An Irrevocable Life Insurance Trust (ILIT) can be an effective tool for preserving life insurance proceeds for your beneficiaries while minimizing estate tax exposure and ensuring clear administration after you pass. In Isla Vista and greater Santa Barbara County, individuals considering an ILIT often want reliable, practical guidance that addresses trust funding, trustee responsibilities, and the interaction with other estate planning documents like pour-over wills, revocable living trusts, and powers of attorney. This page explains how an ILIT works, what decisions you will face, and how to structure the trust to meet family, tax, and legacy planning goals while maintaining control over who benefits and when.
Deciding whether an ILIT is appropriate for your estate plan requires attention to detail and careful coordination with existing documents, such as beneficiary designations and retirement plan trusts. In many cases, an ILIT complements a comprehensive plan that includes a revocable living trust, last will and testament, advance health care directive, and powers of attorney. From selecting a trustee to transferring ownership of a life insurance policy into the trust, each step affects tax treatment, creditor protection, and distribution timing. This guide outlines the key considerations and practical steps to help you determine whether an ILIT fits within your overall approach to protecting family wealth and providing for loved ones.
An ILIT provides a structured way to hold life insurance outside of your taxable estate, which can reduce estate administration burdens and preserve more value for intended beneficiaries. Beyond tax considerations, an ILIT allows you to control distribution timing, set conditions for distributions, and protect proceeds from creditor claims or remarriage concerns. The trust can also coordinate with other planning documents like a financial power of attorney and advanced health care directives to create a cohesive estate plan. For many families in Isla Vista and Santa Barbara County, an ILIT offers peace of mind by ensuring that life insurance proceeds are managed and distributed according to long-term intentions.
Law Offices of Robert P. Bergman helps clients across California with estate planning matters, including Irrevocable Life Insurance Trusts tailored to family circumstances and financial goals. Our attorneys focus on practical legal solutions that align with local rules and the needs of clients in Isla Vista and surrounding communities. We assist with selecting trustees, drafting trust provisions that reflect your distribution preferences, coordinating beneficiary designations, and preparing related documents such as pour-over wills, trust certifications, and health care directives. Whether you are establishing an ILIT for tax planning or asset protection, the process is handled with attention to clarity, compliance, and sensible drafting.
An ILIT is a separate legal entity created to own life insurance policies. Once the policy is transferred into the trust, the policyholder typically gives up ownership rights, which can remove the proceeds from the taxable estate if certain timing and transfer rules are satisfied. Trustees manage premium payments, file required trust documentation, and arrange for timely distributions to beneficiaries according to the trust terms. The trust can include provisions for successor trustees, distribution timing, and protections for minor or vulnerable beneficiaries. Proper funding and administration are essential to achieve the intended tax and creditor protection objectives.
Setting up an ILIT involves several practical steps such as drafting the trust instrument, naming beneficiaries and trustees, transferring policy ownership, and ensuring the trust has the necessary funds to pay premiums. It is important to consider related documents that interact with the ILIT, like a general assignment of assets to trust or a certification of trust used for proof of authority. Timing matters because transfers made shortly before a death may not accomplish estate exclusion. Careful planning ensures the trust functions as intended to preserve benefits for the people you name and to simplify administration after your passing.
An ILIT is a trust that becomes the owner and beneficiary of a life insurance policy. The policy proceeds are held by the trustee and distributed to beneficiaries under the trust’s terms, often outside the probate process. By removing direct ownership from the insured’s estate, an ILIT can help keep insurance proceeds from being included in the estate for tax purposes, subject to federal and state rules. The trust document sets out who receives payments, when distributions are made, and what conditions apply. Properly executed ownership transfers and adherence to premium funding procedures are necessary for the trust to achieve these outcomes.
Key elements of an ILIT include the naming of trustees and beneficiaries, precise funding provisions to cover premiums, and instructions for distributions. Trustees are responsible for paying premiums from trust assets or gifts made to the trust, maintaining records, and communicating with beneficiaries. The trust should address successor trustees, trustee powers, and procedures for policy loans or exchanges. Other processes include coordinating beneficiary designations on related accounts, preparing a certification of trust if a third party requests proof, and ensuring that transfers are completed with enough lead time to satisfy applicable rules that exclude proceeds from the estate.
Understanding common terms helps you make informed decisions about an ILIT. This section defines essential phrases you will encounter when reviewing trust documents or discussing funding and administration. Clear definitions can prevent misunderstandings about trustee powers, beneficiary rights, and how the trust interacts with other estate planning tools. Use these definitions to review proposed trust language, ask targeted questions during planning, and ensure the trust aligns with your distribution and tax objectives. Familiarity with these terms makes it easier to manage the practical and legal details of an ILIT.
In the context of an ILIT, the grantor is the person who creates the trust and typically contributes the initial funding or transfers ownership of a life insurance policy into the trust. Once the trust is irrevocable, the grantor generally relinquishes control over the trust assets, including ownership of the insurance policy, which helps achieve the estate planning objectives associated with the trust. The grantor’s actions, such as making timely gifts to cover premiums and following transfer timing rules, can determine whether the life insurance proceeds are excluded from the taxable estate.
The trustee is the person or entity legally responsible for managing the ILIT, paying premiums, maintaining records, and distributing trust proceeds according to the trust terms. Trustees have a fiduciary duty to act in the best interests of beneficiaries and to follow the instructions in the trust instrument. Trustee duties can include obtaining a certification of trust when dealing with financial institutions, coordinating with tax advisors, and ensuring that distributions align with the grantor’s stated intentions and the needs of named beneficiaries.
A beneficiary is an individual or entity designated to receive trust assets, including life insurance proceeds held by the ILIT. The trust document can specify how and when beneficiaries receive distributions, whether in lump sums, installments, or upon specific events. Beneficiary designations within the trust typically supersede individual beneficiary designations on a policy once the trust is the owner and primary beneficiary. Trustees must follow the trust terms to manage and distribute assets in a manner consistent with the grantor’s intentions and any applicable legal constraints.
Crummey powers are temporary rights granted to trust beneficiaries that allow them to withdraw gifts made to the trust for a limited period. These powers are often used so that contributions used to pay life insurance premiums qualify as present interest gifts for gift tax exclusion purposes. Properly structured Crummey notices and withdrawal rights help ensure that premium contributions receive favorable tax treatment. Trustees must follow notice procedures and timing rules to preserve the intended tax benefits and comply with reporting requirements related to gifts into the trust.
When evaluating an ILIT, it is helpful to compare it with alternate approaches such as holding a life insurance policy in a revocable living trust or naming beneficiaries directly. A revocable trust allows flexibility during the grantor’s lifetime but may not remove the policy proceeds from the taxable estate. Direct beneficiary designations are simple but provide less control over distributions and creditor protection. An ILIT offers structural protections and distribution control but requires relinquishing ownership and careful administration. Each option has trade-offs related to tax treatment, administrative complexity, and the degree of post-death control over assets.
For individuals with modest estate size and straightforward beneficiary arrangements, less complex options may be suitable instead of an ILIT. When the primary need is to ensure that life insurance proceeds pass directly to a spouse or child without additional distribution conditions, direct beneficiary designations or a revocable living trust may accomplish the goal with lower administrative burden. In such circumstances, the priorities often focus on clarity and ease of administration rather than tax minimization, and planning can emphasize updating beneficiary forms and coordinating documents to prevent unintended probate delays.
If creditor exposure is minimal and estate tax will not be a concern based on current asset levels, the benefits of an ILIT may be limited. Individuals who are comfortable keeping control of a policy and who prioritize flexibility to change policy terms or beneficiaries may favor revocable arrangements. These less restrictive approaches allow for future changes without the permanence of an irrevocable transfer. Decisions should still consider anticipated changes in family circumstances, retirement assets, and potential liabilities that could make stronger protections valuable over time.
A comprehensive ILIT structure is frequently appropriate for individuals seeking to preserve significant estate value for heirs or to minimize potential estate tax exposure. In situations where life insurance proceeds form an important component of a legacy plan, an ILIT helps maintain those proceeds outside of the estate while providing instructions for orderly distribution. The trust structure can be tailored to address succession concerns, fund future expenses like education or care for dependents, and coordinate with retirement plan trusts to create a consistent approach across asset classes.
A durable ILIT arrangement can protect funds intended for minor children, beneficiaries with special needs, or those who may face creditor claims. The trust document can impose distribution schedules, set conditions for access, and appoint trustees tasked with managing resources prudently for beneficiaries’ long-term support. When preserving benefits over time and preventing unintended dissipation of assets are priorities, an ILIT offers a flexible framework to implement protections while providing for health, education, maintenance, and support in a manner aligned with the grantor’s wishes.
A comprehensive approach to establishing and administering an ILIT can yield multiple benefits beyond simple ownership transfer. It ensures alignment between life insurance ownership, beneficiary designations, and broader estate planning instruments. Thoughtful drafting reduces ambiguity, minimizes disputes, and supports efficient administration after death. The process typically includes coordinating premium funding, establishing trustee powers, and preparing supporting documents like a certification of trust and pour-over wills, all of which help achieve predictability and reduce the potential for costly probate proceedings.
Another advantage of a comprehensive ILIT program is the ability to plan distributions around family needs and tax objectives, using trust provisions to stagger payments, protect assets from future claims, and provide oversight for long-term financial security. A coordinated strategy also considers how the ILIT interacts with retirement plan trusts, special needs trusts, and other mechanisms such as guardianship nominations, which can be important when beneficiaries are minors or have unique care requirements. Overall, the goal is to create a cohesive, durable plan that reflects personal wishes while maintaining flexibility where appropriate.
One primary benefit of an ILIT is the ability to control when and how beneficiaries receive insurance proceeds. The trust can set schedules, conditions, or specific use purposes so that proceeds support education, housing, or long-term care rather than immediate lump-sum distributions that may be quickly spent. Trustees are tasked with administering funds consistent with the trust’s objectives and the grantor’s intentions. This degree of control helps preserve wealth across generations and ensures support is provided in a manner that aligns with the family’s long-term needs.
An ILIT can help remove life insurance proceeds from the grantor’s taxable estate when properly structured, which may reduce estate administration costs and tax exposure. When combined with carefully drafted trust provisions, proceeds can also be sheltered from certain creditor claims against beneficiaries, preserving assets intended for heirs. The precise level of protection depends on trust terms, state law, and proper funding practices. Ensuring documentation is complete and transfer timing rules are observed increases the likelihood that the trust will provide the intended protections for beneficiaries.
When transferring a life insurance policy to an ILIT, it is important to coordinate beneficiary designations and ownership changes to avoid unintended results. Make sure that ownership of the policy and the named beneficiary reflect the trust’s role so that proceeds are paid to the trust rather than directly to an individual. Also ensure that any beneficiary changes on related accounts do not conflict with trust objectives. Regular reviews of policy ownership, trust documentation, and related paperwork help prevent administrative surprises and ensure the trust functions as intended when the time comes.
Selecting an appropriate trustee is a key decision for any ILIT. Trustees should be trustworthy, willing to manage ongoing administrative tasks, and able to follow the trust’s distribution instructions. It is also wise to name successor trustees and include provisions for trustee compensation and decision-making authority. Clear lines of responsibility reduce the likelihood of disputes and ensure continuity of management if the initial trustee cannot serve. Discuss trustee roles with potential appointees so they understand duties related to premium payments, recordkeeping, and beneficiary communications.
People consider an ILIT for a variety of planning goals, including removing insurance proceeds from taxable estates, protecting funds from future creditor claims, and creating a controlled distribution structure for heirs. An ILIT can be particularly relevant for individuals who have significant life insurance policies that represent a meaningful portion of their intended legacy. The trust’s terms can be tailored to address timing of distributions, conditions for access, and provisions for long-term needs like education or care. Thoughtful planning helps convert insurance benefits into a predictable source of support for the people you name.
Another reason to use an ILIT is to ensure clarity and reduce familial disputes after death. By specifying trustee duties and distribution rules, you create a transparent mechanism for handling proceeds that might otherwise trigger disagreement among beneficiaries. The trust also works well with other tools such as pour-over wills, retirement plan trusts, and special needs trusts to create a comprehensive approach to asset preservation and legacy planning. Advance coordination with financial and tax advisors improves the likelihood that the trust will serve its intended purpose for years to come.
Common circumstances that lead people to establish an ILIT include having a high-value life insurance policy, concerns about estate taxes or creditor claims, planning for minor children or beneficiaries with special needs, and a desire to control distribution timing after death. Individuals with blended families, business interests, or substantial retirement assets may also benefit from the structure an ILIT provides. In these situations, an ILIT provides a legal framework for directing insurance proceeds in a way that meets long-term objectives while allowing for detailed instructions regarding trustee powers and beneficiary access.
When life insurance represents a large portion of an estate’s value, transferring the policy to an ILIT can prevent those proceeds from increasing estate tax exposure. The trust’s ownership removes direct policy control from the insured and places management and distribution authority with the trustee, following the grantor’s instructions. This approach can preserve more wealth for beneficiaries and reduce potential administrative burdens after death. It is important to follow transfer timing rules to ensure that the intended tax benefits take effect and to coordinate with overall estate planning documents.
Families with minor children, beneficiaries with special needs, or relatives who may be susceptible to creditor claims often turn to ILITs to safeguard life insurance proceeds. The trust can be drafted to provide structured distributions, dedicate funds to specific needs, and appoint trustees with clear duties to manage resources responsibly. This protective structure provides peace of mind by ensuring that proceeds are used for intended purposes such as education, housing, or ongoing care, rather than being subject to immediate division or external claims.
Individuals focused on long-term wealth preservation and potential estate tax mitigation may use an ILIT as part of a larger strategy that includes revocable trusts, retirement plan trusts, and other estate planning vehicles. An ILIT can be an effective tool to segregate insurance benefits from the estate, especially when combined with proper funding and administration practices. Careful coordination with advisors helps align the ILIT with broader financial and legacy planning objectives, ensuring that the trust supports beneficiaries in the way the grantor intends.
If you are in Isla Vista or Santa Barbara County and considering an Irrevocable Life Insurance Trust, local guidance can help you navigate state rules and regional considerations. Law Offices of Robert P. Bergman serves clients across California and is available to review existing plans, advise on transfer timing and premium funding, draft an ILIT to meet your objectives, and coordinate related documents such as pour-over wills and advance health care directives. Contact our office to discuss whether an ILIT fits your planning priorities, and to begin the process of building a durable, practical trust arrangement.
Clients choose Law Offices of Robert P. Bergman for thoughtful estate planning that aligns documents and strategies to individual goals. We help craft trust provisions, coordinate beneficiary designations, and prepare supporting materials such as certifications of trust and general assignments of assets. Our approach emphasizes clear drafting, careful coordination with financial advisors, and practical administration guidance so trustees and beneficiaries understand their roles. We work to make the process efficient and focused on your family’s long-term needs, including planning for potential health or guardianship considerations.
We assist with the detailed steps of establishing an ILIT, from drafting clear trust terms and naming trustees to advising on premium funding strategies and providing trustee guidance for recordkeeping and communications. The firm also coordinates related estate plan documents such as advance health care directives and powers of attorney so your plan operates smoothly across life events. Our goal is to provide sound legal drafting and practical advice that protect intended benefits while keeping administration straightforward and consistent with your wishes.
For clients with complex family situations, business interests, or significant retirement assets, we focus on integrating the ILIT with a broader estate plan that may include pour-over wills, retirement plan trusts, and provisions for guardianship nominations when minors are involved. We aim to provide durable solutions that anticipate future needs and reduce the potential for conflicts. Contact our office to discuss how an ILIT might fit into your legacy planning and to begin preparing the documents necessary to implement your plan.
Our process begins with an initial consultation to review your goals, existing documents, and financial picture. We identify whether an ILIT aligns with your objectives and explain the timing and funding requirements. Next, we draft the trust instrument and related documents, coordinate the transfer of policy ownership, and prepare a plan for premium funding and trustee duties. After the trust is established, we provide guidance to trustees on recordkeeping, notices, and interactions with financial institutions. Ongoing support is available to address changes in family circumstances or policy needs.
The initial review involves collecting information about existing policies, beneficiary designations, estate planning documents, and your goals for the proceeds. We evaluate the policy type, face amount, and ownership structure to determine if transferring the policy to an ILIT will achieve the desired outcomes. The review also considers potential gift tax implications and whether Crummey provisions or other mechanisms are needed to qualify contributions for gift tax exclusion. This planning stage sets a clear roadmap for drafting and funding the trust.
During document review we examine your revocable trust, last will and testament, beneficiary designations on life insurance and retirement accounts, and powers of attorney. The goal is to identify inconsistencies and ensure the ILIT integrates with your broader plan. We advise on adjustments to beneficiary forms and prepare any necessary general assignments of assets to trust or pour-over wills so the ILIT and other instruments operate together. Clear coordination reduces the risk of unintended outcomes at the time of distribution.
We develop a premium funding strategy to maintain the policy in force while preserving tax benefits. This includes planning how gifts will be made to the trust, whether Crummey notices are required, and how to document contributions. Trustees need a reliable means to cover premiums, so we identify practical funding sources and recordkeeping practices. Proper planning reduces the risk of policy lapse and supports the trust’s long-term objectives for beneficiaries.
Once the plan is agreed, we prepare the ILIT document and any companion documents needed to effect ownership transfer and manage trustee duties. Drafting includes clear distribution provisions, trustee powers, successor trustee arrangements, and instructions for handling policy loans or exchanges. After the trust is signed, we assist with paperwork to change policy ownership and beneficiary designations, ensuring third-party requirements are met and that documentation supports trust administration.
Drafting focuses on precise instructions for distributions, trustee responsibilities, and contingencies such as successor trustees and trustee compensation. The trust sets rules for how proceeds will be used and when beneficiaries receive payments. Clear trustee powers reduce ambiguity and facilitate practical administration, enabling trustees to manage premiums, engage financial advisors, and respond to beneficiary needs. Thoughtful drafting anticipates common scenarios and provides guidance for managing assets over time.
Transferring ownership requires completing insurer forms and, when applicable, handling notice procedures for beneficiaries under Crummey provisions. We assist with insurer requirements to retitle the policy in the name of the ILIT and ensure that beneficiary designations name the trust as appropriate. Proper documentation of transfers and any beneficiary notices supports the trust’s legal standing and helps ensure the policy is treated in accordance with the grantor’s intent.
After establishment, ongoing administration includes paying premiums, maintaining records, and executing distributions per the trust terms. Trustees should keep organized financial records, provide notices when required, and coordinate with tax advisors for any reporting obligations. We offer trustee guidance and can assist with certifications of trust or other documents requested by financial institutions. Periodic plan reviews help address changes in family circumstances, policy performance, or legal developments that could affect trust administration.
Trustees must document premium payments, gifts to the trust, beneficiary notices, and communications with insurers. Such records support transparency and facilitate distributions according to the trust’s terms. Proper bookkeeping helps trustees fulfill fiduciary responsibilities and makes transitions to successor trustees smoother. We provide practical instructions for recordkeeping and for handling questions from beneficiaries or financial institutions, reducing administrative friction and preserving trust objectives over time.
Although the ILIT is irrevocable, surrounding plans and supporting documents may need review as life circumstances change. Periodic consultations allow assessment of policy performance, premium funding strategies, and interactions with other trusts or beneficiary needs. If modifications are required to other parts of the estate plan, such as pour-over wills or retirement plan trusts, we coordinate those updates. Regular reviews help ensure that the ILIT and related documents continue to meet your family’s objectives and respond to changing legal or financial environments.
An Irrevocable Life Insurance Trust (ILIT) is a trust created to own and control life insurance policies so that policy proceeds are managed and distributed according to the trust terms. The trust becomes the owner and beneficiary of the policy, removing direct ownership from the individual’s estate when transfers and timing rules are properly observed. This structure allows for greater control over distribution timing, potential estate tax planning, and administrative clarity at the time of death. People use ILITs when they want to preserve insurance proceeds for specific purposes such as education, long-term care, or legacy planning, or when they want to provide structured distributions to beneficiaries. The trust also helps coordinate insurance proceeds with other estate plan documents, reducing the risk of unintended results and making administration more predictable and orderly.
To transfer a life insurance policy into an ILIT, you typically execute the trust document and then change the policy’s ownership and beneficiary designations to name the ILIT. The insurer will require specific forms and documentation, which may include a certification of trust and signatures from the trustee. If the policy is newly issued or transferred, care must be taken to follow any timing rules that affect estate inclusion. It is important to plan for premium funding and to document gifts made to the trust for premium payments. When Crummey provisions are used to qualify gifts as present interest gifts for gift tax exclusion, beneficiaries receive limited withdrawal rights and notices. Proper administration and recordkeeping help ensure the transfer achieves the intended tax and estate planning outcomes.
Choosing a trustee involves balancing trustworthiness, availability, and willingness to manage administrative duties. A trustee can be a trusted family member, friend, professional fiduciary, or financial institution that will pay premiums, keep records, and distribute proceeds in accordance with the trust terms. It is wise to discuss trustee responsibilities in advance so the person or entity understands the ongoing obligations. Naming successor trustees and providing clear instructions for trustee powers and compensation reduces the risk of future disputes or administrative gaps. Trustees should be able to work with insurers, financial institutions, and tax advisors to ensure proper handling of the policy and trust assets. Thoughtful selection contributes to smoother trust administration over time.
Premiums for an ILIT are typically funded through gifts made by the grantor to the trust, which the trustee then uses to pay the insurer. To obtain gift tax exclusion for these contributions, many ILITs include Crummey withdrawal powers that give beneficiaries a limited period to withdraw gifts, thereby creating a present interest. Proper notice and documentation of these gifts and any withdrawal periods are important to preserve favorable tax treatment. Alternative funding methods may include advance funding where sufficient assets are placed in the trust to cover several years of premiums or coordinating premium payments through other trust distributions. Whatever the method, maintaining documentation and a reliable funding process helps prevent policy lapse and supports long-term trust objectives.
Once a policy is transferred into an ILIT and the trust is the designated owner and beneficiary, the ability of the original owner to change beneficiaries unilaterally is generally limited. The trust instrument controls who receives proceeds and under what conditions, which is precisely why many people use ILITs to exercise post-death control. Any changes to beneficiary treatment typically require amendments to related estate planning documents or successor arrangements that operate outside the irrevocable trust. It is important to coordinate beneficiary designations on retirement and other accounts with the ILIT to avoid conflicts and unintended outcomes. Review existing beneficiary forms and longer-term planning documents to ensure they align with the ILIT’s role and the grantor’s wishes, and consider periodic reviews to confirm ongoing consistency across all documents.
An ILIT can provide some protection from creditors of beneficiaries, depending on trust provisions and applicable state law. By holding proceeds in trust rather than distributing them outright, the trust can limit beneficiary access in ways that reduce the risk of those funds being subject to creditor claims or improper dissipation. The level of protection depends on how distributions are structured and whether spendthrift provisions or other protective language are included in the trust. Because creditor protection varies by situation and jurisdiction, it is important to draft trust terms that clearly express intended protections and to coordinate with advisors who understand California rules and case law. Thoughtful drafting and administration increase the likelihood that proceeds will be preserved for beneficiaries as intended.
If the grantor dies soon after transferring a policy to an ILIT, the timing can affect whether the proceeds are included in the taxable estate. Federal rules include look-back periods that may cause transfers made shortly before death to be treated as part of the estate, so it is important to account for these timing rules during planning. Transfers that occur well before death are more likely to achieve the intended estate exclusion. Planning for timing and understanding related tax rules helps mitigate the risk of unintended estate inclusion. Where timing is uncertain, alternative strategies or supplementary planning steps may be recommended to preserve intended outcomes and address the possibility that transfers fall within look-back periods.
An ILIT operates alongside other estate planning documents such as a revocable living trust and pour-over will. The ILIT specifically governs the ownership and distribution of life insurance proceeds, while a revocable trust may handle other assets and a pour-over will directs any remaining probate assets into the revocable trust. Coordination is important so that beneficiary designations, trustee powers, and distribution instructions do not conflict between documents. During plan implementation we review all related instruments to ensure clear relationships among trusts, wills, and powers of attorney. This integrated approach reduces the risk of inconsistent directions and helps create a cohesive plan that functions as intended at the time of incapacity or death.
An ILIT may have tax reporting obligations depending on the trust’s activities and income. While life insurance death benefits are generally received tax-free by the trust, premium gifts and other transactions can give rise to reporting requirements. Trustees should keep detailed records of gifts to the trust, premium payments, and any notices to beneficiaries, and they may need to consult tax advisors about potential filing obligations related to gift taxes or trust income. Maintaining accurate records and working with advisors helps trustees meet any necessary reporting responsibilities and ensures that tax matters are handled in a timely and compliant manner. Clear documentation also supports future administration and provides transparency for beneficiaries.
To begin creating an ILIT in Isla Vista, start with an initial consultation to review your goals, policy details, and existing estate planning documents. Gather information about life insurance policies, beneficiary designations, and other trusts or wills you have in place. During the consultation, the attorney will explain timing considerations, funding strategies, and trustee responsibilities to help you decide whether an ILIT is appropriate. Once you decide to proceed, the next steps typically include drafting the trust document, naming trustees and beneficiaries, coordinating policy transfer paperwork with the insurer, and setting up a reliable funding mechanism for premiums. Ongoing guidance is available to trustees for recordkeeping and administration to ensure the trust operates as intended.
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