An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of an estate plan for residents of Lodi and surrounding San Joaquin County. This guide explains how an ILIT works, who typically uses one, and how it can fit into a broader plan that includes documents like a revocable living trust, pour-over will, financial powers of attorney, and health care directives. Our goal is to give clear, practical information about the steps to create and fund an ILIT and how it interacts with beneficiary designations, retirement plan trusts, and other estate planning tools.
Choosing the right approach to life insurance ownership and beneficiary planning affects tax outcomes, probate exposure, and the ability to provide for loved ones including those with special needs or pets. An ILIT is designed to remove life insurance proceeds from a grantor’s taxable estate, to help control how proceeds are used, and to provide for long-term financial protection for beneficiaries. This introduction outlines what you need to know before meeting with counsel, including documents you should bring, common funding methods, and initial questions to consider about trustees and successor beneficiaries.
An ILIT matters because it can reduce estate tax exposure, protect life insurance proceeds from probate, and allow clear instructions for distribution and use of proceeds. For individuals with significant life insurance policies or those expecting a large taxable estate, an ILIT creates a separate legal ownership structure for the policy, which can provide creditor protection in some situations and preserve proceeds for named beneficiaries such as family members, a trust for a child with disabilities, or a pet trust. When integrated with retirement plan trusts and wills, an ILIT helps preserve wealth and ensure assets are distributed according to your wishes.
The Law Offices of Robert P. Bergman serves San Jose, Lodi, and wider California communities with practical estate planning solutions tailored to individual circumstances. Our approach emphasizes clear communication, careful document drafting, and thoughtful coordination with existing retirement and insurance arrangements. We assist clients in selecting trustees, preparing trust language that reflects their goals, and handling the mechanics of funding life insurance into an ILIT. The firm places priority on personalized planning, timely drafting, and coordinated implementation to minimize administrative friction and provide continuity for beneficiaries.
An Irrevocable Life Insurance Trust is a trust that owns and controls a life insurance policy on the settlor’s life. Because ownership is transferred out of the settlor’s estate, proceeds from the policy generally avoid inclusion in the settlor’s taxable estate if properly drafted and funded. Setting up an ILIT requires selecting a trustee, naming beneficiaries, preparing trust terms that direct policy management and distribution, and transferring ownership of an existing policy or purchasing a new policy in the trust’s name. Proper administration, including timely gift tax filings if premiums are paid by the grantor, is essential to achieve the intended benefits and avoid unexpected tax consequences.
Creating and maintaining an ILIT requires attention to deadlines, formalities, and coordination with the insurer. The trustee has duty to manage policy premiums, maintain records, and make distributions according to the trust document. If the grantor transfers an existing policy to an ILIT, there is a three-year lookback rule under federal estate tax rules that can affect whether proceeds are included in the grantor’s estate. Funding techniques, such as annual gifts to trust beneficiaries for payment of premiums, should be discussed in advance so the trust operates smoothly and aligns with other estate planning documents like a pour-over will or revocable living trust.
An ILIT is a formal trust document that becomes owner and beneficiary of a life insurance policy. Once the grantor irrevocably transfers ownership or arranges for the trust to purchase a policy, the trust terms control who receives proceeds and under what conditions. This structure separates the insurance proceeds from the grantor’s estate for tax and probate considerations, subject to certain timing and transfer rules. The trust document can require that proceeds be used for specified purposes, create payout schedules, or hold funds for minor children or a trust for individuals with special needs. Clear drafting and funding steps are required so the trust functions as intended.
Key elements include the trust document itself, identification of trustee and successor trustees, language specifying beneficiaries and distributions, and instructions about policy ownership and management. The process typically begins with a planning meeting to determine objectives, followed by drafting the trust, transferring or acquiring a policy in the trust name, and establishing procedures for premium payment. Administration involves regular recordkeeping, tax reporting when required, and coordination with advisors for changing circumstances. If the trust will hold a policy on the grantor, the trust language and transfer timing must comply with tax rules to preserve the expected benefits.
Understanding common terms helps clients make informed decisions when considering an ILIT. This overview covers recurring concepts such as grantor, trustee, beneficiary, funding, and estate inclusion rules. Knowing these definitions clarifies conversations about policy transfers, premium payment mechanics, lookback periods, and trustee duties. Familiarity with these items makes it easier to evaluate the benefits and tradeoffs of an ILIT compared with other estate planning options such as ownership through a revocable living trust or naming beneficiaries directly. Clear terminology leads to better planning outcomes and smoother implementation.
The grantor, sometimes called the settlor, is the person who creates and funds the ILIT. The grantor transfers ownership of the life insurance policy into the trust or arranges for the trust to purchase the policy, and that transfer is generally irrevocable. Because the grantor gives up ownership rights, the policy proceeds can be kept out of the grantor’s taxable estate if the transfer and timing rules are satisfied. The grantor may still provide gifts to the trust to help pay premiums, but careful administration and coordination with tax advisors are required to preserve the intended treatment.
The trustee is the individual or entity charged with managing the ILIT for the benefit of the named beneficiaries. The trustee’s responsibilities include owning the policy in the trust name, ensuring premiums are paid on time, maintaining accurate records, filing any required tax forms, and making distributions according to the trust’s terms. The trustee must act in the beneficiaries’ best interest and follow the trust language closely. Selection of a trustee should consider availability, administrative capability, and willingness to handle ongoing duties related to insurance and trust administration.
Beneficiaries are the individuals or entities designated to receive proceeds or payments from the ILIT upon the insured’s death. The trust document can specify payment schedules, conditions, or uses for the funds, such as education, health care, or support for a family member with disabilities. Beneficiary designations within the trust are controlled by the trust terms, which can avoid probate and provide customized distribution rules. Choosing beneficiaries and defining their entitlements should reflect both current needs and anticipated future changes in family circumstances.
Funding refers to how an ILIT acquires and maintains a life insurance policy. Funding may involve transferring an existing policy into the trust or having the trust purchase a new policy. Premium payments are typically made by gifts from the grantor to the trust or by trust assets. Annual gift amounts should comply with gift tax rules and may use the annual exclusion where appropriate. Proper documentation of gifts and trustee actions is important to demonstrate to insurers and tax authorities that the trust has been properly funded and that premiums were paid in a manner consistent with the trust’s objectives.
When deciding whether an ILIT is appropriate, compare it to alternatives such as retaining policy ownership personally, naming beneficiaries directly, or holding life insurance inside a revocable living trust. Personal ownership offers simplicity but may expose proceeds to estate inclusion and probate. A revocable living trust provides some probate avoidance benefits but does not remove assets from the taxable estate while the grantor retains control. An ILIT can offer stronger estate tax planning when properly structured, but it requires irrevocable transfers and ongoing administration, making the decision about which option best fits each family’s priorities an important planning discussion.
For individuals with modest estates and where projected estate tax exposure is unlikely, keeping life insurance in personal ownership or using straightforward beneficiary designations may be sufficient. This approach reduces complexity and avoids the formalities of trust funding and trustee administration. In such cases, the focus can be on ensuring beneficiaries are correctly named, updating designations after major life events, and confirming beneficiaries have the necessary documentation. Simplicity can be an advantage for families seeking direct access to proceeds without additional trust administration overhead.
If the insurance need is short-term, such as covering a temporary loan or business obligation that will be resolved within a few years, creating an ILIT may introduce unnecessary permanence. Short-term coverage goals can often be met by personal ownership and beneficiary designations that are periodically reviewed. For temporary arrangements, the less permanent nature of retaining personal ownership can offer flexibility, lower administrative burden, and easier policy changes without the formalities and irrevocability associated with an ILIT.
When estate tax exposure is likely or family circumstances are complex—such as blended families, minor children, beneficiaries with special needs, or significant business interests—a comprehensive estate planning approach becomes necessary. An ILIT can be an integral part of that approach, but it must be coordinated with revocable trusts, wills, powers of attorney, and retirement plan designations to ensure consistent results. Comprehensive planning helps manage tax consequences, create liquidity for estate settlement, and provide instructions to address business succession, guardianship nominations, and long-term support needs in a coherent manner.
A properly implemented ILIT requires precise funding steps, accurate documentation of premium gifts, and ongoing trust administration to maintain intended benefits. When planning is not coordinated, transfers may trigger unintended tax consequences or fail to remove proceeds from the estate. A comprehensive approach includes drafting clear trust language, creating procedures for premium payments, advising on the three-year lookback rule, and preparing trustees to handle claims and distributions. Long-term administration and contingency planning ensure the ILIT continues to function as intended over time.
Integrating an ILIT into a comprehensive estate plan can enhance tax efficiency, provide probate avoidance for life insurance proceeds, and deliver more control over how funds are used after the insured’s death. The trust can provide structured distributions to beneficiaries, protect assets from direct creditor claims in some situations, and coordinate with retirement plan trusts and wills to avoid beneficiary conflicts. A holistic plan also makes sure that documents such as financial powers of attorney and advance health care directives are aligned so family members and fiduciaries understand their roles and responsibilities.
Another advantage of a comprehensive approach is continuity: selecting trustees, naming successor fiduciaries, and establishing clear communication protocols help avoid administrative delays and disputes. Documentation of premium funding, trust ownership, and beneficiary instructions reduces the chance of insurer or court inquiry and supports efficient claims processing. By combining an ILIT with other planning tools—such as special needs trusts, pour-over wills, or retirement plan trusts—clients can position their estate to meet ongoing family needs while minimizing friction and preserving intended distributions.
One major benefit is the potential to remove life insurance proceeds from the grantor’s taxable estate, which can reduce estate tax liability for larger estates. Because the trust owns the policy, proceeds can pass to beneficiaries without going through probate, which shortens the timeline for distribution and reduces public exposure of plan details. This structure also can provide liquidity to pay estate obligations or support heirs, helping to preserve family assets. Proper timing and adherence to tax rules are necessary to secure these benefits, so careful planning and documentation are essential.
An ILIT allows grantors to tailor how proceeds are distributed, which can prevent a large lump-sum payment from being misused and can protect beneficiaries who are minors or have special needs. The trust instrument can instruct trustees to stagger payments, require certain uses such as education or health care, or to allocate funds to a separate special needs trust while preserving eligibility for public benefits. This level of control helps families ensure funds are directed toward intended purposes and provides guidance to trustees when beneficiaries need financial support over time.
Keep careful and contemporaneous records when making gifts to the ILIT to pay insurance premiums. Document each gift, the date it was made, and how the trustee applied the funds to premium payments. If annual exclusion gifts are used, provide written evidence that beneficiaries received the gift or that the trustee accepted the gift for premium payment. Clear documentation simplifies tax reporting and reduces the risk of disputes or audit questions. Maintaining a regular record helps ensure the trust remains in compliance and supports smooth administration when a claim arises.
Make sure beneficiary designations on life insurance and retirement accounts are consistent with your trust-based plan. If retirement plan assets are involved, consider whether a retirement plan trust is necessary to manage distributions and tax impacts. Misaligned designations can produce unintended results such as proceeds passing outside the trust or creating taxable distributions. Regularly review designations after major life events, and work with counsel to align insurance ownership, policy beneficiary designations, and trust provisions to achieve your estate planning goals without conflict.
Lodi residents with sizable life insurance policies, potential estate tax exposure, or desires to control how proceeds are used after death may find an ILIT beneficial. It can remove the policy’s death benefit from the taxable estate, provide probate avoidance for that asset, and allow the grantor to set distribution parameters according to family needs. Individuals who wish to protect proceeds for minors, family members with disabilities, or to preserve wealth for future generations should examine whether an ILIT fits into their broader planning, including coordination with retirement plan trusts and pour-over wills.
An ILIT is also appropriate for those who want to control the timing of distributions, preserve confidentiality, or provide liquidity to settle estate obligations without selling other assets. Because ILITs require irrevocable transfers and ongoing administration, they are best suited for clients who are comfortable relinquishing policy ownership to achieve the advantages they provide. A careful review of current policy ownership, beneficiary designations, and projected estate values will help determine if creating an ILIT is an effective strategy for your family.
Typical circumstances where an ILIT may be valuable include a grantor with a large life insurance policy and expected estate tax exposure, a desire to protect policy proceeds from probate or certain claims, need to control distributions for minor children or vulnerable beneficiaries, or coordination with business succession plans. Families with blended structures or multiple potential heirs may use an ILIT to ensure specific financial goals are met. The trust’s terms can be tailored to address unique family dynamics and long-term objectives for preserving and distributing proceeds.
An ILIT can provide structured financial support for minor children or dependents without requiring immediate lump-sum distributions. Through trustee direction, the trust can allocate funds for education, health care, and maintenance while safeguarding assets until beneficiaries reach a specified age or milestone. This structure reduces the risk that young beneficiaries will receive large sums without guidance. Including clear instructions in the trust document helps the trustee make distribution decisions consistent with the grantor’s goals while creating a reliable financial safety net for dependent family members.
When a beneficiary has a disability and relies on public benefits, an ILIT can coordinate with a special needs trust to preserve eligibility for means-tested programs while still providing supplemental support. The ILIT can be drafted to direct proceeds into a separate special needs trust or to provide payments that enhance quality of life without disqualifying the beneficiary from necessary public resources. Careful planning and precise drafting are required to ensure the structures work together effectively and that distributions are handled in a way that benefits the individual while preserving critical benefits.
For individuals facing potential estate tax liability, removing the life insurance policy from the taxable estate can reduce the overall tax burden on heirs and provide liquidity to pay estate taxes or settle debts. An ILIT, when properly executed and funded outside of the three-year lookback period, can keep proceeds out of the estate and ensure that funds are available to meet obligations. This can protect other inherited assets from liquidation and provide heirs with clear financial resources during estate settlement.
We are here to provide hands-on guidance for Lodi and San Joaquin County residents considering an ILIT as part of their estate plan. Our practice helps clients evaluate whether an ILIT aligns with their goals, draft trust terms that reflect family priorities, coordinate policy transfers or purchases, and set up sustainable administration practices. We also assist with related documents such as revocable living trusts, pour-over wills, financial powers of attorney, advance health care directives, and guardianship nominations to ensure a cohesive plan that addresses both immediate and long-term concerns for your family.
At the Law Offices of Robert P. Bergman we focus on delivering practical and personalized estate planning solutions for clients in Lodi and throughout California. We take time to understand family goals, financial arrangements, and policy ownership structures so we can recommend whether an ILIT or alternative approach best fits your situation. Our drafting process emphasizes clarity and durable provisions so trustees and beneficiaries have clear guidance. Communication and careful follow-through are central to how we work with clients to implement and fund trusts.
We assist clients with every step of ILIT implementation, from reviewing existing policies, advising on transfers and the three-year lookback rule, creating clear trust terms, to coordinating premium funding and trustee responsibilities. Our office prepares necessary paperwork such as certification of trust documents, general assignment of assets to trust forms, and supporting documents for claims. We also advise on interactions with retirement plan trusts and beneficiary designations to ensure consistency with your overall estate plan and your long-term intentions for beneficiaries.
Clients working with our office receive practical help in choosing trustees, documenting gifts for premium payments, and establishing communication protocols for beneficiaries and fiduciaries. We provide guidance on related matters such as pour-over wills, guardianship nominations, HIPAA authorizations, and Heggstad or trust modification petitions when circumstances change. Our goal is to reduce administrative uncertainty, preserve intended benefits for heirs, and support trustees so the trust fulfills its purpose with minimal friction during an already difficult time.
Our process begins with a detailed intake to understand your family, financial situation, policy ownership, and planning goals. We review existing insurance and retirement arrangements, identify potential tax and timing issues, and discuss trustee selection. After the initial review, we draft a trust document tailored to your needs, coordinate the transfer or new policy purchase, and prepare supporting documents such as certifications of trust and gifts documentation. We also provide guidance to trustees on administration and recordkeeping to ensure the trust operates according to its terms and applicable laws.
During the initial consultation we gather information about existing life insurance policies, beneficiaries, estate values, and long-term objectives. We discuss whether an ILIT is likely to meet your goals and outline potential alternatives. This assessment also identifies timing considerations, such as the three-year rule for transferred policies, and whether a new policy or transfer is preferable. The meeting helps shape the trust provisions, trustee selection, and funding approach, ensuring the subsequent drafting phase addresses both legal and family priorities.
We carefully review policy ownership, current beneficiary designations, and any issues that may affect the transfer or purchase of a policy by an ILIT. This includes checking policy provisions for transfer restrictions, surrender values, and insurer consent requirements. Understanding the current ownership and designation landscape helps determine whether a transfer will trigger any penalties or whether buying a new policy in the trust name would be more appropriate. Thorough review prevents surprises and sets the stage for effective implementation.
We discuss how you want proceeds to be used, whether you prefer lump-sum distributions or structured payments, and whether funds should flow into other trusts such as special needs or pet trusts. This conversation informs drafting decisions about timing, contingencies, and trustee powers. By clarifying goals early, we ensure the trust language will direct trustees appropriately and that related documents like powers of attorney and guardianship nominations align with the overall plan.
In this phase we prepare the ILIT document, coordinate transfer or purchase of the policy, and provide trustees with instructions and documentation. Drafting includes naming trustees and successor trustees, specifying distribution terms, and outlining trustee powers. Funding steps may involve executing assignment documents, procuring insurer forms, and preparing gift records for premium payments. We also offer a trustee orientation and prepare any certification of trust or ancillary documents necessary for the trustee to interact with insurers and financial institutions.
We handle execution of trust documents, assignments of existing policies, and any insurer forms required to change ownership and beneficiary designations to the trust. Proper execution is essential to ensure the trust lawfully owns the policy and that the insurer recognizes the trust as the policyholder. Attention to formality and timely submission of documents reduces the risk of administrative errors that could complicate claims or tax treatment in the future. We also provide copies and guidance for trustee records.
We advise on how to structure gift payments for premiums, whether through annual exclusion gifts or other funding methods, and prepare documentation to support those gifts. Clear records show how funds were transferred to the trust and applied to premiums. This helps trustees demonstrate compliance with tax rules and simplifies administration. Establishing a routine for funding premium payments reduces the risk of missed payments, policy lapses, or unintended estate inclusion due to insufficient documentation or irregular funding practices.
After the ILIT is implemented, ongoing administration includes premium payment management, maintaining records, updating trustee or beneficiary information, and periodic reviews to ensure the plan remains aligned with changing family or financial circumstances. We assist trustees in handling insurer communications, claims processing, and distributions per trust terms. Periodic reviews are recommended after major life events, changes in tax law, or adjustments to family needs, so the ILIT continues to meet its intended goals and integrates smoothly with other estate planning documents.
We provide guidance on trustee recordkeeping, including maintaining copies of policy statements, premium receipts, gift acknowledgments, and communications with beneficiaries. Good recordkeeping helps ensure premiums are properly tracked and that trustees can respond promptly to beneficiary inquiries or insurer requests. Trustees should keep an annual summary of transactions and any distributions made. Providing a clear record supports prompt claims processing and demonstrates that the trust has been administered consistently with its terms.
We recommend periodic reviews of the trust and related estate planning documents to address changes such as births, deaths, marriage, divorce, changes in health, or shifts in financial circumstances. Reviews ensure beneficiary designations remain consistent, trustees are still appropriate, and funding methods continue to function effectively. When circumstances change, we can prepare trust modification petitions or other documents to update the plan while respecting the irrevocable nature of certain decisions, and to make sure the ILIT still meets long-term goals.
An Irrevocable Life Insurance Trust is a trust designed to own and be the beneficiary of a life insurance policy. Once the trust owns the policy, the policy proceeds are controlled by the trust terms and, if properly structured and funded, are generally excluded from the grantor’s taxable estate. The trust document specifies who receives proceeds, when distributions occur, and any conditions on use. This structure helps remove the policy from the estate for tax and probate purposes while allowing the grantor to direct long-term use of proceeds. The trustee, acting under the trust terms, manages the policy, ensures premiums are paid, and handles claims at the insured’s death. Because the trust is irrevocable, transfers are permanent and require careful planning regarding timing and funding. Coordination with retirement plan designations and other estate documents is important so the ILIT functions as intended and beneficiaries receive the benefits established by the grantor.
Transferring an existing policy to an ILIT can affect premiums and coverage depending on policy terms and insurer requirements. Some policies permit ownership transfer without issue, while others may require insurer consent or treat a transfer as a change in risk that could impact coverage. If the policy has cash value or loan balances, those features must be considered because the trust will assume ownership and associated obligations. Reviewing the policy with the insurer before transfer helps avoid unintended lapses or changes in benefits. When a new policy is purchased by the trust, the trust becomes the owner and the trustee manages premium payments. In either case, consistent premium funding is essential to prevent lapse. We advise clients to review policy terms, potential surrender charges, and any insurer forms required for ownership change so that coverage continues uninterrupted and the trust’s intended benefits are preserved.
The three-year lookback rule refers to a tax provision that can include life insurance proceeds in the grantor’s estate if the grantor transferred policy ownership to an ILIT within three years of death. If a policy is transferred into an ILIT and the insured dies within three years, federal estate tax rules may treat the proceeds as part of the estate. This means the intended estate tax benefits may not be realized if the transfer occurs too close to the grantor’s passing. Because of the lookback, many clients consider purchasing a new policy in the ILIT or transferring only when the timing makes sense for their planning horizon. Understanding the lookback impacts decisions about whether to transfer an existing policy or have the trust acquire a new policy. Early planning helps avoid unexpected tax inclusion and preserves the trust’s intended advantages.
Premium payments for an ILIT are often made by the grantor through gifts to the trust, which the trustee then uses to pay the insurer. These gifts may use the annual gift tax exclusion when appropriate, and proper documentation is important to demonstrate that the payments were transferred and applied to premiums. The trustee must keep records of gift receipts and premium disbursements to support tax reporting and administrative transparency. In some structures, beneficiaries are given limited power to withdraw gift amounts under the Crummey withdrawal provision to qualify gifts for the annual exclusion. Trustees should be advised about the timing and notice requirements when such provisions are used. Maintaining consistent funding practices helps prevent missed premium payments and keeps the policy in force according to plan.
An ILIT can be structured to help beneficiaries who rely on public benefits by directing proceeds into a separate special needs trust or by using distribution rules that supplement rather than replace public benefits. The ILIT’s language can require proceeds to be paid to a trustee who understands how to provide supplemental support without disqualifying beneficiaries from means-tested programs. Careful coordination between the ILIT and any special needs trust is necessary to preserve eligibility for programs such as SSI or Medi-Cal. Because public benefits rules are complex and change over time, consulting with advisors experienced in benefit planning is important when designing distributions. Properly drafted provisions and trustee instructions will ensure funds enhance quality of life while keeping the beneficiary’s access to necessary supports intact.
A trustee can be a trusted family member, friend, or financial institution willing to manage the trust’s duties, which include owning the policy, paying premiums, keeping records, and making distributions per the trust terms. When selecting a trustee, consider availability, financial literacy, impartiality, and ability to handle administrative tasks over time. Naming successor trustees is critical to avoid gaps in management. If a trustee is unwilling or unavailable, a professional fiduciary or corporate trustee can provide continuity but should be evaluated for fees and responsiveness. Trustee responsibilities also involve communicating with beneficiaries, handling insurer claims, and keeping accurate records for tax and administrative purposes. Clear trustee guidance in the trust document and an orientation session help ensure the trustee understands obligations and has the documentation needed to perform duties effectively.
An ILIT can complement a revocable living trust or a pour-over will by separating the life insurance asset from the revocable trust’s assets while still fitting into the overall estate plan. A pour-over will typically directs any assets not already placed in the revocable trust into that trust at death, but life insurance owned by an ILIT passes according to the ILIT terms. Coordinating beneficiary designations and trust provisions prevents conflicts and ensures that insurance proceeds are distributed per the grantor’s wishes rather than unintentionally passing into other estate vehicles. Proper coordination also addresses liquidity needs and tax goals. For example, an ILIT can provide funds to pay estate settlement costs so that other trust assets do not need to be sold. Ensuring that documents reference each other where appropriate and that beneficiary designations are consistent is an important part of a coherent estate plan.
Bring copies of your current life insurance policies, statements showing ownership and beneficiary designations, any existing trust documents, recent estate planning documents such as wills, revocable trusts, powers of attorney, and advance health care directives, and information about retirement accounts. Having a summary of assets and a list of potential trustees and beneficiaries is also helpful. These materials allow us to evaluate how an ILIT would interact with your existing plan and identify any potential complications such as policy loans or transfer restrictions. Providing a clear picture of family relationships, special needs considerations, and long-term goals also helps shape the trust language and funding approach. If you have tax or business interests that may affect the plan, bring relevant financial statements or advisor contact information so we can coordinate recommendations effectively.
Because an ILIT is irrevocable by design, changing its fundamental terms after creation is generally limited. However, limited modifications may be possible in certain circumstances through trust modification petitions, decanting, or pursuant to terms that allow trustee or beneficiary adjustments. The availability and process for modification depend on the trust language, applicable state law, and the nature of the requested change. Planning for contingencies and naming successor trustees can provide built-in flexibility where legally permissible. Before assuming changes are possible, consult with counsel to understand any constraints and potential tax consequences. In some cases, creating a new trust arrangement in coordination with existing documents may be a more effective solution than attempting to alter irrevocable provisions.
To begin creating an ILIT in Lodi, contact our office to schedule an initial consultation where we will review your existing policies, estate planning documents, and objectives. During that meeting we will discuss whether an ILIT aligns with your goals, evaluate policy transfer options, and outline the steps for drafting, funding, and administering the trust. We will also explain timing considerations such as the three-year lookback and coordinate with any other advisors you may have. If you decide to proceed, we will draft the trust documents, assist with transferring or purchasing a policy in the ILIT’s name, prepare gift documentation for premium funding, and orient trustees to their responsibilities. We aim to make the process efficient and clear so that your plan functions as intended and provides peace of mind for you and your family.
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