Form Irrevocable Trust With Life Insurance
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FAQ
All premiums should be paid by the trustee from a trust owned bank account. The insured usually makes sufficient cash gifts to the trust to allow the trustee to pay the premiums. The gifts should go in the trust checking account, and the trustee should write and sign a trust check for the premium payment.
Alternatively, you could simply transfer an existing insurance policy to an ILIT. It's important to note, however, that should you die within three years of transferring the policy to the trust, the IRS would require that any proceeds be included in your estate for estate tax purposes.
You may choose to place an existing life insurance policy into a trust by transferring its ownership, or you can set up the trust first so that it can purchase the policy. In some cases, you may be able to fill out a simple life insurance trust form with the basic information to begin the process.
An ILIT is usually established by formation of the trust, followed by the contributor (usually the insured) assigning an existing insurance policy to the trust or the trustee of the trust buying a policy directly from an insurance company. The insured retains no benefits in the trust.
Effectively, by creating an ILIT you're separating the value of the assets your trust owns from the value of your taxable estate. The trustee (which can be a friend, relative, or professional independent trustee) coordinates the payment of premiums with the insurance provider to ensure the policy remains in force.