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Irrevocable Life Insurance Trust (ILIT)

What Bay Point Does

  • Determines if creating an ILIT is advisable.
  • Recommends the amount(s) and type(s) of policies to purchase in the ILIT and determines if existing insurance policies should be transferred to the ILIT.
  • Recommends an attorney to create and administer the trust.
  • Works with the insurance agent(s) to design the needed policies and transfer ownership of existing insurance, if necessary.

What Your Attorney Does

  • Creates the trust document.
  • Establishes an escrow account to hold premium dollars.
  • Sends reminders to you to make deposits to the escrow account to cover premium payments.
  • Sends out Crummey letters to all of the beneficiaries for their signatures.
  • Makes the premium payments to the insurance company from the escrow account.

What You Do

  • Make the escrow deposits to cover your insurance premiums.

Working Together

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