The answer to your question is too complicated to answer on a site such as this. Under some circumstances, it may be possible to transfer an existing insurance policy from one irrevocable life insurance trust to another, or perhaps to have a second irrevocable life insurance trust purchase the insurance policy from the first trust. However, there are a whole lot of factors to consider to see if it is possible.
Please remember to mark what you believe to be the best answer to your question. This answer is provided by estate planning attorney Robert P. Bergman, with offices in San Jose, California. Mr. Bergman is a Certified Specialist in Estate Planning, Trust and Probate Law (State Bar of California Board of Legal Specialization), and has been practicing since 1980. This answer does not create an attorney-client relationship, and is only intended to provide general legal advice within the limits of the question asked. If you wish to create an attorney-client relationship for specific legal advice, it will be necessary to enter into an engagement for legal services. More general legal information about wills, living trusts, and estate planning can be found at Mr. Bergman's main website at www.lawbob.com, or his information website at www.lawbob.net. Mr. Bergman also offers free living trust seminars and wealth preservation seminars at his offices in San Jose. For those unable to attend a live seminar, an online living trust seminar may be viewed or downloaded at www.freelivingtrustseminar.com.
I agree with the previous answer. The trust will need to be reviewed by competent counsel. Many trusts will have provisions either facilitating or prohibiting the type of transaction you are considering. You can use the Find A Lawyer tool here on Avvo.
This reply contains general information, is not intended to give legal advice, should not be considered legal advice, and does not create an attorney-client relationship. You should not assume that the information applies to your specific situation without consulting counsel. Non-lawyers are cautioned that providing specific advice and counsel to others may constitute the unauthorized practice of law, and therefore, care should be taken in dispensing information contained herein.
Given the complexity of your situation, consult with a local estate planning attorney. This is not a DIY type of project.
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