Life Insurance for Trust Planning & ILITs
Life insurance aligned with your trust plan, including ILITs.
Life Insurance for Trust Planning
Life insurance can play a role in a trust based estate plan by providing a death benefit for the purposes and beneficiaries established in that plan. An irrevocable life insurance trust, or ILIT, is a legal trust that may own a life insurance policy. Insurance Steel Brokers helps you compare and maintain the life insurance component in coordination with your estate planning attorney and tax advisers. We do not open trust accounts, create trusts, act as a trustee or administer trust assets.
Inside a Life Insurance for Trust Planning policy.
Is this for you?
What an ILIT conversation should cover.
An ILIT is created and administered under legal documents; it is not an insurance policy or a bank account offered by this agency. Your attorney determines the trust structure, trustee duties and how the trust should be funded. The insurance discussion addresses the policy that may support that structure.
Policy ownership transfers, premium gifts, beneficiary designations and ongoing administration can have important legal and tax consequences. Do not transfer a policy or assume that proceeds will be excluded from an estate without individualized advice from qualified professionals.
Keep the policy review separate from legal administration.
A trust owned policy still needs sufficient funding and periodic review. Request an in force illustration where appropriate and discuss guarantees, insurance charges, loans and changes in the original assumptions.
We provide life insurance guidance and help coordinate carrier paperwork. We do not provide trust account services, custody, fiduciary administration, legal drafting or tax advice.
Plain language answers.
No. Our service is life insurance for trust planning, including ILIT related insurance needs. A qualified attorney creates and advises on the trust; the appointed trustee is responsible for administration.
No. Results depend on ownership, transfers, funding, administration, applicable law and individual facts. We do not promise estate tax savings or tax free access. Consult your estate planning attorney and tax adviser before acting.
Possibly, but do not change ownership or beneficiaries without advice. Transfers can affect legal and tax treatment, and the existing policy may have loans, charges or funding needs. We can assist with the insurance review alongside your advisers.
Insurance services only. No trust accounts, trust creation, trustee services, legal advice or tax advice are offered. Availability depends on underwriting and carrier requirements. Policy and estate outcomes are not guaranteed; work with qualified legal and tax advisers.
Coverages that pair well with this one.
Discuss life insurance for your trust plan.
We review the insurance options alongside your legal and tax advisers. Your advisers remain responsible for the trust structure and administration.