An Irrevocable Life Insurance Trust, commonly abbreviated ILIT, is a trust vehicle used in estate planning to hold life insurance policies outside of a taxable estate. At the Law Offices of Robert P. Bergman we assist residents of Sutter County and nearby communities from our San Jose practice in understanding how an ILIT can fit into a broader estate plan. This page explains the basics of ILITs, common reasons people consider them, and how a properly drafted trust can help manage life insurance proceeds for beneficiaries while coordinating with other documents such as revocable living trusts, pour-over wills, and advance directives. Call 408-528-2827 for initial inquiries and scheduling.
This guide covers the legal and practical aspects of forming and funding an ILIT, the roles of trustees and beneficiaries, and related documents such as certification of trust, general assignment of assets to trust, and HIPAA authorizations. You will find information about how transfers of existing policies differ from new policies, the implications for gifting and estate tax planning, and common administrative steps after policy proceeds are payable. We also describe typical situations where an ILIT is considered, available options for premium funding, and how an ILIT interacts with other estate planning tools like special needs trusts and pour-over wills.
An ILIT can provide clear benefits for families who want life insurance proceeds managed outside of a decedent’s estate. By placing a policy in an ILIT, a policy owner may help reduce the value of the estate for tax purposes while ensuring liquidity to cover taxes and final expenses. The trust structure allows for controlled distributions, protection from certain creditor claims depending on circumstances, and coordination with other planning documents like revocable living trusts or special needs trusts. Establishing an ILIT is a planning decision that affects ownership, premium payment responsibilities, and beneficiary designations and should be coordinated with overall goals for wealth transfer and family support.
The Law Offices of Robert P. Bergman serves clients across California with a focus on careful, practical estate planning. From our San Jose base we assist people in Sutter County and neighboring regions with drafting trusts, wills, powers of attorney, and the full range of documents needed to implement an ILIT. Our approach emphasizes clear communication, tailored planning, and thorough documentation to reflect family priorities. We guide clients through decisions about trustees, funding strategies, and administrative practices so the trust functions as intended when the time comes. Contact the office at 408-528-2827 to discuss how an ILIT may fit within your plan.
An ILIT is a trust that owns one or more life insurance policies, where the grantor gives up ownership and certain controls in order to remove the policy proceeds from the grantor’s probate estate. Once the trust holds the policy, the trustee manages premium payments and the trust becomes the beneficiary of the death benefit. Properly funded and drafted ILITs can help provide cash to pay estate obligations and deliver financial support to beneficiaries according to the terms set forth by the grantor. Careful attention to timing and transfer rules is essential to achieve the intended estate planning outcomes.
Funding an ILIT can be accomplished by transferring an existing policy into the trust or by having the trust apply for and own a new policy. When transferring an existing policy, timing rules and gift tax considerations must be taken into account, and premium payment arrangements should be structured so contributions into the trust are treated as completed gifts where appropriate. The trustee’s responsibilities typically include maintaining records, paying premiums from trust assets or beneficiary contributions, and managing distributions after a death. Coordination with other planning documents is important to avoid unintended consequences.
An ILIT is a legal arrangement where the grantor transfers ownership of a life insurance policy into a trust that generally cannot be revoked. The trust becomes the policy owner and beneficiary, and the terms of the trust determine how proceeds are preserved and distributed. Because the grantor gives up ownership, the policy proceeds are typically not included in the grantor’s probate estate, which can simplify settlement and create liquidity for expenses or taxes. The document that forms the trust also names a trustee to carry out the grantor’s instructions and identify the beneficiaries who will receive benefits under the trust terms.
Key elements of an ILIT include a trust agreement, a trustee, named beneficiaries, a life insurance policy owned by the trust, and funding arrangements for premiums. The typical process involves determining goals, drafting the trust instrument, transferring or issuing the insurance policy in the trust’s name, and establishing a mechanism to fund premiums, often through annual gifts to the trust. Additional documents such as a general assignment of assets to trust, certification of trust, or pour-over will may be used to integrate the ILIT into a broader estate plan. Ongoing administration requires recordkeeping and coordination between trustees and beneficiaries.
Understanding key terms helps when considering an ILIT. Terms to be familiar with include grantor, trustee, beneficiary, premium funding, gift tax, estate tax, and transfer rules that affect whether proceeds remain outside an estate. Other related concepts include pour-over wills, certification of trust, and Heggstad petitions for asset issues. Knowing these terms helps you ask focused questions and make informed decisions when planning. The glossary below provides plain-language definitions of common phrases you may encounter during planning, drafting, and trust administration.
An Irrevocable Life Insurance Trust is a trust created to own life insurance policies with the goal of keeping policy proceeds separate from the grantor’s personal estate. Because ownership is transferred to the trust and the trust terms are generally not changeable by the grantor, proceeds payable to the trust are handled according to the trust instrument. The ILIT typically specifies how proceeds will be used, who will receive them, and any timing or conditions for distributions. Proper drafting and timing are important to meet intended tax and estate planning objectives.
Gift tax refers to a federal tax that may apply when one person gives property or money to another, potentially including contributions to a trust that are treated as completed gifts. When funding an ILIT through annual transfers, the grantor should consider annual gift tax exclusions and the need for proper notices to beneficiaries when gifts have present interest characteristics. Using trust provisions that allow beneficiaries limited withdrawal rights or other mechanisms can affect how transfers are characterized for gift tax purposes. Understanding gift tax implications is part of careful premium funding planning.
Estate tax refers to taxes that may be levied on the value of a person’s estate at death for federal or state purposes. Removing life insurance policies from an estate by placing them in an ILIT is one method people use to reduce the size of the taxable estate for estate tax calculation, depending on applicable exemptions and rules. Whether an ILIT achieves that goal depends on timing, changes made before death, and the relationship between policy ownership and incidents of ownership. Professional guidance helps align trust steps with estate tax objectives and changing law considerations.
The trustee is the person or entity responsible for managing the trust according to its terms, which includes paying premiums, maintaining records, and making distributions to beneficiaries. Beneficiaries are individuals or entities designated to receive trust benefits under the terms set by the grantor. Choosing a reliable trustee and clearly defining beneficiary interests are essential steps in trust drafting. Trustees have fiduciary duties to follow the trust document and act in the beneficiaries’ best interests when administering trust assets, including life insurance proceeds.
There are different approaches to including life insurance in an estate plan. A limited approach might involve simply naming beneficiaries on a policy and keeping separate wills and powers of attorney in place, which can be appropriate for straightforward situations. A more comprehensive approach brings life insurance into a trust structure, coordinating ownership, beneficiary designations, and funding strategies across the broader estate plan. The right choice depends on asset mix, family goals, tax considerations, and whether control over distributions or protection from certain claims is a priority.
A limited approach may be suitable when assets are modest, beneficiaries are known and able to manage proceeds, and there are no complicated creditor, special needs, or tax concerns. In such cases, straightforward beneficiary designations and a clear will can accomplish transfer goals without adding trust administration. This approach reduces complexity and ongoing administrative duties. However, even simple situations benefit from a careful review to confirm that beneficiary designations match the rest of the estate plan and that the selected arrangements will function smoothly when life insurance proceeds become payable.
A limited strategy can also be appropriate for short-term or transitional needs, such as maintaining coverage while other longer term planning is completed, or when a policy is intended to provide immediate liquidity for final expenses without additional trust structures. Temporary arrangements require attention to the longer term plan so that beneficiary designations and ownership align with future intentions. Review of policy ownership and beneficiary designations should take place before relying on temporary measures to ensure they do not create unexpected outcomes when circumstances change.
A comprehensive approach that includes an ILIT is often used with larger or more complex estates, where minimizing estate tax exposure and ensuring liquidity for obligations at death are priorities. When multiple assets exist across accounts, retirement plans, and insurance policies, coordinating ownership and beneficiary designations through trust instruments reduces the potential for oversight and conflicting instructions. Trust-based planning also enables more precise control of distributions and can protect proceeds from certain claims or management issues for beneficiaries who may need support over time.
When planning must account for multiple generations, beneficiaries with special needs, or family members who face potential creditor or marital claims, a comprehensive trust strategy can provide tailored distribution rules and safeguards. An ILIT can work with other trust types such as special needs trusts to preserve public benefits for an individual or to manage assets for minor beneficiaries. Thoughtful trust provisions help ensure that proceeds are used as intended, providing long-term structure and protection that simple beneficiary designations cannot achieve on their own.
A comprehensive approach to life insurance and estate planning helps align insurance ownership with overall transfer goals, reduce the likelihood of unintended outcomes, and create smoother administration after a death. By using trust provisions to specify timing and conditions for distributions, grantors can address concerns such as creditor protection, spendthrift needs, and staged distributions. When integrated with documents like revocable living trusts, pour-over wills, and financial powers of attorney, an ILIT becomes part of a coordinated plan designed to support family priorities and ease the settlement process for trustees and beneficiaries.
Another benefit of a comprehensive plan is the ability to establish predictable mechanisms for funding premiums and maintaining coverage over time. Clear instructions for premium funding, trust notices, and trustee duties reduce administrative confusion and help preserve the benefits of the policy for intended recipients. Additionally, aligning life insurance planning with retirement plan trusts, irrevocable life insurance trusts, and other estate instruments allows families to address liquidity needs, tax concerns, and long-term goals in a unified manner that reflects changing circumstances and priorities.
A comprehensive ILIT strategy can play a role in managing estate tax exposure while providing liquidity at death to cover taxes, debts, and administrative costs. By removing policy proceeds from a grantor’s estate, an ILIT may help preserve other assets for distributions. The trust structure also enables the grantor to set directions for how proceeds should be used, such as paying estate obligations or funding ongoing family needs. Each situation requires individualized analysis to confirm that a trust-based approach aligns with tax thresholds and the family’s financial picture.
Comprehensive planning allows for tailored distribution terms that can protect beneficiaries from immediate dissipation of assets or from third-party claims. Trust provisions can require staggered distributions, establish conditions for access, or direct distributions toward specific needs like education or health care. This level of control supports family goals where beneficiaries may need assistance managing receipts or where preserving assets for future generations is a priority. Clear trustee powers and reporting requirements also improve transparency and help maintain the grantor’s intentions over time.
Make sure policy ownership and beneficiary designations are coordinated with trust documents and any revocable living trust or pour-over will in place. Mismatched designations can create unexpected probate exposure or conflicting instructions at death. When transferring an existing policy to a trust, consider timing and whether premium funding arrangements are needed. Open communication with the trustee about funding expectations and recordkeeping helps ensure the trust remains properly maintained and the policy stays in force for intended beneficiaries.
Maintain organized records for the ILIT, including the trust document, policy paperwork, payment records, and any beneficiary notices. Update trust provisions, beneficiaries, and ancillary documents as family circumstances change, such as births, marriages, divorces, or changes in health. Regular reviews make it easier to confirm the trust continues to serve intended goals, reduce administrative friction, and reduce the risk of disputes. Share necessary documentation with trustees and keep contact information current for all involved parties.
People often consider an ILIT when there is a desire to separate life insurance proceeds from a taxable estate, to create liquidity for taxes and final expenses, or to place conditions on how proceeds are distributed to beneficiaries. An ILIT can also complement other estate planning documents like revocable living trusts, pour-over wills, and powers of attorney. Whether the goal is to protect family assets, provide for minor beneficiaries, or coordinate benefits for someone receiving public assistance, an ILIT offers a legal structure to carry out these intentions systematically.
An ILIT is also considered when beneficiaries may face creditor claims or when there is a desire to stagger distributions to provide long-term support. For families with special needs dependents, combining an ILIT with a special needs trust can preserve public benefits while providing supplemental funds. The choice to form an ILIT depends on the value of the insurance, the larger estate plan, and the timing of transfers. A review of assets and clear planning decisions help ensure an ILIT accomplishes the desired results.
Typical circumstances that prompt consideration of an ILIT include estates where life insurance represents significant value, concerns about estate tax exposure, a need for liquidity at death, planning to protect proceeds from certain creditor or divorce claims, and a desire to provide structured distributions to heirs. Families with business interests or retirement assets often use an ILIT as part of coordinated succession or liquidity planning. While not required in every case, an ILIT is a useful tool in many planning scenarios to accomplish specific transfer and protection goals.
An ILIT can be structured to provide readily available funds to pay estate taxes, administrative expenses, and outstanding debts so that other assets do not need to be liquidated hastily. The trust receives the death benefit and then follows the distribution rules set by the grantor, providing a source of cash when the estate is settled. Having a trust-owned policy reduces the need to sell business interests, real estate, or other illiquid holdings under pressure, giving executors and trustees time to manage assets prudently for the benefit of beneficiaries.
Placing life insurance in a trust allows proceeds to pass according to the trust instrument rather than through probate, which can streamline transfer and provide greater privacy. A trust can define how and when beneficiaries receive funds, such as by stages or for specific purposes, reducing the likelihood of mismanagement or immediate depletion. For families who prefer structured distributions or wish to minimize public filings, trust ownership of life insurance is a method to accomplish those goals while ensuring proceeds are handled under clear, documented terms.
When beneficiaries may be subject to creditor claims, divorce, or rely on public benefits, an ILIT can be designed to protect policy proceeds and direct them for their intended use. Through carefully drafted trust terms and coordination with special needs trusts or other protective arrangements, funds can supplement care without jeopardizing eligibility for assistance programs. The trust also allows the grantor to establish conditions or oversight for distributions, preserving financial support over an extended period and helping to achieve long-term family objectives.
The Law Offices of Robert P. Bergman serves clients in Sutter County, San Jose, and across California with estate planning services tailored to local needs. We assist in drafting ILITs, memorializing funding plans, and coordinating trust documents like certifications of trust, pour-over wills, and power of attorney instruments. Clients may reach our office at 408-528-2827 for an initial discussion. Our team helps clients understand potential outcomes and the administrative steps involved so families can make informed choices about life insurance and long-term planning.
Clients choose our firm for thoughtful, client-focused estate planning that integrates life insurance into a comprehensive plan. We work with families to identify priorities, coordinate trust and will provisions, and create funding strategies that align with client goals. The practice emphasizes clear drafting and careful documentation to reduce ambiguity for trustees and beneficiaries. We assist with related instruments such as general assignments to trust, certification of trust, HIPAA authorizations, and powers of attorney to ensure the plan functions smoothly when needed.
Our process is built around listening to family goals, reviewing assets and existing policies, and preparing documents that reflect those intentions. We provide guidance on transferring existing policies or structuring new trust-owned insurance, address potential tax and timing implications, and outline administrative responsibilities for trustees. By coordinating estate, tax, and beneficiary matters we help create plans that aim to preserve wealth for intended recipients and reduce unnecessary complications during settlement.
We also assist with post-formation matters, such as trust administration, trust modifications when appropriate, and trustee guidance on premium payments and recordkeeping. For disputes or asset transfer questions, our firm can advise on options such as Heggstad petitions or trust modification petitions where the facts warrant judicial consideration. Our goal is to provide practical, accessible guidance so families in Sutter County and beyond can implement and maintain estate plans with confidence.
Our process begins with an intake to understand family structure, assets, and objectives. We review existing policies and estate documents to determine how an ILIT fits within the overall plan. After discussing options for ownership and funding, we draft trust documents and related instruments, coordinate policy transfers or issuance, and provide instructions for trustee administration. Throughout, we explain administrative duties and assist with ancillary documents such as pour-over wills, powers of attorney, HIPAA releases, and any necessary certification of trust to facilitate interactions with insurers and financial institutions.
The first step involves a careful review of the client’s current estate plan, assets, and life insurance policies. We gather information about policy types, ownership, beneficiaries, and the client’s goals for distribution and protection. This review identifies whether a transfer of an existing policy or purchase of a new trust-owned policy better suits the plan. We also discuss premium funding options, potential gift tax considerations, and how the ILIT will integrate with other documents to achieve the client’s objectives efficiently.
During the asset and policy review we examine ownership names, beneficiary designations, policy terms, and any riders or loan values that could affect transferability or funding decisions. This step helps identify potential timing issues, tax implications, and coordination needs with retirement assets or existing trusts. Understanding these details early allows us to recommend a tailored approach to placing insurance into a trust, setting funding expectations, and drafting trust provisions that align with the overall estate plan.
Deciding on trustees and beneficiaries and establishing the trust structure are key planning choices. We discuss trustee selection, successor trustee provisions, and the degree of discretion provided for distributions. The trust document also sets directives for premium funding, administration, and communication with beneficiaries. Thoughtful drafting at this stage reduces ambiguity later and helps ensure the trust operates according to the grantor’s intentions while providing necessary protections and administrative clarity.
Once the plan is agreed upon, we prepare the ILIT document and any related instruments such as general assignment forms or certification of trust. If transferring an existing policy, we coordinate with the insurer to effect the ownership change. If the trust will purchase a new policy, we coordinate application and underwriting matters. The trust will include provisions for premium funding and recordkeeping. Clear instructions are provided to the trustee about notices, gifts for premium payments, and annual procedures to maintain the trust and the insurance coverage.
Drafting includes the trust agreement, beneficiary designations, letters of instruction, and any ancillary documents needed by financial institutions or insurers. A certification of trust can be prepared to demonstrate trustee authority without disclosing detailed internal terms. We also prepare notices and guidance for implementing annual gifts or other funding mechanisms. Attention is paid to the language that establishes trustee powers, distribution standards, and administrative processes to minimize confusion and facilitate proper trust operation over time.
Transferring an existing policy into the ILIT requires coordination with the insurer, including executing assignment forms and confirming the trust meets the insurer’s requirements. For new policies, the trust must be properly named as owner and beneficiary at issuance. Funding mechanisms, whether through annual gifts that use the gift tax exclusion or through other trust assets, are implemented to ensure premiums are paid consistently. The trustee is given clear instructions for managing payments and maintaining the policy to avoid lapses that could undermine the plan.
After formation, ongoing administration includes paying premiums, maintaining records, filing required notices, and making distributions according to the trust terms. Periodic reviews help confirm that the ILIT and other estate documents remain aligned with family changes and evolving objectives. Where circumstances change, the trust structure and related documents may need to be revisited to confirm they continue to achieve desired outcomes. The firm can assist trustees with administrative duties and advise on actions to address unforeseen issues or disputes.
Trustees are responsible for paying insurance premiums, keeping financial records, providing beneficiary notices where required, and administering distributions in accordance with the trust document. Proper bookkeeping helps demonstrate compliance with funding plans and supports any reporting needed for tax or fiduciary purposes. Trustees should coordinate with the grantor and beneficiaries regarding expected funding practices, and the firm can provide templates and guidance to ensure consistent administration and avoid inadvertent lapses in coverage that could affect trust objectives.
Occasionally issues arise that require legal steps, such as resolving disputes over administration, addressing questions about asset transfers, or seeking court involvement when formal actions are necessary. Where appropriate, remedies like Heggstad petitions or trust modification petitions can be considered to resolve title problems or align trust administration with what the settlor intended. The firm assists with preparing necessary pleadings, advising trustees on options, and pursuing solutions to preserve trust goals while balancing the interests of beneficiaries and the estate.
An Irrevocable Life Insurance Trust is a trust created to own life insurance policies so that the death proceeds are payable to the trust rather than directly to named individuals. The grantor transfers ownership of a policy into the trust and the trustee then holds the policy and receives proceeds when the insured dies. Because the grantor generally relinquishes incidents of ownership, the policy proceeds may be outside the grantor’s probate estate and handled under the trust terms instead. The trust document controls distributions, including timing and conditions for payouts to beneficiaries. The ILIT structure is used to achieve specific estate planning goals such as providing liquidity for estate obligations, arranging controlled distributions, and coordinating life insurance ownership with other estate plan documents. The trustee administers premium payments, maintains records, and follows trust instructions. Proper drafting and careful attention to timing are important to ensure the ILIT functions as intended and aligns with the rest of the estate plan.
Placing a life insurance policy into an ILIT can affect estate tax exposure because proceeds owned by the trust are generally not includable in the grantor’s taxable estate if certain rules and timing requirements are satisfied. When the grantor transfers ownership of an existing policy, there may be a waiting period to ensure proceeds are excluded from the estate. Funding of premiums into the trust can involve annual gifts to the trust, which raises gift tax considerations and often relies on the gift tax exclusion if structured properly. Gifting into the trust typically requires careful documentation and may involve notices to beneficiaries when gifts are intended to qualify for annual exclusions. The manner and timing of transfers, the grantor’s retention of rights, and how premiums are paid all affect the tax characterization. Coordination with other estate planning elements helps ensure intended results and compliance with relevant tax rules.
Existing policies can often be transferred into an ILIT, but the implications vary depending on policy terms and timing. When ownership is transferred, the insurer will usually require assignment forms and verification of the trust’s authority to own the policy. If the transfer occurs near the time of death, rules may cause the policy proceeds to remain in the transferor’s estate for a period, so timing requires consideration when planning. The trust and insurer requirements must be met to effect the change correctly. Transferring a policy may also involve dealing with policy loans, cash values, or riders that affect transferability. The trustee must understand how premium payments will be made after transfer and whether any funding is needed to keep coverage in force. A thoughtful review of the policy and trust mechanics helps avoid unintended consequences and ensures the transfer supports the overall estate plan.
The trustee can be an individual, a professional trustee service, or an institution depending on family needs and the complexity of administration. Important qualities in a trustee include reliability, organizational capacity, and the ability to follow the trust’s instructions regarding premium payments, recordkeeping, and distributions. The trustee’s main duties include managing the trust assets, paying premiums on the insurance policy, keeping accurate records, and making distributions in accordance with the trust terms while maintaining clear communication with beneficiaries where required. Naming successor trustees and setting clear trustee powers in the trust document reduces the risk of administrative confusion. Trustees have fiduciary responsibilities to act in the best interests of the beneficiaries and to administer the trust consistent with the grantor’s documented intent. Providing detailed instructions in the trust instrument and preparing a certification of trust can help trustees carry out their duties efficiently.
Premiums for a trust-owned life insurance policy are typically funded through gifts to the trust, either by the grantor using annual gift exclusions or by other trust assets allocated for that purpose. When annual gifts are used, arrangements may be structured to qualify for the gift tax exclusion, which often requires notices to beneficiaries and specific trust language that creates a present interest. Alternative funding sources include using other trust assets or designated contributions from beneficiaries under terms agreed upon in advance. It is important to document premium funding mechanisms clearly and to maintain records demonstrating how premiums are paid. Trustees are responsible for applying gifts or trust assets to premium payments and should keep detailed accounting to show compliance with the trust’s funding plan. Reviewing funding strategies periodically helps ensure the policy remains in force and the trust continues to meet its objectives.
An ILIT can be coordinated with special needs planning to provide supplemental support for a beneficiary while preserving eligibility for public benefits. By directing life insurance proceeds into a trust structured for the beneficiary’s supplemental needs, funds can be used for housing, education, and quality-of-life expenses without becoming countable resources for benefit programs. This coordination typically involves drafting provisions that limit distributions for allowable items and appointing a trustee familiar with benefit rules to manage distributions carefully. Similarly, trust provisions can help protect beneficiaries from creditors, divorce, or mismanagement by imposing restrictions on transfers and controlling timing of distributions. Careful drafting is required to balance protective features with flexibility so beneficiaries receive meaningful support while preserving other protections or benefits that may be necessary.
After a death, trustees must obtain a certified death certificate, notify the insurer, submit appropriate claim forms, and manage the trust’s receipt of proceeds. Trustees should follow the trust terms regarding timing and conditions of distributions, maintaining documentation and providing notices to beneficiaries as required. Trustees are also responsible for managing any estate tax or creditor-related matters that may affect how proceeds are used or distributed, and for keeping beneficiaries informed about administration steps and timelines for distributions. Good recordkeeping and prompt action help trustees fulfill their duties and reduce disputes. Trustees may consult with legal counsel or other professionals to address any tax, reporting, or contested administration issues that arise, ensuring the trust is administered in accordance with the trust document and applicable law while protecting beneficiary interests.
Because an ILIT is by definition irrevocable, the ability to change its terms is limited. However, depending on circumstances and applicable law, there may be options for modification or corrective actions, such as trust decanting, agreement among beneficiaries, or court petitions where allowed. Where changes are necessary due to errors, changed circumstances, or plan alignment, legal mechanisms like trust modification petitions can be explored to determine whether adjustments are possible while respecting original intent and legal constraints. In addition, planning alternatives such as establishing new trusts, supplementary agreements, or coordinating other documents in the estate plan may address evolving needs without directly altering an existing ILIT. It is important to evaluate options carefully and seek guidance to assess feasibility and legal implications before pursuing modifications.
An effective ILIT typically forms part of a comprehensive estate plan that includes a revocable living trust or will, powers of attorney, advance health care directives, certification of trust, and supporting documents such as general assignment forms for transferring assets to trusts. Documents that clarify trustee authority and beneficiary intent help financial institutions and insurers recognize the trust’s role. Having a pour-over will ensures assets not previously transferred to a trust are captured by a comprehensive plan. Other supportive documents include HIPAA authorizations and guardianship nominations when appropriate, which help provide a full framework for medical and personal decision-making. Coordinating these instruments with the ILIT reduces ambiguity and supports smooth administration when the time comes.
Beginning the process starts with an initial consultation to gather information about family goals, existing policies, and other estate documents. During this meeting we review policy ownership, beneficiary designations, and funding ideas to determine whether an ILIT fits the plan. The next steps involve drafting the trust, preparing any assignment or certification documents, and coordinating with insurers to effect ownership changes or issue new policies under the trust’s name. We also provide guidance on premium funding strategies and trustee responsibilities and prepare ancillary documents to integrate the ILIT into the overall plan. To start, contact the Law Offices of Robert P. Bergman at 408-528-2827 to schedule a conversation about your objectives and the documents needed to implement an ILIT tailored to your situation.
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