Workflow
Ilit
Overview
CaseMark's ILIT drafting skill generates comprehensive Irrevocable Life Insurance Trusts that comply with IRC § 2042 and applicable state trust laws. The AI produces complete trust documents covering Crummey withdrawal rights, trustee powers and succession, beneficiary distributions, policy transfer provisions, and proper execution formalities — all tailored to the client's specific circumstances and jurisdiction.
Drafting an Irrevocable Life Insurance Trust requires meticulous attention to IRC § 2042 compliance, Crummey withdrawal mechanics, trustee power limitations, and state-specific execution requirements. A single drafting error — such as inadvertently granting the grantor an incident of ownership — can cause the entire life insurance proceeds to be included in the taxable estate, defeating the trust's purpose entirely.
CaseMark's AI-powered ILIT drafting skill automates the creation of fully compliant Irrevocable Life Insurance Trusts by systematically addressing every critical provision — from irrevocability declarations and incident-of-ownership exclusions to Crummey powers and § 2035 lookback documentation. The result is a comprehensive, jurisdiction-specific trust document ready for attorney review and client execution.