummey withdrawal rights, gift tax considerations, and estate inclusion rules. Familiarity with these terms clarifies how ILITs operate and why certain drafting choices matter. The definitions below are written to provide plain-language explanations so that individuals and families in Searles Valley and nearby communities can feel more confident when reviewing trust documents and related estate planning materials.
The grantor is the individual who creates the irrevocable life insurance trust and transfers ownership of the policy to the trust. By making the transfer, the grantor relinquishes certain ownership rights, which can affect estate taxation and control over the policy. The grantor may also be the insured person under the policy, and the grantor’s decisions about funding and beneficiary instructions shape how the trust functions after death. Clear documentation of the grantor’s intent is important to avoid confusion and to support the desired tax treatment of the trust assets.
The trustee is the person or entity responsible for managing the ILIT, including owning the policy on behalf of the trust, receiving premium funding gifts, paying premiums, filing required tax returns, and distributing proceeds according to the trust terms. Trustee duties require careful recordkeeping and adherence to the trust instrument. A trustee may be a trusted family member, another individual, or a professional fiduciary, and the choice should reflect reliability, availability, and the ability to handle financial and administrative tasks related to the trust.
Beneficiaries are the individuals or entities named in the ILIT to receive insurance proceeds or other trust distributions. The trust document controls when beneficiaries receive funds and under what conditions, such as age-based distributions or needs-based support. Naming a trust as a beneficiary rather than an individual allows for management of proceeds and may protect funds from creditors or from being distributed outright to minors. Properly drafted beneficiary provisions align with the grantor’s goals for asset protection, family support, and estate tax planning.
Crummey withdrawal rights are a mechanism that allows gifts to an ILIT to qualify for the annual gift tax exclusion by giving trust beneficiaries a limited-time right to withdraw contributed gifts. This right typically lasts a short notice period and is structured so beneficiaries rarely exercise it, while still preserving the tax-efficient status of the gifting. Trust documents and communications must be carefully designed to provide the required notice and to document that beneficiaries were given the opportunity to withdraw, thereby supporting the intended gift tax treatment.
An ILIT differs from a revocable living trust or a simple beneficiary designation because it is irrevocable and intended primarily to manage life insurance outside the taxable estate. Revocable living trusts offer flexibility and can handle a broad set of assets during life and at death, while beneficiary designations may be simpler but lack the structure and protection of a trust. For some clients, a combination of instruments—such as a revocable living trust paired with an ILIT for life insurance—provides a balanced approach to asset management, tax planning, and family legacy objectives.
A more limited approach to life insurance planning may be enough for individuals with modest assets or straightforward beneficiary needs. If the primary concern is ensuring that funeral costs and immediate expenses are covered, a direct beneficiary designation or a basic payable-on-death arrangement can provide liquidity without creating a trust. In such situations, families may prefer streamlined documentation and minimal administrative burden, while reserving the option to adopt a more comprehensive trust-based strategy later if circumstances change.
Individuals who wish to minimize legal fees and administrative upkeep may choose a simpler arrangement rather than forming an ILIT. For those with limited estate planning needs or when beneficiaries are financially capable and of adult age, keeping the insurance policy in the grantor’s name with direct beneficiary designations can be practical. Such an approach reduces paperwork and trustee responsibilities. However, clients should weigh these conveniences against potential tax implications and the lack of structured protection that a trust can provide for vulnerable beneficiaries.
Comprehensive ILIT strategies are often advisable when estate tax exposure, business succession, or large illiquid assets create the need for structured liquidity at death. An ILIT can ensure that life insurance proceeds are available to pay taxes, debts, or to equalize inheritances among heirs, reducing the need to sell property or business interests under duress. Coordinating the ILIT with other estate planning documents helps ensure funds are available where and when they are needed and that transitions occur according to the grantor’s long-term intentions.
A comprehensive approach can provide protective distribution mechanisms for beneficiaries who are minors, have special needs, or may face predatory claims. By using tailored distribution provisions within the ILIT, the grantor can direct how proceeds are used for education, healthcare, or ongoing support while reducing a beneficiary’s exposure to creditors or divorce settlements. The ILIT’s trustee can administer distributions according to specified standards, helping to preserve funds across generations and fulfill the grantor’s intentions for those who depend on the estate.
A comprehensive ILIT can provide several benefits including reduction of estate inclusion for life insurance proceeds, structured distributions that meet family needs, and the creation of liquidity to manage final expenses and taxes. The added protection and planning flexibility often contribute to a smoother administration of an estate and can reduce the burden on surviving family members during an emotional time. Properly integrated ILITs can also support broader objectives such as business succession planning and multi-generational wealth transfer.
When combined with other estate planning documents like revocable living trusts, powers of attorney, and pour-over wills, an ILIT contributes to a cohesive legacy plan. The combined documents ensure that decision-making authority, incapacity planning, and asset distribution are coordinated and consistent with the client’s wishes. This coordination helps prevent unintended consequences such as asset misalignment or beneficiary conflicts, and it supports privacy by keeping insurance proceeds and many assets out of the public probate process.
One of the primary benefits of an ILIT is its potential to reduce estate inclusion for life insurance proceeds, which can lower estate tax exposure in larger estates. The trust structure provides liquidity at the time of death, enabling payment of estate settlement costs or taxes without forcing the sale of property or business interests. This planning tool allows for more orderly estate settlement and can preserve family assets for long-term needs, reducing disruption for heirs who may otherwise need to manage complex financial issues during a difficult period.
An ILIT permits the grantor to specify the timing and conditions for distributions, which protects beneficiaries from receiving large sums outright at inopportune times. Trust language can establish staggered distributions, needs-based payments, or trustee discretion for managing funds on behalf of minors or dependent adults. This level of control can minimize risks associated with creditor claims, remarriage, or poor financial management, helping to ensure that insurance proceeds serve the long-term interests of the designated beneficiaries and the family’s legacy goals.
Begin ILIT planning well before anticipated needs arise to ensure transfers qualify for intended tax treatment and to avoid rush decisions. Early planning provides time to evaluate funding strategies for premium payments, choose an appropriate trustee, and coordinate beneficiary designations with other estate documents. Starting early also allows clients to re-evaluate coverage amounts and policy types to better match long-term financial goals. Thoughtful timing reduces the risk of unintended tax consequences and helps create a smoother administration process when benefits are eventually paid to the trust.
Ensure that the ILIT is integrated with your other estate planning documents, including your revocable living trust, wills, powers of attorney, and beneficiary forms on retirement accounts. Coordination prevents conflicting instructions and helps ensure assets are managed and distributed in a consistent manner. Review beneficiary designations periodically and update the trust or related documents after major life changes like marriage, divorce, birth, or death. Ongoing reviews keep the plan aligned with changing family dynamics and financial situations.
Clients often consider an ILIT to achieve estate tax planning goals, create liquidity for final expenses, protect beneficiaries, or manage distributions to heirs who may not be ready for large outright inheritances. An ILIT can also serve business succession planning by providing funds to buy out partners or settle business-related obligations. When families seek to protect life insurance proceeds from potential creditor claims, remarriage complications, or unintended use, a trust structure provides a legal mechanism to control how proceeds are used after the insured’s death.
Other motivations include securing care for dependents, providing for a surviving spouse while preserving wealth for children, and coordinating with retirement planning to maximize available resources. People with complex asset bases or multiple real estate holdings may find that an ILIT supports orderly estate settlement by reducing pressure to liquidate valuable property. The decision to create an ILIT should reflect a careful review of goals, tax consequences, and ongoing management needs to ensure the arrangement remains appropriate over time.
Typical situations that motivate clients to form an ILIT include having a high net worth, owning closely held businesses, possessing substantial real estate holdings, or needing to provide for minor children or beneficiaries with limited financial capacity. Life insurance can provide immediate liquidity in these circumstances, and placing the policy in an ILIT helps direct proceeds under trusted terms. Individuals with blended families or complex inheritance expectations often use ILITs to balance support for a surviving spouse while preserving assets for children from prior relationships.
When an estate contains significant non-cash assets such as real estate or business interests, an ILIT can supply the funds necessary to pay estate taxes or administrative costs without forcing a sale of those assets. This approach helps preserve the continuity of family businesses or the long-term value of property. The ILIT structure ensures that proceeds are distributed under the grantor’s specified terms, reducing pressure on heirs to liquidate holdings in order to meet immediate financial obligations after death.
Parents who want to ensure that children or other dependents are cared for responsibly may use an ILIT to restrict distributions, set educational or healthcare funding parameters, and designate long-term support mechanisms. The trust can allow a trustee to manage funds for a child’s benefit until the child reaches specified ages or milestones. This approach protects assets from being squandered, provides orderly oversight during formative years, and offers clear guidance on the grantor’s intentions for supporting dependents after death.
Placing a life insurance policy into an ILIT can help shield proceeds from potential creditors or future marital disputes, when properly structured and coordinated with comprehensive estate planning. Trust provisions can limit outright distributions and include spendthrift protections that make proceeds less accessible to claimants. While no arrangement guarantees absolute protection in every circumstance, an ILIT can add a robust layer of legal structure designed to reduce the likelihood that insurance proceeds will be dissipated or diverted away from intended beneficiaries.
Law Offices of Robert P. Bergman serves individuals and families in Searles Valley and throughout San Bernardino County with comprehensive estate planning services. Our team focuses on practical and personalized solutions tailored to local needs, from revocable living trusts and wills to ILITs and special needs planning. We understand regional considerations and are committed to helping clients protect family assets, plan for incapacity, and create orderly distributions. Clients can expect careful attention to detail and straightforward explanations of their legal options.
Our firm emphasizes clear communication and thoughtful planning to help clients determine whether an ILIT fits their estate plan. We take time to understand client goals, family dynamics, and financial circumstances before proposing a tailored approach. This careful process helps align trust provisions with practical needs such as liquidity, beneficiary protection, and coordination with retirement assets. Clients appreciate receiving straightforward explanations and step-by-step guidance as they finalize documents and implement funding strategies that reflect their intentions.
We assist with all implementation tasks including drafting trust documents, transferring existing policies into trust ownership, establishing gifting procedures to cover premiums, and coordinating beneficiary designations. Our goal is to help clients avoid common pitfalls and ensure the trust operates as intended when it is needed most. We also provide ongoing review services so the ILIT remains aligned with changes in tax laws, family composition, or financial circumstances, helping families maintain a durable plan over time.
Clients benefit from practical guidance on trustee selection, recordkeeping, and how to communicate the plan to family members without creating unnecessary tension. We explain the administrative responsibilities that come with an ILIT and offer scalable solutions whether the client needs a simple structure or a more detailed plan with phased distributions. Our priority is to make sure the legal documents reflect the client’s intentions and can be implemented smoothly when the time comes.
Our process begins with an initial consultation to review family goals, assets, and the role life insurance should play in your estate plan. We then draft an ILIT tailored to those objectives and coordinate with insurers to transfer or issue policies in trust ownership. We assist in establishing the gifting mechanism to fund premiums and prepare the trustee for administrative duties. Before finalizing documents, we review integration with existing trusts, wills, and powers of attorney to ensure a cohesive plan that reflects the client’s intentions and practical needs.
The initial phase focuses on defining objectives, selecting a trustee, and drafting trust language that addresses distributions, funding, and contingency plans. We discuss whether to transfer an existing policy or to purchase a new policy owned by the trust, and we draft the trust instrument to reflect desired protections and tax considerations. This step includes detailed review and client revisions so the grantor is confident that the ILIT document matches family priorities and long-term intentions before any transfers or policy changes are executed.
We start by discussing the grantor’s objectives for the life insurance proceeds and whether the trust should provide for liquidity, equalization, or special needs planning. Trustee selection is important because the trustee will manage policy ownership and distributions. We advise clients on factors to consider such as availability, recordkeeping capability, and temperament, and discuss options for adding successor trustees or corporate fiduciaries if desired to provide continuity and impartial administration over time.
Trust drafting focuses on clear distribution standards, procedures for premium funding, and mechanisms to address beneficiary withdrawal rights and potential disputes. We include provisions for recordkeeping, trustee powers, and tax reporting obligations. The document is tailored to the client’s objectives, whether that involves outright distributions at specified ages, needs-based distributions, or retained trustee discretion. Precision in drafting helps reduce the potential for ambiguity and ensures the trust carries out the grantor’s directions when the policy proceeds are payable.
After finalizing the trust document, we assist with transferring ownership of an existing life insurance policy to the ILIT or with arranging for a new policy to be issued in the trust’s name. This step requires careful coordination with the insurance company, completion of ownership and beneficiary forms, and compliance with timing rules that may affect estate inclusion. If annual gifts are necessary to cover premiums, we prepare the appropriate notices and documentation to support gift tax exclusions and to maintain the trust’s tax-efficient status.
We handle communications with insurers to transfer policy ownership, update beneficiary designations, and, when appropriate, assist with underwriting for new policies. This coordination ensures the trust is properly listed as the owner and that policy records reflect the intended arrangement. We verify policy terms and any existing loan provisions or riders, and advise on options that could affect future administration. Proper coordination reduces administrative delays and helps confirm the trust’s legal and tax treatment once ownership changes are complete.
To keep the policy in force, trusts often rely on annual gifts from the grantor to pay premiums. We design funding protocols that may include Crummey notice procedures when appropriate, and prepare the documentation beneficiaries receive to preserve gift tax exclusion eligibility. Trustees are given templates for notices and instructions for handling gifts. Clear protocols help prevent lapses in coverage, demonstrate compliance with tax rules, and provide transparency that preserves the intended trust benefits.
Ongoing administration includes trustee recordkeeping, filing any necessary tax forms, paying premiums, and making distributions according to the trust terms after the insured’s death. Periodic reviews are important to ensure the ILIT remains aligned with changes in laws, shifts in family circumstances, or updates to other estate documents. We offer follow-up services to help trustees meet reporting requirements and to advise grantors about when adjustments may be appropriate, such as changes to funding levels or successor trustee appointments.
Trustees are responsible for maintaining accurate records of gifts, premium payments, and communications with beneficiaries. They must manage the trust assets in accordance with the document, make timely payments to keep policies in force, and prepare for distribution procedures following the insured’s death. Trustees should also be familiar with the trust’s tax obligations and reporting duties. Proper administration helps ensure the ILIT functions as intended and provides the intended benefits to beneficiaries without unnecessary delay or complication.
Regular reviews of the ILIT and related estate planning documents help ensure continued alignment with client goals, beneficiary needs, and legal changes. Life events such as births, deaths, marriages, divorces, or significant changes in financial circumstances may necessitate adjustments to funding strategies, trustee appointments, or coordination with other plans. We recommend periodic check-ins to make sure documentation remains accurate and to advise on any practical changes that may improve administration or better reflect the grantor’s intentions.
An irrevocable life insurance trust is a separate legal entity created to own life insurance policies so that the death benefits are distributed according to the trust terms rather than passing directly to designated beneficiaries. By transferring ownership of a policy to the trust, the policy proceeds may be excluded from the grantor’s taxable estate, depending on timing and compliance with tax rules. The trust name, trustee powers, and beneficiary designations work together to ensure that proceeds are managed and distributed in alignment with the grantor’s wishes. ILITs also provide structured distributions, which can be helpful for beneficiaries who need oversight or staged distributions. The trust can address when and how funds are used for education, healthcare, support, or other specified needs. Proper drafting and administration, including gifting protocols to fund premiums, are essential to maintain the intended tax and protection benefits. Working through these details helps create a durable plan tailored to family and financial objectives.
When a life insurance policy is owned by an ILIT at the time of the insured’s death, the policy proceeds are generally not included in the grantor’s gross estate for estate tax purposes. However, transfers made within a certain period before death may still be included under the three-year rule, so timing matters. Properly structured transfers completed well in advance of the end-of-life window reduce the risk of inclusion and support the goal of keeping proceeds outside the estate for tax purposes. Estate tax outcomes also depend on other estate assets and applicable tax thresholds. An ILIT should be considered as part of a comprehensive plan that examines all assets and liabilities. Coordinating the ILIT with other planning tools like revocable trusts and beneficiary designations ensures a cohesive strategy that addresses liquidity needs, tax exposure, and the intended distribution plan for heirs and dependents.
Yes. Many ILITs rely on annual gifts from the grantor to provide the trust with funds to pay insurance premiums. When designed correctly, regular gifts to the trust can qualify for the annual gift tax exclusion through mechanisms such as Crummey withdrawal notices, which provide beneficiaries with a short-term right to withdraw gifts so that they can be treated as present-interest gifts for tax purposes. It is important to follow formal procedures for notices and to keep accurate records of gift receipts and premium payments. Trustees should document each gift, any beneficiary responses, and premium disbursements. This documentation helps preserve favorable tax treatment and demonstrates compliance with the trust’s terms and applicable tax regulations, reducing the likelihood of disputes or unintended tax consequences.
A trustee should be someone or an entity that can competently manage financial and administrative obligations, keep accurate records, and act impartially in the best interests of beneficiaries. Options include a trusted family member, a friend with financial ability, or a professional fiduciary. The trustee’s duties include owning the policy on behalf of the trust, receiving gifts and paying premiums, maintaining records, providing required notices to beneficiaries, and making distributions according to the trust terms. When selecting a trustee, consider availability over time, willingness to carry out duties, and ability to manage potential conflicts among beneficiaries. Clients may name successor trustees or add corporate fiduciaries to ensure continuity if circumstances change. Clear trustee powers and guidance in the trust document can help trustees fulfill their responsibilities smoothly and in accordance with the grantor’s directions.
Crummey withdrawal rights are a technique used to allow gifts to an ILIT to qualify for the annual gift tax exclusion. Under this approach, beneficiaries receive a temporary, limited right to withdraw a portion of the gifted funds for a short period after the gift is made. If beneficiaries do not exercise that right, the funds remain in the trust to be used for premiums or other trust purposes. The notice and documentation process is important to demonstrate that beneficiaries were given the opportunity to withdraw. Including Crummey provisions requires careful drafting to ensure that notices and withdrawal procedures comply with tax rules. Trustees must provide timely notices and maintain records showing the opportunity to withdraw. When properly implemented, Crummey rights can preserve favorable tax treatment for annual gifts while allowing the trust to retain funds for premium payments and other objectives.
Transferring an existing policy into an ILIT is often possible, but timing and policy terms must be carefully considered. Transfers made shortly before death may be subject to estate inclusion rules, so doing the transfer well in advance generally avoids unintended tax consequences. Additionally, insurance companies may have requirements or forms to complete when changing policy ownership, and some policies may have loan balances or riders that need to be addressed prior to transfer. Before transferring, it is important to review the policy’s terms, confirm any outstanding loans or restrictions, and coordinate with the insurer to ensure a smooth ownership change. We help clients evaluate whether a policy transfer or purchasing a new policy owned by the ILIT is the better option based on underwriting, timing, and financial considerations.
An ILIT works alongside other estate planning documents such as a revocable living trust or a pour-over will to provide a comprehensive plan. While the ILIT specifically handles life insurance policies and related proceeds, a revocable trust can govern a broader set of assets and provide instructions for incapacity and distribution of property. A pour-over will can be used to transfer miscellaneous assets into a revocable trust upon death, ensuring that all assets are managed according to the client’s overall plan. Coordination ensures beneficiary designations and trust instructions do not conflict and that assets are directed appropriately. Reviewing all documents together helps prevent surprises and ensures liquidity needs, control of distributions, and tax planning are aligned. We routinely review existing estate plans to confirm that ILIT terms and other instruments work in harmony to fulfill client objectives.
An ILIT can provide a measure of protection for life insurance proceeds by directing distributions through a trust rather than paying beneficiaries directly. Structuring distributions and including spendthrift provisions may limit beneficiaries’ exposure to creditors or claims arising from divorce, depending on applicable law and timing. While an ILIT can reduce certain vulnerabilities, protection is not absolute in every circumstance, and outcomes may depend on the specific legal environment and trust drafting details. To maximize protective benefits, the ILIT should be carefully drafted and coordinated with other asset protection strategies. Seeking timely planning and maintaining proper separation between personal and trust assets helps strengthen the protective aspects of the trust. We work with clients to set realistic expectations about creditor protection and to design trust terms that provide meaningful safeguards consistent with legal constraints.
Because an ILIT is irrevocable, the grantor generally gives up the right to change important elements of the trust or to unilaterally access the policy once the transfer is complete. In some cases, limited flexibility can be included through carefully drafted provisions or by appointing trustees with specific discretionary powers. If a client anticipates potential future changes, discussing preferred contingency options during drafting can provide planned flexibility without defeating the trust’s intended tax or protective benefits. If a client needs to access funds or adjust planning, the options can be limited and depend on trust terms, tax rules, and the nature of the policy. Early communication with counsel and careful drafting can help align trust provisions with likely future needs while preserving the benefits that led to creating the ILIT. Periodic reviews help identify whether changes in circumstances call for alternative planning strategies.
To begin creating an ILIT in Searles Valley or San Bernardino County, schedule an initial consultation to discuss family goals, asset composition, and the role life insurance should play in your estate plan. During this meeting we review existing policies, beneficiary designations, and related estate planning documents. Based on that discussion, we recommend whether an ILIT is appropriate and outline the steps for drafting, transferring policies, and funding premiums. If you decide to proceed, we draft the trust document, assist with transferring or issuing policies in the trust’s name, and establish gifting and notice procedures. We guide clients through each administrative step and offer ongoing review services to ensure the ILIT remains effective and aligned with changing laws and family needs.
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