An irrevocable life insurance trust (ILIT) can be an important element in a thoughtful estate plan for individuals in Poplar‑Cotton Center and throughout Tulare County. At the Law Offices of Robert P. Bergman, we help clients understand how an ILIT can remove life insurance proceeds from an estate, provide liquidity for heirs, and create a controlled distribution vehicle for beneficiaries. This introduction explains what an ILIT does, how it differs from other estate planning tools like revocable trusts and wills, and why some families choose an ILIT to protect legacy assets and provide immediate resources after a death.
Creating an ILIT requires attention to timing, funding methods, trustee selection, and precise drafting to achieve intended tax and creditor protection goals. Many clients come with questions about how ownership and beneficiary designations change when a policy is transferred into a trust, how gift tax rules and the three‑year rule can affect results, and whether an ILIT fits alongside other documents such as powers of attorney or health care directives. This paragraph offers perspective on the planning steps and the practical outcomes families typically seek when considering an irrevocable life insurance trust.
An ILIT can serve multiple important purposes for families concerned about estate taxes, cash flow at the time of death, and the long‑term protection of proceeds for beneficiaries. When a life insurance policy is properly transferred into the trust and funded according to tax rules, the proceeds may be excluded from the insured’s taxable estate and become available to pay estate settlement expenses, debts, or ongoing support. An ILIT also lets grantors set terms for distribution, protect funds from creditor claims or divorce proceedings, and create a durable structure to carry out charitable or family legacy goals over many years.
The Law Offices of Robert P. Bergman assist clients across California, including residents of Poplar‑Cotton Center, with tailored estate planning services that include ILITs, revocable living trusts, and related documents. Our focus is on clear communication, careful drafting, and coordinated implementation so that trust transfers, premium funding, and beneficiary designation changes work together. We prioritize practical outcomes: minimizing surprises for survivors, maintaining privacy, and ensuring the planner’s wishes are respected. Clients appreciate an approach that balances legal requirements with each family’s priorities and financial circumstances.
An ILIT is a separate legal entity created to own life insurance policies outside the grantor’s taxable estate. Understanding its mechanics begins with separating ownership: the trust owns the policy, the trustee manages premium payments and trust administration, and beneficiaries receive the trust distributions upon death. Key considerations include the timing of transfers to avoid the three‑year inclusion rule, how gifts to the trust are treated under gift tax rules, and whether the trust should purchase a new policy or receive ownership of an existing one. This explanation helps clients evaluate the fit of an ILIT within their overall estate plan.
Choosing the trustee, defining distribution terms, and coordinating beneficiary designations are all necessary for an ILIT to perform as intended. Trustees must be directed on how to use proceeds — for example to pay estate taxes, support minor children, maintain family businesses, or provide for special needs without disrupting public benefits. Drafting options may include provisions to protect funds from creditors or to create descending trusts for multiple generations. This paragraph covers the operational and drafting features that determine whether an ILIT will deliver the grantor’s financial and family objectives.
An ILIT is an irrevocable trust created specifically to hold life insurance policies. Once established, ownership is transferred to the trust and the grantor generally cannot change the policy ownership or revoke the trust. The arrangement is designed to keep life insurance proceeds outside the taxable estate, subject to compliance with relevant tax rules. The trust document sets who serves as trustee, who receives distributions, and under what conditions payments are made. Understanding these features helps people weigh the protections an ILIT offers against the limits of irrevocability and the need for careful funding and administration.
Typical elements of an ILIT include the trust agreement, the trustee appointment, policy ownership transfer documents, funding arrangements for premiums, and coordinated beneficiary designations. Administration processes include accepting gifts to the trust, issuing Crummey notices when required for gift tax annual exclusion, paying premiums, maintaining trust records, and filing any necessary tax forms. When the insured passes, the trustee files claims, manages proceeds, and makes distributions per the trust instructions. Regular reviews ensure that the trust remains aligned with other estate planning documents and changes in family circumstances or law.
This section explains common terms used in ILIT planning so clients can engage in informed discussions. Familiarity with terms such as grantor, trustee, beneficiary, Crummey power, taxable estate, and three‑year rule reduces confusion when decisions need to be made. Knowing these definitions helps when selecting trust provisions that control distributions, designate successor trustees, and specify how funds are invested or used. A solid grasp of vocabulary is a practical first step toward effective decision making about life insurance ownership and how it interacts with broader estate planning objectives.
The grantor is the person who creates the trust and transfers assets into it. In the context of an ILIT, the grantor typically funds the trust by transferring ownership of a life insurance policy or by making premium payments to the trust. While the grantor sets the trust terms at creation, the trust’s irrevocable nature generally means the grantor no longer has the ability to unilaterally revoke the trust or reclaim trust assets. Understanding the grantor’s role is important because their actions establish the trust’s structure and determine its initial tax and legal consequences.
A Crummey power is a mechanism used to allow gifts to the ILIT to qualify for the annual gift tax exclusion. Typically, trust beneficiaries receive a temporary right to withdraw a contribution for a limited period, after which the right lapses. The notice procedure and timing must be managed carefully to ensure the IRS treats the transfer as a present interest eligible for exclusion. Proper use of Crummey powers supports regular premium funding while helping avoid gift tax complications. Administration requires clear recordkeeping and compliance with notice requirements.
The three‑year rule refers to the tax rule that brings life insurance proceeds back into the insured’s estate if the insured transfers an existing policy to another owner within three years of death. To avoid unintended estate inclusion, many planners recommend transferring policies well in advance of that period or purchasing new coverage owned by the trust. Understanding the three‑year rule is essential when deciding whether to transfer an existing policy into an ILIT or to have the trust acquire a new policy directly, because timing affects whether estate tax benefits will be achieved.
The trustee is the individual or institution responsible for managing trust assets and carrying out the trust’s terms. For an ILIT, the trustee handles premium payments, receives Crummey notices, files insurance claims when the insured dies, and distributes proceeds according to the trust agreement. Trustee duties include prudent recordkeeping, tax reporting where necessary, and communicating with beneficiaries. Selecting a trustee who is willing to perform administrative duties and understands the trust’s objectives is important for the smooth operation and enforcement of an ILIT over time.
An ILIT can be compared to other approaches such as keeping a policy in personal ownership, using a revocable living trust, or relying on beneficiary designations alone. Each option has tradeoffs in terms of control, tax effects, creditor protection, and flexibility. A personally owned policy offers flexibility but may leave proceeds in the taxable estate. A revocable trust provides centralized management but does not remove insurance from the estate while the grantor is alive. This paragraph outlines factors to weigh when determining which option best aligns with family goals and financial realities.
A limited approach may be sufficient when the life insurance policy is modest in value or the insured’s estate is unlikely to trigger federal or state estate taxes. In those cases, the administrative complexity and irrevocability of an ILIT may outweigh potential benefits. Families with straightforward needs who prioritize simplicity may choose to retain personal ownership of a policy and rely on beneficiary designations and a revocable trust for coordination. Evaluating projected estate values and tax thresholds helps determine whether a simpler ownership structure makes sense.
Some people prefer to keep ownership of a policy to preserve the ability to change beneficiaries, borrow against the policy, or surrender coverage if circumstances change. Because an ILIT is irrevocable, it limits the grantor’s future control. When flexibility and immediate access to policy cash value are priorities, retaining ownership while coordinating beneficiary designations may be preferable. This approach is often considered by clients who want the option to adapt their arrangements as family dynamics or financial situations evolve over time.
Comprehensive planning matters when an ILIT must work seamlessly with other estate documents, retirement accounts, and beneficiary designations. Coordination helps prevent gaps that could cause proceeds to be taxed, delayed, or distributed in unintended ways. Comprehensive services include drafting the trust, managing ownership transfers, advising on premium funding methods, and reviewing related documents like pour‑over wills, powers of attorney, and health care directives. This integrated approach reduces administrative hurdles for survivors and increases the likelihood that planning goals are achieved.
When beneficiaries include minors, individuals with disabilities, or heirs who may face creditor claims, a comprehensive approach is often necessary to design distribution terms that protect assets while meeting needs. An ILIT can be structured to provide for ongoing care, coordinate with special needs planning, or set staggered distributions to reduce the risk of rapid depletion. Complex estates with business interests, real estate, or multiple jurisdictions also benefit from comprehensive drafting and administration to ensure tax efficiency and reliable access to funds when needed.
A comprehensive planning approach increases the chances that an ILIT will meet the grantor’s objectives by aligning trust provisions, beneficiary designations, and funding methods. It can minimize the risk of inadvertent estate inclusion, clarify trustee authority for timely claims and distributions, and ensure that the trust supports broader goals such as multigenerational wealth transfer or charitable giving. Working through administrative details ahead of time reduces delays after death and helps survivors access resources for expenses, taxes, and ongoing support without unnecessary conflict.
Taking a holistic view also provides opportunities to revisit and update planning choices as laws or family circumstances change. Regular reviews ensure that premium funding remains sustainable, that trustees are prepared, and that related documents such as health care directives, powers of attorney, and pour‑over wills continue to reflect current intentions. By anticipating future events and building flexibility where possible, a comprehensive approach preserves control over outcomes while offering beneficiaries greater financial stability during a difficult transition.
One primary benefit of a comprehensive ILIT strategy is providing liquidity to pay estate settlement expenses and taxes without forcing the sale of illiquid assets like real estate or a family business. When the trust owns the policy and is properly funded, proceeds become an available source of cash at a time when beneficiaries may face immediate financial obligations. Properly timed transfers and funding arrangements help achieve this liquidity benefit while aiming to maximize tax‑efficient transfers to intended heirs.
Another significant benefit is the ability to control how insurance proceeds are distributed and used after the insured’s death. Trust provisions can set age‑based distributions, management safeguards for beneficiaries who are not financially experienced, or protections that coordinate with public benefits for disabled beneficiaries. The trust framework can preserve family intentions across generations and provide safeguards against creditors or divorce claims. Well drafted terms balance immediate financial needs with long‑term stewardship to support family goals over time.
Begin ILIT planning well before you anticipate needing the trust to hold an existing policy. Because transfers of existing policies within three years of death can cause estate inclusion, early planning and timely funding reduce the risk of unintended tax consequences. Coordinate timing with premium payment schedules and consider whether a new policy owned directly by the trust is a better choice than transferring an existing policy. Early planning also allows time to select a trustee who understands their administrative duties and recordkeeping obligations.
Ensure an ILIT works in harmony with your broader estate plan by reviewing trust provisions alongside pour‑over wills, powers of attorney, advance health care directives, and beneficiary forms for retirement accounts. Mismatches between beneficiary designations and trust terms can produce unintended results. Regularly scheduled plan reviews allow adjustments to reflect life changes such as marriage, divorce, births, deaths, or significant financial events while preserving the intended tax and protection benefits of the ILIT.
Consider an ILIT when you want life insurance proceeds to be kept outside of your taxable estate, when you need immediate liquidity at death to settle expenses or taxes, or when you want to control distributions to beneficiaries over time. An ILIT is also appropriate when protecting proceeds from creditor claims or divorce is a priority, or when a grantor seeks to preserve benefits for vulnerable beneficiaries. Prioritizing these goals helps determine whether the limitations of irrevocability are outweighed by the asset protection and planning benefits an ILIT can provide.
Additionally, an ILIT may be a strategic choice if you own significant assets like a business or real estate that you prefer not to sell to satisfy liquidity needs after death. It can be used to equalize inheritances among heirs, provide for charitable legacies, or coordinate with retirement planning to reduce tax burdens. The decision to form an ILIT should be informed by projections of estate value, discussions with trustees and beneficiaries, and an assessment of how the trust will be funded and administered over time.
Common circumstances that lead families to pursue an ILIT include anticipated estate tax exposure, ownership of illiquid assets requiring a source of cash at death, concerns about beneficiary creditor claims, or the desire to provide structured support for minor or vulnerable beneficiaries. Individuals with substantial life insurance coverage often use ILITs to ensure proceeds are administered according to a plan, rather than passing directly to beneficiaries with no protective trust structure in place. Each situation calls for individualized analysis of goals and timing.
When a decedent’s estate includes significant real estate holdings, a business, or retirement accounts, beneficiaries may need ready cash for taxes, debts, and immediate expenses. An ILIT can provide that liquidity through tax‑efficient life insurance proceeds held outside the estate, avoiding the forced sale of assets under duress. Planning for how and when to fund the trust, selecting a trustee, and coordinating with other estate documents are essential steps to ensure the trust delivers timely liquidity to beneficiaries when it is most needed.
Families with beneficiaries who are minors, have disabilities, or face creditor risks often use an ILIT to protect life insurance proceeds from direct control by those beneficiaries. The trust can define distribution schedules, require trustee oversight, and include provisions to preserve eligibility for public benefits where relevant. This structure helps maintain long‑term financial support without exposing assets to unmanaged spending or external claims. Careful drafting aligns distributions with the intended level of protection and support.
An ILIT can be a tool for intergenerational wealth preservation by allowing grantors to set terms that carry forward family resources with protections against creditor claims and unplanned dissipation. Trust provisions may permit distributions for education, health, or maintenance while preserving capital for future generations. This long‑term orientation requires governance provisions, trustee succession instructions, and clear distribution standards, all designed to maintain family values and financial stability over multiple lifetimes.
The Law Offices of Robert P. Bergman serves clients in Poplar‑Cotton Center and across Tulare County with estate planning focused on practical outcomes. We help clients evaluate whether an ILIT fits their goals, prepare and implement trust documents, and coordinate funding and administration steps. Throughout the process, we explain legal and tax considerations in plain language, answer questions about trustee duties, and provide guidance on related documents such as pour‑over wills, powers of attorney, and advance health care directives. Contact our office to discuss your planning needs and next steps.
Clients turn to the Law Offices of Robert P. Bergman for careful planning and clear guidance through the lifetime decisions required by an ILIT. Our approach emphasizes practical drafting, thorough implementation, and ongoing coordination with financial advisors and insurance carriers. We work to align legal documents with family priorities, explain administrative obligations such as Crummey notices and premium funding, and assist trustees with claims and distributions to reduce stress during an already difficult time. Our goal is straightforward: a trust that works as intended.
We bring attention to timing, documentation, and the interplay between trust ownership and tax rules to help clients avoid unintended outcomes. This includes advising on whether to transfer an existing policy or have the trust acquire a new one, structuring gift funding, and documenting trustee responsibilities. Clear communication with clients and beneficiaries reduces uncertainty and supports a smooth transition when the trust must be administered. We help clients anticipate common issues and build durable solutions that reflect their wishes and family dynamics.
Our firm also assists with related estate planning elements that often accompany ILIT formation, such as revocable living trusts, pour‑over wills, advance health care directives, powers of attorney, and certifications of trust. By addressing the full set of estate planning documents, we help clients create a cohesive strategy that preserves assets, protects beneficiaries, and provides the liquidity needed to settle affairs after death. Prospective clients are encouraged to schedule a consultation to review their goals and the practical steps for establishing and funding an ILIT.
Our process begins with a consultation to identify client goals, review existing policies, and evaluate estate tax and liquidity needs. We then prepare a customized trust agreement, advise on funding strategies, coordinate with insurance carriers for policy transfers or trust‑owned purchases, and document any necessary notices and records. After the trust is established, we provide instructions and templates for trustee administration, assist with trustee selection if needed, and offer ongoing counsel for trust maintenance or modification when permitted by law.
The first step is a comprehensive review of current estate documents, insurance policies, and financial circumstances to determine if an ILIT advances client goals. This phase includes discussing timing considerations, the implications of transferring existing policies, and funding methods. We identify potential issues such as the three‑year rule or coordination needs with retirement accounts, and provide clear recommendations for whether an ILIT should be formed and how it should be structured to align with the broader estate plan.
During this review, we examine insurance policies for ownership and beneficiary designations, evaluate premium requirements, and analyze how policy values intersect with projected estate size and tax considerations. The objective is to determine whether transferring an existing policy or having the trust acquire new coverage will best serve the client’s objectives. We also gather information about other assets that could affect liquidity needs so the ILIT can be designed to address real financial obligations at the time of death.
We explain relevant tax rules, trust formalities, and administrative steps in straightforward terms so clients can make informed choices. Topics covered include the potential effect of the three‑year rule, gift tax considerations, the role of Crummey notices, and trustee responsibilities. Clear explanations help clients weigh the tradeoffs of irrevocability versus the protections an ILIT offers, and support decisions about trustee selection, funding schedules, and the integration of the ILIT into the overall estate plan.
Once a plan is chosen, we draft the trust agreement, prepare policy transfer or purchase documents, and coordinate premium funding arrangements. Implementation also includes preparing beneficiary notices, creating trustee instructions, and keeping records of gifts and transfers to support tax positions. We work with insurance carriers and financial advisors as needed to ensure ownership changes are carried out correctly and that the trust receives the intended assets to operate properly at the time of an insured’s death.
Drafting focuses on clear distribution standards, trustee powers, successor trustee designations, and any special provisions for vulnerable beneficiaries or charitable distributions. Trustee instructions outline administrative procedures for premium payments, issuance of any required notices, recordkeeping, and tax filings. Accurate drafting reduces ambiguity, aids compliance with tax rules, and sets expectations for trustees and beneficiaries to follow when the trust becomes active.
Funding coordination involves documenting gifts to the trust for premium payments, issuing any necessary withdrawal notices, and confirming transfers with insurance companies. If a policy is transferred, forms and endorsements must be completed and carriers notified. Where the trust purchases a new policy, ownership and beneficiary designations are established at inception. Close attention to these operational steps ensures the trust is properly funded and positioned to deliver the intended liquidity and protection benefits when needed.
After the ILIT is established and funded, ongoing administration includes maintaining accurate records, monitoring premium payments, issuing notices when applicable, and advising trustees on claims and distributions after a death. We provide periodic reviews to confirm the trust remains aligned with estate goals and to recommend updates to related documents when family circumstances change. Trustee support may involve assistance with insurance claims, tax reporting, and the orderly distribution of proceeds according to the trust document.
Good recordkeeping helps substantiate gift tax positions, demonstrates compliance with notice procedures, and provides a clear trail for trustees and beneficiaries. Records should include copies of trust documents, gift notices, premium payment receipts, policy transfer or purchase paperwork, and any correspondence with insurance companies. Maintaining these documents in an organized manner reduces administrative friction and supports accurate tax reporting when required.
When the insured dies, trustees must file claims, manage proceeds, and make distributions consistent with the trust terms. We assist trustees in presenting claims to carriers, determining appropriate uses of proceeds, and preparing any required tax filings. Helping trustees follow the trust’s instructions reduces delays and disputes, and ensures beneficiaries receive the intended financial support without unnecessary legal or administrative obstacles.
The primary purpose of an irrevocable life insurance trust is to hold life insurance policies outside the insured’s taxable estate, which can provide liquidity for estate settlement expenses and preserve proceeds for beneficiaries under controlled distribution terms. By removing ownership of the policy from the insured’s estate, and when properly funded and administered, the trust aims to prevent proceeds from increasing the estate’s taxable value. The trust document can also define how and when beneficiaries receive funds, which supports long‑term planning goals such as education funding or wealth preservation. Beyond tax considerations, an ILIT provides estate planning features that address privacy, creditor concerns, and beneficiary protection. Because the trust governs distributions, proceeds do not pass outright to beneficiaries, reducing exposure to claims or poor financial decisions. The trust structure allows for tailored instructions—such as staggered distributions or trusts for minor beneficiaries—that help align the transfer of life insurance proceeds with family priorities and financial realities at the time of a loss.
Transferring a life insurance policy to an ILIT can remove the policy proceeds from the insured’s estate, potentially reducing estate tax exposure when certain conditions are met. Key to this result is ensuring the transfer occurs outside the three‑year period before death that would otherwise cause inclusion of the proceeds in the estate. Additionally, proper gift funding or trustee ownership from the start supports the intended tax treatment. These matters require careful coordination with the trust document, funding arrangements, and carrier documentation to achieve the intended tax benefits. It is also important to recognize that tax rules evolve and state law can influence outcomes, so a transfer decision should be based on a current analysis of projected estate values and applicable thresholds. Timing, documentation, and adherence to notice requirements such as Crummey notices are critical to support the anticipated estate tax advantages and to prevent inadvertent inclusion of proceeds in a taxable estate.
Timing is a central concern when transferring an existing policy into an ILIT because of a rule that may include the policy proceeds back into the insured’s estate if the policy transfer occurred within three years of death. To avoid this outcome, many planners recommend making the transfer well before any anticipated health decline or potential life expectancy limits. Alternatively, having the trust purchase a new policy directly can avoid the three‑year inclusion concern, but that option requires underwriting and may not be feasible in every case. Beyond the three‑year consideration, timing affects funding strategies and the use of annual gift tax exclusions. Establishing consistent funding arrangements and issuing required notices at the proper times supports the desired tax treatment. Early planning also provides time to select and prepare a trustee to handle administrative duties and to coordinate the ILIT with other estate planning documents.
Choosing a trustee involves balancing administrative ability, trustworthiness, and a willingness to perform ongoing duties required by the ILIT. Common choices include a trusted family member, a close advisor, or a professional fiduciary who will manage premium payments, issue notices when necessary, and administer distributions according to the trust terms. The trustee should be prepared to handle recordkeeping, coordinate with insurance carriers, and follow the trust’s directions at the time of claim. When selecting a trustee, consider successor trustee provisions, whether the trustee can act impartially among beneficiaries, and whether the trustee has the time and temperament to manage potential conflicts. Some clients use a co‑trustee arrangement or name a professional as successor trustee to provide continuity and administrative reliability over the long term.
Premium funding for an ILIT typically involves gifts from the grantor to the trust that the trustee then uses to pay policy premiums. To qualify for the annual gift tax exclusion, these gifts often rely on Crummey withdrawal powers that give beneficiaries a temporary right to withdraw contributions. Proper notice and documentation of these gifts are essential to preserve the desired tax treatment, so establishing consistent procedures for making gifts and issuing notices is an important administrative step. Other funding methods include using existing trust assets where appropriate, or arranging financial accounts to facilitate regular premium payments. Regardless of the method, detailed records of gifts, notices, and premium payments help the trustee maintain compliance and provide a clear administrative trail for beneficiaries and advisors.
An ILIT can provide a layer of protection for life insurance proceeds against certain creditor claims and divorce liabilities because proceeds are held in trust rather than passing directly to beneficiaries. The degree of protection depends on trust terms, timing of funding, and applicable state law. When the trust holds the proceeds and distribution authority is vested in the trustee, beneficiaries generally do not possess immediate ownership that could be seized by creditors, which helps preserve assets for intended purposes. However, protection outcomes depend on careful drafting and administration. Transfers made to defeat known creditors or during insolvency can be subject to challenge. Properly planned and timed ILITs are more likely to withstand scrutiny and provide meaningful protection, but individuals should consider the legal environment and coordinate ILIT planning with creditor risk management strategies.
Because an ILIT is irrevocable, changing beneficiaries after the trust is created is typically limited or not possible for the grantor alone. The trust document may include mechanisms to add or remove beneficiaries under specified conditions, or it may allow trustee discretion to appoint funds among a class of beneficiaries. If changing beneficiary outcomes is important, those possibilities should be considered at the time the trust is drafted to provide some flexibility without undermining the trust’s irrevocable character. In limited circumstances, beneficiaries themselves or a court action may modify a trust, but such changes can be complex and carry legal and tax consequences. It is important to discuss desired flexibility and contingency planning with counsel before establishing the trust so that future adjustments can be made in a predictable manner if necessary.
An ILIT can be structured to protect a beneficiary’s eligibility for public benefits by using distribution standards and trustee discretion that do not provide direct cash ownership. For beneficiaries who receive means‑tested benefits, the trust can direct payments for housing, care, or other needs in ways that preserve eligibility. Drafting must be done carefully to avoid creating a resource that counts against benefit eligibility, and coordination with special needs planning is often necessary to achieve the desired balance between support and benefits preservation. Consultation with counsel familiar with public benefits rules is advisable when a beneficiary’s eligibility is a concern. The trust’s terms can be tailored to provide for supplemental needs without displacing benefits, and clear trustee instructions help ensure distributions are made in ways that protect long‑term support and maintain access to public programs where appropriate.
Yes, an ILIT typically requires ongoing attention after creation to maintain proper funding, issue any required notices, and keep records that support tax or administrative positions. Trustees must ensure premiums are paid, gifts are documented, and beneficiaries receive notices when Crummey powers are used. Periodic reviews ensure that trustee instructions and related estate documents remain aligned with family circumstances and changes in law that could affect trust outcomes. While the trust is designed to operate over the long term, involving counsel for periodic reviews and to assist trustees during claims and distributions helps prevent errors and disputes. Ongoing legal oversight can also help adapt administrative practices to changes in financial or family situations while preserving the trust’s intended protections.
To begin establishing an ILIT in Poplar‑Cotton Center, start with an initial consultation to review your goals, existing policies, and overall estate plan. Bring information about current insurance coverage, financial accounts, and family circumstances so your adviser can assess whether an ILIT is appropriate and how to structure it. We will discuss options such as transferring an existing policy or having the trust acquire a new policy and outline timing, funding, and trustee selection considerations. After deciding on the best approach, the next steps include drafting the trust agreement, coordinating any policy transfers or purchases, setting up funding procedures, and preparing trustee instructions. Our firm assists with each step, provides templates for notices and recordkeeping, and supports trustees at the time of claim to ensure a coordinated and effective implementation of your plan.
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