An Irrevocable Life Insurance Trust (ILIT) can be a vital component of a thoughtful estate plan for Teviston families who want to protect life insurance proceeds from estate tax exposure and preserve family wealth. At the Law Offices of Robert P. Bergman, we help clients understand how an ILIT functions, how it interacts with other estate planning documents like revocable living trusts and pour-over wills, and what steps are required to fund and manage the trust. This introduction outlines the purpose and typical benefits of an ILIT and sets expectations for the planning process for residents of Tulare County and broader California.
Creating an ILIT requires careful attention to trust terms, ownership transfer of insurance policies, and coordination with beneficiary designations, retirement accounts, and other planning tools. We discuss essential documents such as advance health care directives, financial powers of attorney, and certification of trust that support a comprehensive approach to estate planning. This paragraph also emphasizes clear communication with trustees and beneficiaries, the importance of funding the trust properly, and the need to plan for potential future changes in family circumstances, all while complying with California legal requirements and the client’s long-term goals.
An ILIT can provide defined benefits such as removing life insurance proceeds from an estate for tax purposes, ensuring proceeds are managed for beneficiaries, and preserving funds for specific uses like college tuition, care for minors, or long-term family support. Properly drafted trust provisions control distributions, name trustees, and limit access until conditions are met, which can prevent unintended depletion of funds. Additionally, an ILIT can complement trusts like irrevocable life insurance trusts, retirement plan trusts, and special needs trusts to create a durable plan that aligns with a family’s financial, caregiving, and legacy objectives in California.
The Law Offices of Robert P. Bergman provide a wide range of estate planning services to clients in Teviston, Tulare County and across California. Our attorney focuses on thoughtful drafting, clear client communication, and practical solutions to common estate issues. We prepare documents including revocable living trusts, wills, powers of attorney, advance health care directives, and trust instruments like ILITs and special needs trusts. We prioritize explaining options, anticipating future needs, and coordinating plans with financial and insurance advisors to help clients preserve family assets and provide for loved ones over the long term.
An ILIT is a trust created to own and receive proceeds from a life insurance policy so the policy and its benefits are outside the insured’s estate at death. Establishing an ILIT involves drafting trust terms, naming trustees and beneficiaries, transferring ownership of an existing policy or having the trust purchase a new policy, and setting rules for gifts into the trust to cover premiums. The trust document governs how proceeds are distributed, whether in lump sums or installments, and can include provisions to protect funds from creditors or to manage distributions for minors or vulnerable beneficiaries under California law.
Funding and maintenance are key for an ILIT to accomplish its goals. The grantor typically makes gifts to the trust to allow trustees to pay premiums, often using annual gift tax exclusions or other gifting strategies. Trustees must handle policy ownership, trust accounting, and distributions in accordance with the trust terms. If ownership is transferred too close to the grantor’s death, estate tax rules may still apply, so timing and proper documentation matter. Coordination with life insurance carriers, financial accounts, and existing estate documents ensures the ILIT functions as intended for beneficiaries in Teviston and beyond.
An ILIT is a trust that cannot be altered or revoked by the grantor once properly funded, and it is designed to own life insurance policies so that the death benefit is payable to the trust rather than the individual’s estate. This separation can reduce estate tax exposure and provide controlled management of the insurance proceeds for designated beneficiaries. The trust terms specify who receives funds, under what conditions, and how distributions are handled. Establishing an ILIT involves legal steps to ensure the transfer of policy ownership and to document the grantor’s gifts used to pay premiums, all aligned with California rules and federal tax considerations.
Key elements of an ILIT include a written trust instrument, appointed trustees, named beneficiaries, and instructions for ownership and management of the life insurance policy. The process begins with drafting the trust to reflect the grantor’s goals, transferring an existing policy or issuing a new policy owned by the trust, and arranging gifts to the trust to fund premiums. Trustees must maintain records, manage premium payments, and execute distributions at the grantor’s death according to the trust terms. Legal and financial coordination is essential to avoid unintended tax consequences and ensure the trust meets its intended estate planning objectives.
Understanding key terms helps clients make informed decisions. This section explains common phrases used in ILIT planning, the roles of trustees and beneficiaries, and how ownership transfers interact with estate and gift tax rules. Clear definitions assist in setting expectations for funding, recordkeeping, and the long-term operation of the trust. The glossary focuses on terms most relevant to California residents, including how ILITs coordinate with documents like pour-over wills, certification of trust, and powers of attorney, so families can better navigate the planning process with confidence and clarity.
The grantor is the person who creates the trust and transfers assets or funding to it. In the context of an ILIT, the grantor generally establishes the trust and makes gifts to the trust to provide funds for insurance premiums. The grantor must follow specific formalities and timing considerations to ensure that the trust assets are treated outside the taxable estate. The trust document will often outline the grantor’s intentions and any limitations on control over the trust after it is irrevocably established, consistent with California law and federal tax rules.
A trustee is the individual or institution appointed to manage the trust assets and carry out the terms of the trust. For an ILIT, trustees are responsible for owning the life insurance policy, paying premiums from trust funds, keeping accurate records, and administering distributions to beneficiaries in accordance with the trust terms. Trustees carry fiduciary duties under California law to act in beneficiaries’ best interests, follow the trust instructions, and provide transparent accounting to the beneficiaries as required by the trust and applicable statutes.
A beneficiary is the person or entity designated to receive trust funds or benefits from the trust. In an ILIT, beneficiaries are typically family members or other parties chosen to receive the life insurance proceeds after the insured’s death. The trust document controls when and how beneficiaries receive distributions, which can be immediate lump sums, scheduled installments, or discretionary distributions by the trustee. Naming contingent beneficiaries helps ensure that assets are distributed according to the grantor’s wishes if a primary beneficiary predeceases the grantor.
The annual gift exclusion is a tax concept that allows individuals to give a certain amount to each recipient each year without using their lifetime gift tax exemption. When funding an ILIT, grantors often rely on the annual gift exclusion to provide trustees with funds to pay insurance premiums. Proper use of the exclusion requires following IRS rules and documenting gifts clearly. Coordinating gifting strategies with overall estate planning can preserve exemption amounts and avoid unintended tax consequences, while ensuring the trust has sufficient resources to maintain the life insurance policy.
An ILIT serves a particular purpose compared with revocable trusts, wills, and beneficiary designations. Revocable living trusts provide flexibility and control during the grantor’s lifetime, while an ILIT removes insurance proceeds from the taxable estate once properly funded and irrevocable. Wills are effective for certain transfers, but insurance proceeds payable to a trust can bypass probate and allow for more controlled distributions. Comparing options involves looking at tax implications, creditor protection, control over distributions, and coordination with retirement accounts and other planning vehicles tailored to a family’s unique needs in California.
If the life insurance policy values and the overall estate are modest, an ILIT may not provide meaningful tax savings, and a more limited approach such as careful beneficiary designations or a revocable trust beneficiary designation may be sufficient. Families with relatively low estate values may prioritize simplicity and lower administrative costs instead of creating an irrevocable vehicle. Nevertheless, documenting intentions and coordinating beneficiary designations with other documents remains important to ensure the client’s wishes are carried out without unnecessary complexity.
When the planning horizon is short or the primary goal is to provide a straightforward death benefit to a spouse or small number of beneficiaries, an irrevocable trust may be more than is needed. In those situations, maintaining ownership with clear beneficiary designations combined with other estate documents like a pour-over will can achieve the family’s goals with less administrative burden. A limited approach, however, should still be reviewed periodically to confirm it remains aligned with any changes in family circumstances, tax laws, or financial goals.
A comprehensive plan ensures the ILIT works in concert with revocable living trusts, wills, powers of attorney, and healthcare directives. Coordination prevents conflicts between beneficiary designations and trust terms and ensures that assets like retirement accounts and bank accounts are aligned with the client’s objectives. This holistic approach reduces the risk of unintended tax exposure or probate and supports clear administration by trustees and successors in interest, helping families in Teviston and across California avoid common pitfalls and manage transitions smoothly.
Life changes such as births, deaths, divorces, or shifts in financial position can affect whether an ILIT remains appropriate or whether terms should be adjusted. A comprehensive review anticipates potential life events and includes mechanisms for trustee selection, successor trustees, and contingent beneficiary designations that reflect evolving needs. Regular reviews and updates help ensure that the trust continues to reflect the grantor’s intentions and that funding strategies and distribution rules remain effective under changing legal and family circumstances.
When an ILIT is part of an overall estate plan, the benefits extend beyond tax considerations to include controlled distributions, creditor protection, and clear administration by trusted individuals. A unified plan coordinates beneficiary designations, trust ownership, and supporting documents like healthcare directives and powers of attorney, which reduces ambiguity and the potential for disputes. Thoughtful drafting of trust provisions enables families to support minors, care for vulnerable relatives, and preserve assets for long-term objectives while maintaining compliance with California legal requirements and federal tax rules.
A comprehensive approach also supports continuity and efficient administration after the grantor’s death, helping trustees access funds, pay expenses, and distribute benefits without unnecessary delay. By aligning the ILIT with other trusts, wills, and account designations, families can streamline transitions, reduce the likelihood of litigation, and preserve the value of the estate for intended beneficiaries. This coordination encourages clear recordkeeping and defined responsibilities for trustees, ensuring that estate resources are used in ways that reflect the grantor’s priorities and provide for loved ones responsibly.
An ILIT can remove life insurance proceeds from the grantor’s taxable estate when properly structured and funded, which may reduce estate tax exposure for larger estates. In addition, trust ownership can offer a degree of protection from creditors and prevent beneficiaries from receiving uninsured lumps of money without management provisions. Proper drafting and coordination with the rest of the estate plan help ensure that the intended tax and asset protection outcomes are achieved while maintaining flexibility for future changes in family circumstances and financial priorities.
A central benefit of integrating an ILIT into a comprehensive plan is the ability to set detailed distribution rules and management guidelines for life insurance proceeds. The trust document can specify when beneficiaries receive funds, including staged distributions, education funding, or discretionary distributions for healthcare and living expenses. These provisions promote responsible use of proceeds, provide for vulnerable family members, and establish procedures for trustee accountability and reporting, supporting the long-term stewardship of assets in a manner consistent with the grantor’s values and intentions.
Careful planning of funding is essential to keep an ILIT effective. Consider annual gift exclusion strategies to provide trustees with the money needed to pay insurance premiums without inadvertently triggering gift tax consequences. Keep clear records of each gift, and coordinate with the insurance carrier to ensure ownership is properly transferred to the trust. Trustees should maintain accurate accounts and communicate with beneficiaries as required by the trust. Planning funding in advance reduces the chance that policy lapses or timing errors will undermine the ILIT’s intended tax and estate benefits.
An ILIT should not exist in isolation; coordinate it with your revocable living trust, will, powers of attorney, and advance healthcare directive. Review beneficiary designations on life insurance, retirement plans, and payable-on-death accounts to prevent conflicts with the trust’s objectives. Maintain regular reviews to ensure the ILIT aligns with life changes such as births, deaths, or changes in financial circumstances. Consistent recordkeeping and periodic legal reviews help preserve intended tax and distribution outcomes and keep the trust functioning as your estate plan evolves.
Residents of Teviston may consider an ILIT to manage life insurance proceeds in a way that preserves value for heirs, reduces potential estate tax exposure, and provides controlled distributions for children or other beneficiaries. An ILIT can keep life insurance proceeds out of probate and provide a framework for trustees to manage funds for defined purposes such as education, healthcare, or long-term support. For families with blended households, beneficiaries with special needs, or those desiring more oversight over distribution timing, an ILIT offers a structured solution tailored to specific family goals in California.
Other reasons to consider an ILIT include protecting proceeds from creditor claims against the estate, ensuring continuity of financial support for dependents, and coordinating insurance strategies with retirement assets. When life insurance proceeds are significant relative to the overall estate, placing the policy in an ILIT can be a deliberate step to reduce administrative difficulty and deliver benefits according to the grantor’s plan. Discussing family dynamics, financial objectives, and tax considerations with legal counsel helps determine whether an ILIT fits into a broader estate plan for Tulare County residents.
An ILIT is often appropriate when life insurance proceeds are substantial relative to an estate, when a grantor wishes to limit direct beneficiary access to large sums, when there are children or beneficiaries with special needs, or when creditor protection and estate tax planning are priorities. It is also useful for those who want to ensure funds are used for specific purposes, like education or long-term care. Each family’s circumstances differ, and a careful review of assets, beneficiary designations, and family goals helps determine whether establishing an ILIT is the right choice.
When life insurance proceeds are substantial compared to other estate assets, transferring the policy to an ILIT can help manage tax exposure and preserve value for heirs. The ILIT can structure distributions to beneficiaries, specify uses for proceeds, and reduce the possibility that the proceeds become part of the taxable estate. For families in Teviston and throughout California, this approach is considered when the combination of estate size and policy value suggests meaningful benefits from removing the death benefit from the grantor’s estate.
If a grantor wants to control how and when beneficiaries receive funds, an ILIT offers clear distribution instructions that can protect beneficiaries from impulsive spending or financial mismanagement. Trust provisions can set age-based distributions, education funding terms, or discretionary provisions for medical or housing needs. This structure is particularly helpful for families with young children, beneficiaries who need ongoing financial support, or those who wish to set specific conditions for receiving funds to align with the grantor’s values and long-term goals.
When beneficiaries include individuals with health challenges or needs that might affect their eligibility for public benefits, combining an ILIT with tools like special needs trusts can preserve benefit eligibility while providing supplemental support. Trust terms can be tailored to provide discretionary distributions or pay for certain expenses without disqualifying beneficiaries from critical programs. This coordination requires careful planning to align trust provisions with applicable benefits rules and to ensure distributions provide meaningful assistance without unintended consequences.
The Law Offices of Robert P. Bergman provide personalized estate planning services to Teviston and nearby communities in Tulare County. We assist clients with drafting and implementing ILITs, revocable living trusts, pour-over wills, powers of attorney, and advance health care directives. Our approach emphasizes clear explanation of options, practical implementation steps, and ongoing plan maintenance. Clients receive guidance on funding strategies, trustee selection, and coordination with insurance carriers and financial advisors to help ensure their plan functions as intended and reflects their family’s priorities and California legal considerations.
Choosing an attorney from a trusted firm matters when handling the legal and administrative details of an ILIT. Our team focuses on crafting clear trust terms, guiding the transfer or acquisition of insurance policies, and advising on gifting strategies to fund premiums. We emphasize careful documentation and compliance with timing and tax rules so the trust can provide the intended benefits. Clients in Teviston and across California receive practical counsel designed to align their estate plan with family objectives while addressing foreseeable issues that can arise during administration.
We take a collaborative approach with clients and other advisors, such as financial planners and insurance agents, to ensure that an ILIT integrates seamlessly with existing financial arrangements and estate planning documents. Our work includes preparing supporting documents like pour-over wills, certification of trust, and powers of attorney to create a cohesive plan. We also provide guidance on trustee duties, recordkeeping, and distribution provisions to help families preserve assets and provide for beneficiaries in ways that reflect the grantor’s wishes and values.
Communication and ongoing plan reviews are central to our service. We recommend periodic reviews of ILITs and related documents to accommodate life changes such as marriage, divorce, births, or changes in financial position. These reviews help maintain alignment with legal developments and family needs. By keeping plans current and clearly documented, families can minimize uncertainty and position trustees to administer the trust effectively for the benefit of intended recipients.
Our process begins with an initial consultation to review family goals, current policies, and existing estate documents. We then recommend a course of action, draft the ILIT to reflect the grantor’s intentions, and coordinate the transfer or issuance of the life insurance policy in the trust’s name. We also prepare supporting documents like pour-over wills, powers of attorney, and certification of trust as needed. Once the trust is established, we assist with funding strategies for premium payments and provide guidance to trustees and beneficiaries to facilitate smooth ongoing administration.
In the first stage we gather information about assets, policy details, family dynamics, and existing estate planning documents. This assessment identifies whether an ILIT is appropriate given the client’s goals and tax situation. We review life insurance contracts, beneficiary designations, revocable trusts, wills, and retirement accounts to anticipate interactions. Following this review, we outline options for structuring and funding the trust and present recommendations about drafting, trustee selection, and timing to ensure the ILIT functions effectively for the client and beneficiaries.
We collect detailed information about the size and nature of the estate, life insurance policies, beneficiaries, and family circumstances. This includes policy face amounts, ownership status, premium schedules, and existing beneficiary designations, as well as family relationships and potential needs for minors or vulnerable beneficiaries. The goal is to have a comprehensive view of how an ILIT would fit into the overall plan, and to identify any adjustments needed to align asset ownership and beneficiary designations with the trust strategy under California law.
We analyze potential estate and gift tax implications and advise on timing for transfers so that the ILIT achieves the intended tax results. This includes discussing the three-year inclusion rule that can affect transfers made shortly before death and planning around annual gift exclusions for premium funding. Our analysis helps clients understand trade-offs and select a funding approach that balances tax considerations, liquidity needs, and long-term family objectives while remaining compliant with federal and state requirements.
Once the approach is chosen, we draft the ILIT document with clear distribution provisions, trustee duties, and funding instructions. We coordinate with life insurance carriers to transfer ownership of an existing policy or to have the trust be the owner and beneficiary of a new policy. The trust document will include successor trustee provisions and instructions on how trustees should manage premiums and distributions. Proper execution and documentation are essential to ensure the trust operates as intended and to support its legal and tax treatment.
We prepare the trust instrument and ancillary documents, then assist with executing the funding plan for premiums, whether through annual gifts or other mechanisms. Clear documentation of gifts, trustee actions, and policy ownership changes is maintained. We also ensure the trust meets legal formalities under California law and that trustees receive guidance on their practical responsibilities, such as paying premiums and maintaining records, to preserve the trust’s intended benefits.
We communicate with insurance companies to transfer ownership or establish new policies in the trust’s name and coordinate with financial advisors to align the ILIT with broader financial planning. This coordination helps prevent gaps in coverage or inadvertent policy lapses and keeps beneficiaries informed of the trust’s structure. Ensuring all paperwork is complete and consistent helps trustees administer the policy and allows the ILIT to function as part of a comprehensive estate plan for the client’s family.
After establishment and funding, trustees have ongoing duties including premium payments, trust accounting, and beneficiary communications. Periodic reviews are recommended to confirm the ILIT remains aligned with family circumstances and legal developments. We provide guidance for trustees on recordkeeping, tax filings if applicable, and responding to beneficiary questions. Regular reviews also allow updates to other estate planning documents, helping maintain the coherence and effectiveness of the overall plan for Teviston residents.
Trustees should keep detailed records of premium payments, gifts to the trust, policy documents, and communications with beneficiaries and insurance carriers. Accurate accounting supports transparent administration and may be necessary for tax or legal purposes. We advise trustees on best practices for documentation and provide templates and guidance to simplify recordkeeping. Maintaining organized records helps ensure smooth distribution of proceeds and supports the trust’s long-term integrity when managing funds on behalf of beneficiaries.
We recommend clients review their ILIT and related estate planning documents periodically or whenever significant life events occur. These reviews can address changes in family composition, financial circumstances, or legal rules that may affect the trust’s operation. Adjustments might include revising funding strategies, updating supporting documents, or modifying trustee arrangements. Ongoing attention helps ensure the ILIT continues to meet the grantor’s objectives and that trustees have clear instructions to administer the trust effectively for beneficiaries in Teviston and throughout California.
An Irrevocable Life Insurance Trust is a trust designed to own and receive the proceeds of a life insurance policy so those proceeds are held and administered by the trust rather than passing directly to the insured’s estate. The grantor sets trust terms, names trustees and beneficiaries, and arranges for the trust to hold the policy; trustees then manage premium payments and distribute proceeds in accordance with the trust document. The structure serves to provide controlled distributions, minimize potential estate-related tax considerations, and avoid probate for the insurance proceeds. For an ILIT to function as intended, it must be properly drafted and funded, with careful attention to transferring ownership and documenting gifts used to pay premiums. Trustees have duties to maintain records, manage the policy, and make distributions per the trust instructions. Coordination with other estate documents and financial advisors helps ensure the ILIT integrates with the client’s broader plan and complies with applicable California and federal rules.
Funding an ILIT typically involves making gifts to the trust so trustees can pay the life insurance premiums. Grantors often use the federal annual gift exclusion to give the trustee the necessary premium funds without making taxable gifts. Proper documentation is important to show that gifts were made to the trust, and trustees should maintain clear records of gift receipts and premium payments to the insurance carrier. Another approach is to have the trust itself own a new policy and have the grantor make gifts to the trust to cover premiums. Timing and documentation matter because transfers made shortly before the grantor’s death may be included in the estate under certain rules. Careful planning and timely execution help avoid unintended tax consequences and ensure the ILIT operates as planned.
Yes, an existing life insurance policy can often be transferred into an ILIT, but the timing and process require attention. The policy owner must assign ownership to the trust, and the insurance company may require specific forms to record the change. After the transfer, the trust becomes the policy owner and the trustee handles premium payments and policy maintenance according to the trust terms. It is important to note that transfers made shortly before the insured’s death may be subject to estate inclusion rules under federal tax law, so planning the timing of a transfer is critical. Consulting with counsel and coordinating with the insurance carrier ensures the transfer is correctly documented and that the trust will achieve its intended estate planning benefits.
A trustee should be someone who can carry out administrative duties, keep accurate records, communicate with beneficiaries, and follow the trust’s distribution instructions. Many grantors choose a trusted family member, a close friend, or a professional trustee such as a bank or trust company. It is important to name successor trustees in case the primary trustee is unable or unwilling to serve. Trustees have fiduciary responsibilities under California law to act in the beneficiaries’ best interests and to manage trust assets prudently. Their duties include maintaining policy documents, paying premiums, tracking gifts and distributions, and providing required accounts or reports to beneficiaries. Clear trust provisions about trustee powers and duties help guide administration.
An ILIT typically functions alongside a revocable living trust and a will, each serving different purposes. A revocable trust controls assets during life and avoids probate for those assets at death, while the ILIT holds life insurance outside the estate and specifies how death benefits are managed. A pour-over will can ensure that any assets not already titled to the revocable trust are transferred into it at death, but life insurance owned by the ILIT is administered according to the ILIT’s terms. Coordination is critical to prevent conflicting beneficiary designations or ownership that could undermine the overall plan. Reviewing all documents together ensures beneficiary designations, account ownership, and trust provisions align with the grantor’s intentions and legal requirements in California.
An ILIT can be structured to provide benefits without disqualifying beneficiaries from means-tested public programs, but this requires careful drafting and understanding of benefit rules. If a beneficiary’s eligibility for public benefits is a concern, combining an ILIT with supplemental tools such as a properly drafted trust designed to preserve benefits may be appropriate. The trust provisions can be tailored to provide discretionary distributions or pay for services that do not count as income for benefits calculations. Because benefit rules vary and are complex, it is important to plan carefully and consider the specific programs involved. Legal counsel can help structure trust terms and coordinate with other planning devices to provide supplemental support while preserving eligibility for critical public benefits where possible.
If the grantor dies shortly after transferring a life insurance policy to an ILIT, certain estate inclusion rules may apply that could pull the policy proceeds back into the taxable estate. Federal rules, including a look-back period for transfers, can affect whether the policy remains outside of the estate for tax purposes. Proper timing and documentation are therefore essential when arranging transfers to reduce the risk of unintended tax consequences. To mitigate this risk, clients should plan transfers well in advance of any anticipated incapacity or end-of-life events and consider alternative strategies if timing is uncertain. Legal counsel can advise on the appropriate timeline and structure to achieve the desired estate planning outcome while complying with federal and state laws.
An ILIT can provide a level of protection against some creditor claims because the policy is owned by the trust rather than the grantor personally. The trust terms and applicable law determine the extent of creditor protection. Properly structured trusts may shield proceeds from certain claims against the estate, though protection is not absolute and depends on the circumstances and timing of transfers. It is important to consider creditor exposure when designing the trust and to consult with counsel about specific scenarios. Trustees should administer the trust in accordance with its terms and applicable law to preserve any available protections and avoid actions that could undermine the trust’s intended benefits.
Regular reviews of an ILIT and the overall estate plan are recommended, especially after major life events such as marriage, divorce, death of a beneficiary, birth of children, changes in financial circumstances, or significant shifts in tax law. Reviews help confirm that trustee designations, funding strategies, and distribution provisions remain aligned with client goals and current law. Periodic maintenance prevents surprises and ensures the trust continues to function effectively for beneficiaries. We suggest scheduling a review at least every few years or whenever circumstances change significantly. During a review, the trust document, beneficiary designations, and related estate planning documents should be examined together to confirm consistency and to implement updates where necessary to reflect the client’s wishes and current legal considerations.
To begin creating an ILIT, start with an initial consultation to discuss your family’s goals, current life insurance policies, and broader estate plan. Gather relevant documents including life insurance contracts, beneficiary designation forms, existing trusts, wills, and financial statements. During the consultation, your attorney will explain options, timing considerations, and potential tax implications, and recommend the appropriate trust structure and funding approach for your circumstances. Once you decide to proceed, the next steps include drafting the trust instrument, executing the necessary transfer or issuance paperwork with the insurance company, and documenting gifts to the trust for premium payments. Coordination with financial advisors or insurance agents aids smooth implementation, and ongoing guidance helps ensure the ILIT operates as intended for your family in Teviston and California.
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