An Irrevocable Life Insurance Trust (ILIT) can be an important component of a thoughtful estate plan for individuals and families in Earlimart and across Tulare County. This guide explains how an ILIT works, who may benefit from one, and how it can help protect life insurance proceeds from estate tax exposure and unintended probate distribution. The Law Offices of Robert P. Bergman offers practical, client-focused guidance to help clients evaluate whether an ILIT is an appropriate fit for their circumstances and long-term goals, with clear steps for establishing and funding the trust.
Choosing the right legal approach for life insurance within an estate plan involves understanding both immediate and future consequences for beneficiaries and family members. An ILIT can provide control over insurance proceeds after death, allow for tax planning, and offer protections against creditors in some situations. Our firm discusses options such as revocable living trusts and pour-over wills in combination with a well-constructed ILIT when appropriate, helping clients align their retirement planning, beneficiary designations, and long-term care considerations with their overall estate plan.
An ILIT can be a powerful tool to preserve the value of life insurance proceeds for intended beneficiaries while limiting potential estate tax exposure and avoiding probate delay on those funds. By removing ownership of the policy from an individual’s taxable estate, the trust can create a clearer outcome for recipients and provide structured distributions that reflect the grantor’s wishes. In addition, an ILIT may offer a vehicle for protecting assets from certain claims or providing ongoing management for minors or beneficiaries with special financial needs, and it pairs well with other estate planning instruments to create a cohesive strategy.
The Law Offices of Robert P. Bergman focuses on estate planning services for families and individuals in San Jose, Earlimart, and throughout California. Our approach centers on listening to client priorities, explaining options clearly, and developing practical plans that address taxes, probate avoidance, and asset management after incapacity or death. We assist with a wide range of documents such as revocable living trusts, wills, powers of attorney, health care directives, and ILITs. Clients can expect direct communication, careful document drafting, and guidance through funding and administrative steps to implement their chosen strategies effectively.
An Irrevocable Life Insurance Trust is a trust created to own a life insurance policy on the grantor’s life or to receive proceeds of a policy upon the grantor’s death. Because the trust owns the policy and the grantor relinquishes ownership rights, the proceeds may be excluded from the grantor’s taxable estate if correctly structured and funded within applicable timeframes. The trust document defines how and when beneficiaries receive distributions, which can help protect assets and provide liquidity for estate settlement costs, and ensures that proceeds are used in accordance with the grantor’s intentions.
Establishing an ILIT involves drafting a trust agreement, transferring ownership of an existing policy or arranging for a new policy to be issued inside the trust, and coordinating premium payments in a way that avoids adverse tax consequences. It is important to consider timing, trust terms, and beneficiary designations, and to coordinate the ILIT with retirement accounts and other estate planning documents. Proper administration after the grantor’s death ensures that proceeds are distributed under the trust terms and are used for the intended purposes such as income replacement, education, or care for dependents.
An ILIT is a trust that becomes the owner and beneficiary of a life insurance policy, with the grantor giving up ownership rights. The trust receives the policy proceeds at the grantor’s death and distributes them according to provisions set out in the trust instrument. Because ownership was transferred and the grantor retained no incidents of ownership, those proceeds can fall outside the probate estate and potentially outside the taxable estate if transfer timing rules are observed. Administration typically involves trustees who handle claims, manage distributions, and coordinate with other estate matters.
Key elements of an ILIT include the trust agreement, naming of trustees and beneficiaries, instructions for premium payments, and terms governing distributions of policy proceeds. The process starts with drafting the trust, transferring or issuing the policy in the trust’s name, and ensuring that premium payments are made in a manner that complies with gift tax and estate rules. Trustees must also be appointed who understand their duties for filing claims, investing trust assets, and making distributions consistent with the grantor’s objectives. Coordination with other documents and beneficiary designations is essential.
Understanding common terms helps clients make informed decisions. This glossary covers fundamental words such as grantor, trustee, beneficiary, incidents of ownership, probate, and estate tax. Knowing these terms clarifies how ownership transfer affects tax treatment and why the timing of transfers matters. Clear definitions also help when comparing an ILIT with a revocable trust or beneficiary designations. This section provides plain-language explanations so clients can better evaluate options and communicate their goals when creating or reviewing an estate plan.
The grantor is the person who creates the trust and transfers assets into it. In the context of an ILIT, the grantor transfers ownership of a life insurance policy or arranges for a policy to be owned by the trust. Once the transfer is made and the grantor gives up certain rights to the policy, the trust’s status can affect tax treatment and distribution instructions. The grantor’s intentions are expressed in the trust document, which guides trustees and beneficiaries on how the insurance proceeds should be handled after the grantor’s death.
Incidents of ownership refer to rights that indicate control over a life insurance policy, such as the ability to change beneficiaries, surrender the policy, borrow against it, or assign it. If the grantor retains incidents of ownership, the policy proceeds may remain included in the taxable estate. To achieve the intended estate planning benefits, the ILIT must be structured so the grantor relinquishes these control rights. Careful drafting and administration are required to ensure the transfer removes incidents of ownership and conforms with tax rules and timing requirements.
The trustee is the individual or entity responsible for managing the trust according to its terms and in the best interests of the beneficiaries. Trustees handle tasks like receiving insurance proceeds, investing funds, making distributions, and maintaining records. Choosing the right trustee involves considering reliability, availability, and the ability to carry out administrative duties. Trustees must follow the trust document, relevant laws, and any directions the grantor provided, ensuring that proceeds are distributed as intended and that administrative steps are completed in a timely manner.
A beneficiary is the person or entity designated to receive benefits from the trust after the grantor’s death. In an ILIT, beneficiaries receive life insurance proceeds under the trust’s terms, which can provide for immediate cash needs, structured payouts, or ongoing financial support. The trust document can set conditions, timing, or purposes for distributions to align with the grantor’s wishes. Choosing beneficiaries and specifying distribution terms are important decisions that affect how the proceeds are used and how they integrate with the client’s overall estate plan.
Assessing whether an ILIT or an alternative approach is appropriate requires comparing goals, tax considerations, and family circumstances. A revocable living trust offers flexibility during life but does not remove assets from the taxable estate. Beneficiary designations are simple but may not provide control over how proceeds are spent or protect against certain claims. An ILIT can remove life insurance proceeds from the taxable estate and provide distribution control, but it requires giving up ownership and adhering to transfer rules. Each option carries trade-offs related to control, tax treatment, administrative complexity, and long-term outcomes.
A streamlined approach may be appropriate when an estate is modest and beneficiaries are clearly designated and capable of managing assets. If the life insurance proceeds are modest relative to the estate and the family prefers direct receipt without additional trust administration, updating beneficiary designations and maintaining a basic will or revocable trust can be sufficient. Simpler arrangements reduce ongoing administrative requirements and can avoid the complexity of trust funding and trustee oversight while still achieving straightforward transfer of benefits to named recipients.
When estate tax exposure is unlikely and family relationships are straightforward and cooperative, simpler planning tools may meet needs efficiently. In such cases, clients may prefer to rely on beneficiary designations or revocable trust provisions that are easy to adjust over time. These approaches keep the grantor in control during life and reduce formal administration after death. Using these tools to supplement durable powers of attorney and health care directives often provides sufficient protection for incapacity and basic asset distribution without creating a separate irrevocable trust structure.
When an estate contains substantial life insurance policies, business interests, retirement accounts, or other complex assets, a comprehensive planning approach ensures that the interplay between documents and accounts achieves the client’s goals. An ILIT can be a key component of a broader plan designed to reduce tax exposure and provide liquidity for estate settlement, while other instruments such as revocable living trusts and retirement plan trusts address the disposition and management of different asset types. A cohesive plan helps prevent unintended tax consequences or beneficiary disputes and supports long-term family objectives.
A comprehensive plan is often warranted when beneficiaries may need structured support, such as minors, individuals with special financial needs, or those who might be vulnerable to creditors. An ILIT can be paired with trusts that provide for education, medical care, or ongoing distributions, and with guardianship nominations and powers of attorney to prepare for incapacity. Thoughtful drafting helps ensure that life insurance proceeds are used in a manner consistent with the grantor’s wishes and that trustees and executors have clear authority to administer the plan efficiently and responsibly.
Incorporating an ILIT with other estate planning tools can provide coordinated outcomes such as tax mitigation, avoidance of probate for insurance proceeds, and structured distributions that meet family needs. A comprehensive plan aligns beneficiary designations, trust terms, and powers of attorney so that there are no conflicting instructions at the time of incapacity or death. This alignment also supports efficient administration by trustees and reduces the likelihood of disputes, helping families move through settlement with clear instructions and funding for immediate obligations like taxes and final expenses.
A complete planning strategy also allows for contingencies, such as successor trustees, alternate beneficiaries, and provisions for changing circumstances. This foresight can provide peace of mind knowing that key decisions are documented and implemented according to the grantor’s priorities. Including documents such as pour-over wills, health care directives, and financial powers of attorney alongside an ILIT means that both lifetime and post-death matters are addressed, creating a more resilient plan that adapts to changes in family relationships, finances, and tax law over time.
An ILIT can help remove life insurance proceeds from the taxable estate when properly structured, creating liquidity for paying estate liabilities without increasing estate tax exposure. This can be particularly valuable when heirs need immediate funds to cover expenses or when other assets are illiquid. Coordinating an ILIT with the broader estate plan ensures that distributions and timing are aligned to meet both short-term requirements and long-term support for beneficiaries, reducing the administrative burden on family members during an already difficult time.
Through tailored terms, an ILIT allows the grantor to specify how proceeds are distributed, whether as lump sums, staged payments, or for designated purposes like education or healthcare. This control can protect beneficiaries from receiving a large inheritance all at once and provide for ongoing oversight to help ensure funds are used responsibly. When integrated with trusts that address other assets, the ILIT becomes part of an overall strategy to maintain family wealth and support needs while reducing the potential for disputes or mismanagement after the grantor’s passing.
When establishing an ILIT, review all beneficiary designations and policy ownership details to ensure the trust is properly named as owner and beneficiary if that is the plan. Failing to align these elements can undermine the intended tax and probate benefits. It is also important to document premium payment arrangements so that funds contributed to the trust are handled in a way that does not unintentionally create tax consequences. Clear records and consistent communication with trustees help avoid administrative complications down the road.
Selecting trustees who can manage administrative duties, file claims, and follow distribution instructions is essential for an ILIT to function smoothly. Consider naming successor trustees and providing clear guidance in the trust document about trustee powers and limitations. Trustees should maintain good records, coordinate with other fiduciaries, and understand the timing and mechanics of trust distributions after a claim is paid. Preparing trustees in advance reduces delays and helps beneficiaries receive support in a timely manner.
Consider creating an ILIT when life insurance proceeds form a significant portion of the wealth you intend to pass on, when you wish to provide for beneficiaries under controlled terms, or when you need liquidity outside of probate to settle debts and taxes. An ILIT can help preserve value for heirs, provide structured payouts to manage long-term needs, and create clearer instructions for trustees and beneficiaries. Reviewing a client’s assets, family dynamics, and long-term financial plans helps determine whether the ILIT aligns with overall estate planning objectives.
An ILIT may also be appropriate when a client wants to protect proceeds from potential creditor claims or to provide for minor children or family members who may need oversight for large sums. Combining an ILIT with other trusts, powers of attorney, and health directives supports a comprehensive plan that addresses incapacity and post-death distribution. Thoughtful drafting can include contingencies and successor provisions so that the grantor’s wishes are upheld even as circumstances change over time, offering families continuity and clarity in asset transfer.
Common circumstances include clients with sizable life insurance policies, blended families seeking controlled distributions, property owners who need estate liquidity, and those with heirs requiring long-term financial management. Individuals with business interests or retirement accounts may need an ILIT to separate insurance proceeds from the estate and provide immediate funds for business succession or estate expenses. Understanding these situations helps clients decide whether the benefits of an ILIT outweigh the trade-offs of relinquishing policy ownership.
For parents who want to make sure minor children receive ongoing financial support without granting them unrestricted control, an ILIT can provide structured distributions and trustee oversight. The trust can set age-based distributions, require funds be used for education or healthcare, and designate a responsible trustee to manage funds until beneficiaries reach an appropriate level of maturity. This approach reduces the risk of mismanagement and gives the grantor assurance that resources will be preserved and used in accordance with long-term family plans.
When life insurance proceeds are anticipated to push an estate toward higher tax thresholds, placing a policy in an ILIT can help remove that asset from the taxable estate when done correctly. This can preserve more of the estate’s value for heirs by reducing potential estate tax liabilities. Planning must consider transfer timing and whether ownership was transferred within certain windows before death, and must be coordinated with overall estate and tax planning to ensure that the intended benefits are realized.
An ILIT can supply immediate funds at the grantor’s death to pay estate settlement costs, outstanding debts, or business continuation expenses. This liquidity can prevent forced sales of family assets or allow a business to continue operating while ownership transitions are arranged. By structuring proceeds to be available outside the probate estate, the ILIT can preserve other assets while meeting pressing financial obligations, making it an important tool for comprehensive planning that supports both family and business continuity.
The Law Offices of Robert P. Bergman serves clients in Earlimart and surrounding communities, offering personal attention and practical estate planning guidance. We help individuals and families evaluate whether an ILIT fits their circumstances and assist with drafting, funding, and trustee selection. Our team explains each step in accessible terms, helps coordinate related documents such as wills and powers of attorney, and supports clients through the administrative steps needed to implement the plan. Call our office at 408-528-2827 to discuss your concerns and arrange an initial consultation.
Clients work with the Law Offices of Robert P. Bergman for careful, personalized estate planning that reflects their goals and family needs. We focus on practical solutions that coordinate ILITs with revocable living trusts, pour-over wills, and retirement plan considerations so arrangements work together. Our process emphasizes clear communication and thorough documentation to ensure the trust terms and funding steps produce the intended results, helping clients avoid common pitfalls and streamline administration after a claim is paid.
We guide clients through decisions about trustees, successor designations, and distribution terms, and we assist with the administrative tasks needed to fund and maintain the ILIT. The firm prepares trust agreements and related documents with attention to detail, and we provide checklists and follow-up to confirm that policies and beneficiary designations are correctly aligned. This hands-on approach helps families implement plans that deliver financial support to beneficiaries while addressing tax and probate considerations.
Our office also assists with related estate matters such as advance health care directives, powers of attorney, guardianship nominations, trust modifications, and petitions when necessary. This integrated service helps clients prepare for incapacity and death in a coordinated way. We work with trustees and executors during administration to clarify processes and ensure distributions occur as intended, providing ongoing support so families can focus on care and continuity rather than administrative uncertainty.
Our ILIT process begins with a conversation to understand your assets, family dynamics, and goals. From there we draft tailored trust documents, advise on transferring or issuing life insurance policies in the trust’s name, and provide instructions for funding and premium payments. We review beneficiary designations, coordinate related estate documents, and recommend trustee roles and successor appointments. After execution we offer guidance for trustee administration and maintain communication to address questions or future modifications when appropriate, providing continuity for your long-term plan.
During the initial consultation we gather information about life insurance policies, other assets, family relationships, and your objectives for distribution and protection of proceeds. We discuss the differences between revocable and irrevocable arrangements, timing considerations, and how an ILIT might interact with retirement accounts and business interests. This step sets the foundation for a plan that aligns with your priorities and identifies the documents and administrative actions needed to implement the ILIT effectively.
We collect details about existing policies, beneficiaries, financial goals, and potential tax concerns. This deep understanding allows us to recommend whether an ILIT is appropriate and how it should be structured. We talk through distribution preferences, trustee responsibilities, and funding strategies so the trust terms reflect your intentions. Open discussion helps reveal any potential conflicts or special needs among beneficiaries and informs drafting of clear and workable provisions to avoid misunderstandings later.
After reviewing client information we outline recommended steps, such as drafting the trust agreement, transferring policy ownership, and arranging premium payment mechanics. We explain potential tax implications and timing issues, and provide a checklist of documents to sign and records to update. Clients receive a clear roadmap for implementation including trustee selection and coordination with other estate documents so the process proceeds smoothly and the intended benefits of the ILIT can be achieved.
In the drafting stage we prepare the trust instrument with terms that specify trustees, beneficiaries, distribution rules, and administration instructions. The document addresses contingencies, successor appointments, and powers granted to trustees so they can manage the trust effectively. We coordinate execution of the trust and assist in completing forms to transfer or assign policy ownership to the trust. Ensuring the paperwork is consistent and properly executed is essential to achieve the desired legal and tax outcomes.
We draft the trust language to reflect the grantor’s objectives, addressing timing of distributions, permitted uses of proceeds, and conditions for payouts. The drafting process includes review sessions with clients to explain each provision and confirm that the terms align with other estate documents. Adjustments are made until clients are satisfied that the trust provides the intended protections and instructions for trustees and beneficiaries, reducing the risk of ambiguity during administrative steps.
Once the trust is finalized, we guide clients through executing the document, completing any required notarial or witness formalities, and transferring ownership of an existing policy or arranging for a new policy to be issued to the trust. We verify that beneficiary designations are aligned and that premium payment mechanisms are documented to prevent adverse tax implications. Clear records of transfers and gifts to the trust provide evidence needed for future administration and tax reporting.
After funding the ILIT and transferring the policy, trustees must administer the trust, manage premiums if applicable, and keep accurate records. Ongoing maintenance may include annual gift documentation, updating beneficiary information, and coordinating with other fiduciaries as circumstances change. The law firm can assist trustees during the claim filing process and support beneficiary communications to ensure smooth administration when the policy pays out. Periodic reviews help maintain alignment with changing family or financial situations.
Trustees have responsibilities to manage trust assets, maintain accurate financial records, and distribute proceeds in accordance with the trust terms. Good recordkeeping includes tracking premium payments, gifts, claims, and communications with beneficiaries. Trustees may also need to coordinate with tax advisors and other professionals to fulfill reporting obligations. Clear instructions within the trust and ongoing guidance from the drafting attorney can reduce administration delays and ensure beneficiaries receive timely distributions consistent with the grantor’s wishes.
When the insured person dies, the trustee files a claim with the life insurance company and follows the trust instructions for distributing proceeds. The trustee may pay debts and taxes, make designated distributions, and invest trust assets as allowed by the trust document. Prompt filing and transparent communication with beneficiaries help expedite the process. Legal counsel can assist trustees with claim documentation, coordination with estate administration, and addressing questions about interpretation of trust provisions to ensure the grantor’s intentions are honored.
An Irrevocable Life Insurance Trust is a trust created to own and receive proceeds from a life insurance policy so that policy proceeds can be held and distributed according to the trust’s terms. Unlike a revocable living trust, an ILIT requires the grantor to relinquish ownership rights over the policy, which can remove the policy proceeds from the grantor’s probate estate and potentially from the taxable estate if properly executed. The ILIT’s trust agreement sets out who the beneficiaries are, how and when distributions are made, and what powers the trustee has, which provides the grantor a way to control post-death use of proceeds. ILITs differ from simple beneficiary designations because the trust structure allows greater flexibility in how funds are distributed and can offer protections such as staged distributions or restrictions for certain uses. The trustee administers the policy and the trust, files claims, and manages distributions as directed by the trust terms. The choice between an ILIT and other estate planning tools depends on goals, timing, and the need for control or protection, and should be made after reviewing a client’s overall plan.
Placing a life insurance policy into an ILIT can remove policy proceeds from the taxable estate when done correctly, but this depends on timing and proper relinquishment of ownership rights. If the transfer is made and the grantor retains no incidents of ownership, the proceeds are less likely to be included in the taxable estate. However, transfers made within certain windows before death may still be subject to estate inclusion, so timing and coordination with other documents are important for achieving the desired tax outcome. Careful planning is required to ensure that premium payments and ownership transfers are structured in a way that avoids unintended tax consequences. Collaboration with legal and tax advisors helps confirm that the trust language and administrative steps are consistent with current rules, and that gifts used to fund premiums are properly documented. Periodic review of the trust and policies ensures continued alignment with estate planning objectives and tax considerations.
Once a life insurance policy is owned by an ILIT, premium payments cannot be paid directly by the grantor without proper gift documentation, because doing so could create incidents of ownership or tax implications. A common method is for the grantor to make annual gifts to the trust equal to the premium amount, using the annual gift tax exclusion when appropriate. The trustee then uses those trust funds to pay the premiums. Alternatively, other funding strategies can be used depending on the client’s situation and the size of premiums. Maintaining clear records of gifts and premium payments is important for tax and administrative purposes. Trustees should document receipt of gifts, disbursements for premiums, and any communications with the insurance company. This recordkeeping supports compliance with gift tax rules and helps demonstrate that the trust is being administered according to its terms, reducing the risk of accidental inclusion in the grantor’s taxable estate.
Trustees should be reliable individuals or institutions capable of handling administrative duties such as filing claims, managing distributions, and maintaining records. When choosing a trustee consider availability, familiarity with fiduciary responsibilities, and ability to coordinate with other fiduciaries such as executors or financial advisors. Naming successor trustees and providing clear instructions in the trust document helps ensure continuity and reduces the likelihood of disputes when administration is necessary. Trustees have duties to act in accordance with the trust terms, keep accurate records, communicate with beneficiaries, and manage trust assets prudently. Professional trustees can assist with complex administration, though they may charge fees. Whether an individual or institution serves as trustee, explicit instructions regarding powers, limitations, and successor appointments help trustees fulfill their role effectively and provide beneficiaries with predictable outcomes under the trust terms.
An ILIT can be designed to provide for minors or beneficiaries with special financial needs by including distribution terms tailored to those circumstances. The trust can set age-based disbursements, specify permitted uses such as education or medical expenses, and appoint trustees with instructions to oversee distributions responsibly. These provisions help prevent immediate lump-sum distributions to beneficiaries who may not be prepared to manage large sums, and they ensure funds are used in a manner consistent with the grantor’s goals. When planning for beneficiaries with special needs, it is important to coordinate the ILIT with government benefits and any special needs trusts to avoid disrupting eligibility for public assistance programs. Careful drafting and coordination with other advisers help create distributions that support beneficiaries without unintended consequences. Naming trustees who understand the applicable rules and the beneficiary’s needs promotes long-term financial stability and appropriate use of trust resources.
If a grantor dies shortly after transferring a policy to an ILIT, the timing can affect whether the proceeds are included in the taxable estate. Many tax rules consider transfers made within certain windows prior to death to determine estate inclusion. This makes timing and planning important when transferring ownership of a policy, and clients should be advised of potential risks if health concerns make transfer timing uncertain. To mitigate timing risks, advisors may recommend alternative planning measures or discuss purchasing a new policy inside the trust where possible. Reviewing the client’s overall plan and life insurance portfolio helps identify steps to minimize the chance that a recent transfer will undermine intended tax benefits. Clear documentation and compliance with gift rules remain important even in time-sensitive situations.
An ILIT interacts with retirement accounts and beneficiary designations by creating a separate mechanism for life insurance proceeds, while retirement accounts remain governed by their own beneficiary designations and tax rules. Coordinating the ILIT with retirement plan beneficiaries and other designations helps avoid conflicts and ensures that the overall distribution plan works together. For example, naming a trust as a beneficiary of certain accounts may have different tax or administration consequences compared to leaving accounts to individuals. It is important to review all beneficiary designations when establishing an ILIT so that unintended overlaps or gaps are avoided. Aligning beneficiary forms with the trust and estate plan ensures that proceeds flow as intended and supports efficient administration. Periodic review of retirement accounts, beneficiary designations, and trust documents is recommended to maintain consistency with changing circumstances and objectives.
Yes, ILITs typically involve ongoing administrative responsibilities that can include recordkeeping, gift documentation, and trustee duties. Trustees must track premium payments, maintain clear records of gifts used to fund the trust, and manage distributions in accord with the trust terms. There may also be costs associated with trustee services, legal advice for administration, and tax filings depending on the trust’s activities. These obligations are part of ensuring the trust functions as intended and that benefits are delivered according to plan. Periodic reviews and updates may be necessary to adjust to changes in family circumstances, tax laws, or financial objectives. Working with counsel and financial advisors helps trustees fulfill their duties and navigate requirements. Planning for these ongoing needs at the outset can reduce unanticipated burdens and help maintain the integrity of the trust over time.
Because an ILIT is irrevocable, modifications are limited and depend on terms in the trust or applicable law. Some trusts include provisions for limited amendments or allow trustees certain flexibilities, while others may require consent from beneficiaries or court approval for substantial changes. In some cases, decanting or similar legal mechanisms may permit adjustments if authorized by state law and the trust instrument. Clients should understand that flexibility is more restricted than in a revocable trust, and planning should anticipate foreseeable needs as much as possible. Given the reduced ability to modify an ILIT, careful drafting at the outset is important to incorporate contingencies, successor trustees, and clear distribution options. Regular review of the trust and consultation with counsel can identify whether legally available adjustments are advisable. When significant changes in circumstances occur, exploring available legal avenues to modify administration or clarify terms helps ensure the trust continues to serve its intended purpose.
To begin establishing an ILIT with our firm, start by scheduling a consultation where we review your assets, life insurance holdings, family circumstances, and long-term goals. During that meeting we explain how an ILIT works, discuss timing and funding strategies, and outline the documents and steps needed to implement the plan. We provide a clear engagement plan and a checklist of information to gather so the drafting and funding process proceeds efficiently. After approval of the trust terms, we assist with executing the trust, transferring or arranging insurance ownership, and setting up premium payment mechanics. We also advise on coordinating related documents such as powers of attorney, health care directives, and pour-over wills so your estate plan is cohesive. Clients are provided with guidance for trustee selection, recordkeeping, and future reviews to ensure the plan remains aligned with their objectives.
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