An Irrevocable Life Insurance Trust, often called an ILIT, is a tailored estate planning tool used to hold life insurance policies outside of a taxable estate. At the Law Offices of Robert P. Bergman, we help families in Country Club and the surrounding communities understand how an ILIT can protect proceeds for beneficiaries while providing potential estate tax advantages and clear distribution instructions. This guide explains the fundamentals, typical uses, and common documents connected with ILITs so you can decide whether this approach fits your broader estate planning needs and family goals.
Choosing to create an ILIT involves careful consideration of financial goals, family dynamics, and coordination with existing trusts and retirement accounts. The process can affect liquidity, lifetime gifting strategies, and beneficiary designations, and is commonly used alongside revocable living trusts, pour-over wills, and health care directives. Our description highlights practical steps, possible benefits, and typical limitations so you can evaluate the ILIT’s role in a holistic plan. If you have immediate questions or wish to schedule a consultation, contact the Law Offices of Robert P. Bergman for a clear review tailored to your situation.
An ILIT can preserve life insurance proceeds for heirs while potentially reducing the amount subject to estate taxation and avoiding probate complications tied to a decedent’s estate. It provides a mechanism for controlling distribution timing and conditions, offering protections for vulnerable beneficiaries and facilitating orderly wealth transfer. When integrated with documents like a revocable living trust, pour-over will, and powers of attorney, an ILIT supports a broader plan that aligns asset management, tax planning, and family intentions. This approach is particularly useful for individuals seeking predictable outcomes and clear stewardship of life insurance funds after their passing.
The Law Offices of Robert P. Bergman provides estate planning services to families throughout San Joaquin County and beyond, combining practical legal knowledge with an emphasis on clear communication. Our attorney-led team focuses on documents commonly used with ILITs, such as pour-over wills, certificates of trust, and powers of attorney, and we work to coordinate life insurance ownership structures with overall estate plans. We prioritize straightforward explanations, careful drafting, and proactive administration recommendations to help clients make informed choices that reflect their values and financial circumstances.
An ILIT is a trust designed to own and control life insurance policies for the benefit of named beneficiaries. Once created, ownership and incidents of ownership of the policy are transferred to the trust, which typically removes the policy proceeds from the insured’s taxable estate. The trust document sets terms for how and when distributions occur, who serves as trustee, and how the funds should be managed for minors, adults with special needs, or other designated recipients. ILITs require attentive administration to preserve tax treatment and to ensure beneficiary directions are clear and enforceable in the future.
Because an ILIT is irrevocable, the grantor generally gives up the ability to alter trust terms or reclaim trust property after the trust is funded. This permanence is intentional, as it supports certain tax benefits and creditor protections. Creating an effective ILIT involves drafting precise trust provisions, funding the trust correctly, and coordinating premium payments and gift tax reporting. Regular review is also important when life circumstances change, for example after marriage, divorce, birth of children, or modifications to other estate plan documents like a revocable trust or retirement plan beneficiary designations.
An Irrevocable Life Insurance Trust is a separate legal entity that owns a life insurance policy and holds the policy proceeds for beneficiaries according to the trust terms. The trust typically names a trustee to manage the policy, receive proceeds after the insured’s death, and distribute funds per the grantor’s instructions. Because ownership is outside the insured’s estate when structured correctly, proceeds may avoid estate taxation and probate, providing a faster and private distribution process. Proper setup requires attention to timing, gifting rules, and coordination with the insured’s broader financial and estate planning arrangements.
Establishing an ILIT involves drafting the trust instrument, naming a trustee and beneficiaries, transferring an existing policy or purchasing a new one in the trust’s name, and setting up premium payment arrangements. Gift tax considerations often arise when family members transfer funds to the trust to pay premiums, and appropriate gift documentation and Form 709 reporting may be necessary. The trust should also include provisions for successor trustees, distribution triggers, and instructions for handling taxable events. Ongoing administration, accurate recordkeeping, and coordination with other instruments are essential to maintain the trust’s intended benefits.
Understanding the vocabulary associated with ILITs helps clients make informed decisions. Terms like grantor, trustee, beneficiary, incidents of ownership, gifting, and estate inclusion are commonly used in planning and administration. Knowing what these concepts mean in practice can clarify the roles and limits that an ILIT creates. This section defines important terms and explains how each concept affects policy ownership, tax treatment, and post-death administration so that you can better evaluate whether an ILIT aligns with your estate planning priorities.
The grantor is the individual who creates the trust and transfers assets into it. In the context of an ILIT, the grantor may initially own the life insurance policy and then transfer ownership to the trust, or the grantor may fund the trust so the trustee can purchase a policy. The grantor’s actions determine tax and control consequences, so careful drafting and timing are important. Once the ILIT is established and funded, the grantor typically cannot revoke the trust or reclaim the policy if the goal is to keep proceeds outside the taxable estate.
Incidents of ownership refer to rights over a life insurance policy that, if retained by the insured, can cause the policy proceeds to be included in the insured’s estate for tax purposes. Examples include the right to change beneficiaries, surrender the policy, borrow against the policy, or change ownership. For an ILIT to achieve its intended tax treatment, the insured must relinquish incidents of ownership by transferring those rights to the trust, ensuring the policy proceeds are treated as trust property rather than part of the insured’s estate.
The trustee is the person or entity responsible for managing the ILIT according to the trust terms and applicable law. The trustee’s duties include holding the policy, making or receiving premium payments from trust funds, filing tax returns if required, distributing proceeds to beneficiaries, and keeping detailed records. Choosing a trustee involves balancing familiarity with the family’s circumstances, administrative competence, and impartiality. The trust should name successor trustees and specify replacement procedures to ensure continuity in management over time.
Crummey gifts are a common gift-tax planning mechanism used to fund an ILIT so that premium payments qualify for the annual gift tax exclusion. A Crummey provision gives beneficiaries a limited, enforceable right to withdraw contributions for a short period, which can make contributions present interest gifts under federal law. These notices and withdrawal windows must be properly administered and documented for the gift exclusion to apply. Careful recordkeeping and timely communication to beneficiaries are essential to preserve the intended tax benefits of these gifts.
When evaluating an ILIT, it helps to compare it with alternative strategies like keeping a policy in one’s individual name, using a revocable living trust to hold assets, or relying on beneficiary designations on retirement accounts. Each path has trade-offs related to control, tax treatment, flexibility, and administration. An ILIT generally offers stronger protection for life insurance proceeds from estate inclusion and certain creditor claims, but it provides less flexibility than revocable arrangements. The appropriate choice depends on family priorities, tax exposure, and how much transfer control is desired after death.
A limited approach, such as maintaining a life insurance policy in one’s own name and relying on standard beneficiary designations, can be appropriate when the estate is modest and estate tax exposure is unlikely. This approach keeps administration simpler, avoids irrevocable transfers during life, and allows the policy owner to retain flexibility over changes. For many families, straightforward beneficiary naming combined with a pour-over will and a revocable living trust provides adequate control and convenience without the permanence and administrative needs of an ILIT.
If maintaining control over insurance policy terms and the ability to modify beneficiaries or surrender the policy is a priority, keeping the policy outside an irrevocable structure may make sense. A revocable living trust and durable powers of attorney can help manage financial and health decisions during life while preserving flexibility to adapt plans as circumstances change. This option favors individuals who anticipate changes in family composition or financial goals and who prefer to avoid the stricter, permanent restrictions that come with irrevocable transfers.
An ILIT functions best when it is integrated with the rest of an estate plan, including revocable trusts, pour-over wills, powers of attorney, and health care directives. Coordination ensures beneficiary designations do not conflict, funding is handled correctly, and tax strategies are aligned. Without cohesive planning, unintended overlaps or gaps can occur, potentially undermining the ILIT’s purpose. Thoughtful drafting, consistent beneficiary instructions, and clear funding mechanisms support seamless administration and respectful implementation of the grantor’s intentions after death.
Funding an ILIT often involves annual gifts to cover premiums and may require gift tax reporting and compliance with exclusion procedures. Administrative tasks include sending Crummey notices when applicable and tracking trust contributions and withdrawals. Accurate recordkeeping and timely filings can help preserve favorable tax outcomes and avoid unintended tax consequences. A comprehensive approach ensures the grantor and trustee understand reporting obligations, maintain documentation, and plan gifting strategies in a way that supports both current needs and long-term estate goals.
A comprehensive approach to an ILIT and broader estate plan can produce several practical benefits, including smoother administration, clearer distribution instructions for beneficiaries, and potential estate tax mitigation. Coordination reduces the risk of conflicting beneficiary designations and can help ensure liquidity to pay expenses like taxes and final costs. When managed thoughtfully, an ILIT also supports creditor protection and structured distributions for beneficiaries who may need guidance managing assets. Overall, integration promotes predictability, privacy, and respect for the grantor’s wishes.
In addition to tax and administrative advantages, a comprehensive strategy fosters continuity by naming successor trustees, outlining procedures for successor management, and setting conditions for distributions when appropriate. This reduces the likelihood of family disputes and confusion over intent. By aligning the ILIT with health care directives, powers of attorney, and trust instruments, families can create a cohesive plan that addresses incapacity and end-of-life decision-making as well as the transfer of assets. Such planning provides families with clarity and practical next steps during difficult times.
An ILIT allows the grantor to set detailed instructions about when and how life insurance proceeds are distributed, which can be especially helpful for adult beneficiaries who may benefit from staged distributions or trust oversight. These provisions can protect funds intended for long-term needs, clarify purposes for distributions, and help prevent rapid depletion of assets. Thoughtful drafting can balance beneficiary access with preservation, giving trustees clear authority to manage funds consistent with the grantor’s intentions and the family’s needs over time.
When an ILIT is properly structured and funded, life insurance proceeds may not be included in the insured’s taxable estate, which can reduce overall estate tax exposure for larger estates. Additionally, because proceeds pass through the trust rather than the probate court, distribution can be faster and more private than assets that must undergo probate administration. These benefits support a smoother transition of resources to beneficiaries and can reduce administrative burdens at a time when families prefer clarity and swift access to funds for final obligations and ongoing needs.
When funding premium payments for an ILIT, it is important to establish clear records that demonstrate the source and timing of contributions. Using trust bank accounts or formal gift transfers with supporting documentation helps show that premium payments were made properly. If annual gift exclusions are being used, maintain cronological records of notices to beneficiaries and any withdrawal rights offered. Clear documentation simplifies administration, supports compliance with tax reporting, and reduces the risk of disputes about whether payments were treated as present interest gifts.
Ensure that beneficiary designations on life insurance policies, retirement accounts, and other payable-on-death assets align with the terms of the ILIT and the overall estate plan. Mismatched beneficiary forms can undermine the trust’s purpose and create confusion or unintended distributions. Regularly review and update designations after major life events such as marriage, divorce, births, or deaths. Coordination reduces the risk of conflicts between trust documents and account forms, and helps ensure that the grantor’s intentions are carried out effectively.
Consider an ILIT if your objectives include keeping life insurance proceeds out of your taxable estate, protecting assets for beneficiaries, and providing structured distributions to meet specific needs. An ILIT can be especially appealing for families with significant life insurance holdings or those who want to ensure proceeds are managed by a trustee rather than passing directly to heirs. This strategy can also help provide liquidity to pay estate obligations and support heirs who may need oversight or phased access to funds for long-term financial security.
An ILIT may also be appropriate when coordinating with other planning tools like revocable trusts, pour-over wills, or retirement account strategies. By integrating the ILIT into a comprehensive plan, you can reduce the likelihood of unintended tax consequences and create a clear roadmap for administration after death. Families with special needs dependents or those concerned about creditor claims often find that an ILIT’s structure can provide greater protection for life insurance proceeds and ensure funds are available for their intended purposes.
People commonly consider an ILIT when they have substantial life insurance policies, are concerned about estate tax exposure, want privacy and speed in distributing proceeds, or wish to control payout timing for beneficiaries. It is also considered when coordinating multi-generational planning, protecting assets from potential creditor claims, or providing for minors and vulnerable family members. An ILIT can be tailored to address these specific concerns and to function as part of a cohesive plan that balances tax, distribution, and protection goals over the long term.
When life insurance proceeds are significant relative to an individual’s estate, including those proceeds within the taxable estate can create a risk of estate tax exposure. An ILIT is a planning tool designed to remove the proceeds from the insured’s estate when properly structured, potentially helping reduce estate tax liabilities. Careful drafting, proper funding, and timely transfers are required to achieve that result, and consideration should be given to timing and gift reporting to ensure the intended tax treatment is preserved.
An ILIT can set terms that control disbursements for minors or beneficiaries who may not be ready to manage a large sum. Trust provisions can specify distribution ages, purposes for distributions such as education or medical care, and requirements for trustee oversight to protect funds for long-term use. This structure helps avoid immediate lump-sum distributions that a beneficiary might not be prepared to manage, and it establishes a trusted pathway for funds to be administered in a way that aligns with the grantor’s intentions.
By placing a life insurance policy inside a properly drafted trust, proceeds may receive additional protection from creditor claims or family law disputes that could otherwise affect direct inheritances. While legal protections vary by circumstance and jurisdiction, a trust structure allows for specific restrictions and safeguards to be written into the distribution terms. This helps preserve the intended use of the proceeds for beneficiaries and can reduce the likelihood that funds will be subject to unexpected claims or division in family law proceedings.
The Law Offices of Robert P. Bergman serves clients in Country Club, San Joaquin County, and throughout California with focused estate planning services that include ILIT formation and trust coordination. We provide personalized consultations to discuss whether an ILIT fits your goals, explain how it interacts with other planning documents like revocable living trusts and powers of attorney, and outline practical next steps. To schedule an appointment or get more information, call our office at 408-528-2827 so we can assess your circumstances and explain how to move forward effectively.
Clients choose the Law Offices of Robert P. Bergman for clear, practical guidance in estate planning matters, including life insurance trust planning and coordination with related documents. Our approach focuses on listening to family priorities, drafting documents that reflect those intentions, and explaining administrative responsibilities so trustees and beneficiaries understand next steps. We strive to make the process manageable and transparent so that families can proceed with confidence when creating irrevocable structures or adjusting existing plans to meet evolving needs.
When setting up an ILIT, attention to detail matters: proper funding, clear trustee authority, and documentation of gifts and notices are all essential to preserve intended benefits. Our firm helps clients navigate these requirements, coordinate beneficiary forms, and maintain records necessary for ongoing administration. We also provide guidance on how ILITs interact with other documents in your estate plan, such as pour-over wills, powers of attorney, and health care directives, helping ensure consistent and enforceable instructions.
Communication is central to our work, and we aim to explain strategies in plain language while offering recommendations tailored to each family’s circumstances. Whether you are creating an ILIT from scratch or reviewing an existing plan, we provide practical options and help prioritize steps based on timing, tax considerations, and family needs. For further discussion or to arrange a meeting, contact the Law Offices of Robert P. Bergman at 408-528-2827 for a focused review of your situation.
Our process begins with an initial consultation to identify goals, review existing documents, and determine whether an ILIT is appropriate. We then draft the trust agreement tailored to your needs, coordinate policy transfers or purchases in the trust’s name, and outline steps for funding premiums and maintaining compliance with gift tax rules. After formation, we provide trustees with administrative guidance, document templates for notices, and recommendations for recordkeeping to help protect the trust’s intended benefits and support orderly administration over time.
In the initial meeting, we assess your financial profile, existing estate documents, and family objectives to determine how an ILIT would fit into your plan. This review includes discussions about current insurance ownership, beneficiary designations, and any trusts already in place. We will identify potential tax considerations, timing implications, and administration needs so you can make an informed decision. Based on this assessment, we provide recommendations on trust provisions, trustee choices, and funding approaches that align with your overall estate planning goals.
To begin drafting an ILIT, we collect relevant documents including current life insurance policies, trust instruments, wills, retirement account beneficiary forms, and recent financial statements. This information helps clarify ownership, existing beneficiary designations, and any potential conflicts that must be resolved. Accurate and complete documentation supports proper drafting and funding planning, allowing us to recommend the most efficient path to create or transfer a policy into the trust while preserving tax and administrative objectives for your estate plan.
Selecting an appropriate trustee and establishing a funding strategy are key early decisions. We discuss who can serve effectively as trustee, how premiums will be paid, and whether annual gifts will be used. If Crummey notice provisions are necessary, we explain how those work and how to administer them consistently. These discussions inform the trust language and help create a practical roadmap for ongoing administration that matches your family’s needs and the intended tax treatment of the trust.
During the drafting phase, we prepare the trust document with provisions addressing policy ownership, distribution terms, trustee powers, successor trustee appointments, and any special conditions for beneficiaries. We review the draft with you to ensure clarity and alignment with your wishes. After finalizing the trust, we coordinate the execution of the document and any necessary policy assignment forms, ensuring signatures and timing are handled correctly so the trust is properly funded and the desired tax treatment is preserved.
If an existing life insurance policy is being moved into the trust, we help manage the assignment process and confirm with insurers what paperwork and timing are necessary. If the trust will purchase a new policy, we work with your financial advisors to ensure the trust is properly named as owner and beneficiary and that premium payment mechanisms are in place. Proper coordination with insurance carriers is essential to avoid unintended retention of incidents of ownership that could affect estate treatment.
We prepare templates and procedures for any required beneficiary notices, Crummey withdrawal windows, and gifting documentation needed to maintain annual gift exclusion treatment. Setting up a dedicated trust account for premium payments and keeping a clear record trail simplifies administration. We advise trustees on how to handle contributions, notices, and any trustee decisions that may arise, providing written instructions so the trust can function smoothly and deliver the intended outcomes for beneficiaries.
After the ILIT is established, ongoing administration is important to preserve benefits and respond to life changes. We recommend periodic reviews of the trust, beneficiary designations, and funding practices, especially after major events like births, deaths, marriages, or changes in financial circumstances. Trustees should maintain accurate records of contributions, premium payments, and notices to beneficiaries. We remain available to advise on trustee duties, tax reporting, and any amendments needed to other estate plan documents to maintain consistency across the estate plan.
Regular reviews help ensure the ILIT and related estate planning documents continue to reflect your intentions and changing laws. While the ILIT itself is irrevocable, surrounding components of your estate plan may need updates, and administration practices may require correction to preserve intended outcomes. We will discuss any necessary changes to beneficiary designations on accounts outside the ILIT and advise on whether additional planning steps are appropriate to address new circumstances or regulatory changes that may affect trust administration and tax planning.
We provide trustees with practical templates and guidance for communicating with beneficiaries, managing distributions, and maintaining required records. Clear communication and consistent administration reduce the risk of disputes and protect the integrity of the trust. Our firm can assist trustees in preparing required tax filings, responding to inquiries, and making distribution decisions in line with the trust terms. Ongoing legal support helps trustees fulfill duties responsibly while ensuring beneficiaries receive funds according to the grantor’s intent.
An Irrevocable Life Insurance Trust is a trust created to own a life insurance policy so that proceeds are managed and distributed according to the trust terms. The grantor transfers ownership of the policy to the trust, names a trustee to administer it, and designates beneficiaries who will receive trust distributions. Because the trust owns the policy and the grantor no longer retains incidents of ownership, proceeds may avoid inclusion in the grantor’s taxable estate when the trust is properly funded and administered. The ILIT document sets out how proceeds are to be handled, who serves as trustee, and any conditions for distributions. Proper funding, including premium payments and documentation of gifts, is essential. Trustees follow the trust’s instructions to pay premiums, receive proceeds after death, and make distributions. Clear language and consistent administration help ensure the trust achieves the grantor’s goals for control, protection, and transfer of life insurance funds.
When an ILIT is correctly structured and the grantor has relinquished incidents of ownership, life insurance proceeds generally are not included in the grantor’s taxable estate, which can reduce estate tax exposure for larger estates. Key factors include timing of the transfer, compliance with gift tax rules, and ensuring the grantor does not retain rights that would cause estate inclusion. Careful coordination with other estate documents and accurate recordkeeping are necessary to preserve this intended tax treatment. There are timing considerations, such as a three-year rule in some tax regulations that can affect inclusion if the insured retains certain ownership rights or dies shortly after transferring a policy. Because tax law and individual circumstances vary, planning should consider these limitations and include steps to document transfers, funding methods, and any notices required to beneficiaries to maintain the desired outcomes.
Premium payments for an ILIT are typically funded by gifts to the trust from the grantor or other donors, and those gifts may qualify for the annual gift tax exclusion if they meet present interest requirements. To preserve the exclusion, trusts often include withdrawal provisions and beneficiaries receive timely Crummey notices to make the gifts qualify as present interest. Maintaining a separate trust bank account and documenting transfers clearly supports proper administration and reporting. Accurate records of contribution dates, amounts, and any beneficiary notifications should be kept so trustees can demonstrate compliance with gift tax rules if necessary. Trustees should also track premium payments, communication with insurers, and any distributions related to policy administration. Detailed documentation helps protect the trust’s intended tax and administration benefits and provides transparency for beneficiaries and advisors.
Crummey notices are written communications given to beneficiaries informing them of a temporary right to withdraw a contribution made to the trust. These notices support treating contributions as present interest gifts for gift tax exclusion purposes, because the withdrawal right creates a present interest for the beneficiary. The trust document should include Crummey withdrawal provisions and trustees should follow consistent notice procedures to preserve the intended tax treatment of annual gifts used to fund premiums. Proper administration of Crummey notices involves issuing timely written notices, observing the withdrawal window specified in the trust, and documenting beneficiary responses or lack thereof. Trustees should keep copies of all notices and records of any withdrawals to ensure the trust’s funding approach remains compliant with tax rules and preserves favorable exclusion outcomes for contributing donors.
An ILIT can be drafted to provide for minors or family members with disabilities by specifying distribution timing, purposes, and trustee discretion. For minors, the trust can set ages or milestones for distributions and designate trustee authority to manage funds for education, health, or support. For beneficiaries with special needs, trust provisions can be tailored to supplement government benefits without disqualifying recipients, using appropriate planning techniques that respect benefit eligibility while providing additional support through trust distributions. Careful drafting is required to balance beneficiary needs with program qualifications and to ensure that distributions do not inadvertently affect public benefits. Trustees should be given clear instructions and discretion to manage distributions in a way that respects both the grantor’s intent and the beneficiary’s long-term financial and healthcare needs. Periodic reviews help ensure the trust remains aligned with changing circumstances and available benefits.
Trustees of an ILIT are responsible for managing the trust’s assets and following the trust terms. Duties typically include holding the policy, ensuring premiums are paid, documenting contributions, administering any Crummey notices, filing any required tax forms, receiving policy proceeds at the insured’s death, and distributing funds according to the trust instructions. Trustees should keep accurate records and communicate with beneficiaries about the trust’s administration as appropriate. Trustees must act prudently and in accordance with the trust document while avoiding conflicts of interest. When difficult decisions arise, such as whether to sell a policy or how to invest trust assets, trustees should consult with advisors and follow the trust’s provisions. Clear instructions in the trust and ready access to legal guidance help trustees meet these responsibilities and protect the trust’s intended benefits for beneficiaries.
An ILIT operates alongside other estate planning documents but serves a specific purpose for life insurance proceeds. A revocable living trust typically holds assets that the grantor may change during life, while an ILIT is irrevocable and focuses on policy ownership and distribution. A pour-over will can ensure assets not already in trusts are directed into appropriate trusts at death, while powers of attorney and health care directives address decision-making during incapacity. Coordinating these documents prevents conflicting designations and supports a cohesive plan. Reviewing beneficiary designations on retirement accounts and insurance policies is important because those forms can supersede trust language if not aligned. Clear coordination helps avoid unintended results and simplifies administration at death by ensuring that assets and life insurance proceeds follow the grantor’s chosen path among the estate plan documents.
An ILIT’s main limitations stem from its irrevocable nature: once assets are transferred, the grantor generally cannot reclaim them or change the trust terms. This permanence reduces flexibility during life and requires careful consideration before proceeding. Additionally, administrative duties such as sending notices, maintaining records, and handling gift tax reporting impose ongoing responsibilities for trustees and donors that must be managed correctly to preserve benefits. Timing considerations and technical rules can also limit the immediate tax advantages in some circumstances, and improper administration can cause unintended tax consequences. Because of these trade-offs, an ILIT should be considered as part of a broader plan after evaluating whether the anticipated benefits outweigh the loss of flexibility and administrative requirements.
Regular review of an ILIT and related estate documents is recommended after major life events such as marriage, divorce, births, deaths, changes in financial circumstances, or shifts in tax law. While the ILIT is irrevocable and its core terms typically remain in place, related documents and beneficiary designations should be checked to ensure continued alignment. Periodic reviews also help confirm that premium funding and notice procedures are being handled consistently to preserve the trust’s intended tax treatment. Consulting with your attorney or advisor at intervals or when circumstances change helps identify whether updates to other parts of the estate plan are needed. This proactive approach supports effective administration, reduces the risk of conflicts or unintended outcomes, and helps ensure the ILIT continues to serve its intended role in the family’s long-term plan.
To begin creating an ILIT in Country Club, schedule an initial consultation to review your current insurance policies, estate planning documents, and financial objectives. During that meeting, we will discuss how an ILIT could fit into your overall plan, review trustee options, and outline funding methods and tax implications. This initial step provides the information needed to decide whether to proceed and what terms the trust should include to reflect your intentions. If you choose to proceed, the firm will draft the trust, coordinate policy transfers or purchases, provide notice templates, and advise on recordkeeping to preserve tax treatment. Contact the Law Offices of Robert P. Bergman at 408-528-2827 to arrange a meeting tailored to your situation and to learn what documents and information to bring for an efficient planning session.
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