North Carolina Irrevocable Funded Life Insurance Trust (CILIA) is a type of trust specifically designed to hold life insurance policies. This trust structure provides certain benefits for individuals residing in North Carolina. One significant feature of this trust is the Crummy right of withdrawal, which allows beneficiaries to withdraw any contributions made to the trust within a specific timeframe. The CILIA with a First to Die Policy involves the selection of a life insurance policy that provides benefits upon the first death of the insured parties. This means that the proceeds of the policy are paid out when the first insured individual passes away. In addition, the CILIA includes a Survivorship Rider, which ensures that the policy benefits are paid out only when both insured individuals have passed away. This rider adds an extra layer of protection and enhances the long-term financial security of the beneficiaries. Having mentioned the main components, there are various types of North Carolina Irrevocable Funded Life Insurance Trusts where Beneficiaries Have Crummy Right of Withdrawal with First to Die Policy with Survivorship Rider. These can be categorized based on the specific terms and conditions set by the granters and their estate planning goals. Some potential variations include: 1. CILIA with Fixed Premiums: This trust involves a fixed premium payment structure for the life insurance policy, ensuring a predictable and stable funding pattern. 2. CILIA with Variable Premiums: This trust allows for flexibility in premium payments, which can be adjusted based on the granter's financial situation or changes in the policy's cost. 3. CILIA with Term Life Insurance: Instead of a permanent life insurance policy, this trust type utilizes term life insurance, which provides coverage for a specific period. Term policies can be more cost-effective in certain situations. 4. CILIA with Whole Life Insurance: This trust employs a whole life insurance policy, offering lifelong coverage and potential cash value accumulation. 5. CILIA with Universal Life Insurance: This trust incorporates a universal life insurance policy, which combines life insurance coverage with an investment component, allowing policyholders to build cash value over time. It is important to note that each variation may have its own unique benefits, considerations, and legal requirements. Consulting with a knowledgeable estate planning attorney or financial advisor is crucial for tailoring the trust to meet specific objectives and to ensure compliance with North Carolina laws.