An Irrevocable Life Insurance Trust (ILIT) is a tailored estate planning tool designed to hold life insurance policies outside of an individual’s taxable estate. For residents of Yokuts Valley and surrounding Fresno County communities, an ILIT can help protect life insurance proceeds from estate taxation and support long term planning goals for beneficiaries. This guide explains how an ILIT works, why families use it, and how the Law Offices of Robert P. Bergman can assist with creating and funding a trust that reflects your priorities while complying with California law and local considerations for farm, ranch, and family property succession.
Many clients come to us seeking practical, dependable advice about life insurance planning within a larger estate plan. An ILIT often works alongside wills, revocable living trusts, powers of attorney, and health care directives to create an integrated plan that addresses tax exposure, liquidity for paying final expenses, and orderly distribution to heirs. At our firm we discuss options like transfer of existing policies into a trust, purchasing new policies through a trust, and coordinating beneficiary and trust provisions to avoid unintended gift or estate tax consequences under current federal and state rules.
An ILIT can provide several important benefits for families looking to preserve wealth and provide liquidity at the time of death. By removing the life insurance policy from the insured’s estate, proceeds may avoid inclusion in estate tax calculations, which can protect assets for intended beneficiaries. Beyond tax considerations, an ILIT creates structure for how proceeds are managed and distributed, which can help protect funds from creditors, align distributions with beneficiary needs, and reduce administrative complexity. In rural or multigenerational families, thoughtful trust terms can also address succession planning for property and business interests while maintaining privacy and continuity.
The Law Offices of Robert P. Bergman serves clients across California with an emphasis on practical estate planning solutions including revocable living trusts, wills, and Irrevocable Life Insurance Trusts. Based in San Jose and serving Yokuts Valley and Fresno County, the firm focuses on clear communication, careful drafting, and coordinating documents such as powers of attorney, health care directives, and certification of trust. We take time to understand family dynamics, financial goals, and property considerations to design plans that are durable, compliant, and easy for successors to administer when the time comes.
An Irrevocable Life Insurance Trust is created when the grantor transfers a life insurance policy into a trust that they cannot revoke or alter unilaterally. Once the transfer is complete, the policy is owned by the trust and premium payments may be made according to trust terms. Important considerations include the three year lookback rule for transfers of existing policies, the trust’s naming of beneficiaries, and how distributions to heirs will be managed. An ILIT often requires coordination with the insurance carrier, careful trust language, and follow up to ensure premiums are properly funded and recorded.
Choosing whether to purchase a new policy in the name of the trust or to transfer an existing policy requires weighing tax timing, gifting implications, and ongoing premium payment arrangements. Funding can be accomplished through annual gifts to the trust or other methods that meet gift tax exclusion rules. The trustee’s duties include holding the policy, managing trust funds, and making distributions to named beneficiaries per the trust terms. Proper administration reduces the risk of estate inclusion and helps ensure that benefits are available when needed for funeral costs, estate taxes, or beneficiary support.
An ILIT is a legal arrangement in which a trust holds ownership of a life insurance policy and receives the death benefit for the benefit of named beneficiaries. The person who establishes the trust gives up direct control over the policy, and a trustee manages the trust according to the trust document. The trust can specify how proceeds should be used, whether for education, care, or other support. Because the policy is owned by the trust, it is typically not part of the insured’s taxable estate, which may reduce estate tax exposure and provide a clear mechanism for distributing funds to heirs in a controlled manner.
Core elements of an ILIT include the named trustee, trust beneficiaries, trust provisions governing distributions, and the ownership of a qualifying life insurance policy. Typical steps begin with an initial consultation to analyze financial and family goals followed by drafting trust language, transferring an existing policy or purchasing a new policy in the trust’s name, and establishing a mechanism for funding premium payments. Trustee selection, coordination with insurers, and addressing tax timing rules are also essential. Proper documentation and follow-up minimize the risk that the policy proceeds become part of the insured’s estate.
Understanding common terms used in ILIT planning helps clients make informed decisions. This glossary covers items such as grantor, trustee, irrevocability, beneficiary designation, funding mechanism, and estate inclusion rules. We explain how these elements interact and why precise language matters. By reviewing definitions and examples in plain language, families can better recognize the implications of transferring ownership, the responsibilities of a trustee, and how distributions will be handled so that an ILIT functions as intended within a broader estate plan that may include wills, pour-over wills, and related trust documents.
The grantor, sometimes called the settlor, is the person who creates and funds the trust by executing the trust document and transferring assets or policies into it. In the ILIT context the grantor typically transfers life insurance ownership to the trust and may provide funds to make premium payments. Once the transfer is completed, the grantor generally cannot modify the irrevocable trust terms. The grantor’s intent and the timing of transfers can have tax implications, so careful planning ensures the trust achieves its objectives without unexpected consequences for estate inclusion or gift taxation.
The trustee is responsible for administering the ILIT according to the trust document and applicable law. Duties include holding the policy, paying premiums from trust funds, maintaining records, communicating with beneficiaries, and making distributions as directed by the trust. A trustee may be an individual, a bank, or a trust company and should be selected with consideration for reliability, impartiality, and familiarity with financial recordkeeping. Clear instructions within the trust regarding distribution standards and trustee powers reduce disputes and help ensure benefits reach intended recipients efficiently.
Irrevocability means that once the trust is established and funded under its terms, the grantor cannot unilaterally change or revoke the trust. This permanence is central to achieving certain tax and asset protection objectives because it separates ownership of the policy from the grantor’s estate. Irrevocability does not mean the plan cannot be adapted; successor trustees or other provisions may allow limited flexibility. However, the decision to create an irrevocable arrangement should be made with full understanding of long term implications for control and access to the policy and trust assets.
Funding refers to the ways trust premiums are paid and the trust is provided with resources to maintain the policy. Common approaches include making annual gifts to the trust sufficient to cover premiums, using trustee accounts to pay direct premiums, or coordinating with other estate planning transfers. Gifts to the trust may qualify for the annual gift tax exclusion if structured correctly. Documentation and consistent practice are essential to avoid unintended tax consequences and to ensure the policy remains in force and the trust functions as intended when a claim arises.
There are multiple ways to use life insurance in estate planning, and an ILIT is one option among others such as keeping a policy individually owned with beneficiary designations or holding a policy within a revocable living trust. Each approach has tradeoffs in control, tax treatment, and administrative simplicity. Individually owned policies offer direct control but may increase estate inclusion. A revocable trust can coordinate benefits with other assets but does not remove the asset from the estate while the trust is revocable. An ILIT provides a clear pathway to remove proceeds from estate calculations, subject to its requirements and limits.
A limited approach, such as keeping a policy individually owned with beneficiary designations, may be appropriate when the primary concern is short term liquidity for final expenses rather than minimizing estate taxes. For families whose estates are well below federal and state estate tax thresholds, the administrative complexity of an ILIT may not be warranted. In these cases maintaining a straightforward beneficiary designation and ensuring beneficiaries are up to date, combined with a simple will and health care directive, can provide reliable postmortem liquidity without the ongoing administration a trust requires.
Some clients prioritize retaining control over a policy and prefer a simple estate plan that avoids irrevocable transfers. When the goal is to maintain flexibility for future changes in family circumstances or financial needs, a limited arrangement can be suitable. Maintaining ownership allows the insured to change beneficiaries or alter policy terms as life circumstances evolve. This path relies on beneficiary designations and complementary documents like a durable power of attorney to provide short term flexibility while addressing immediate planning goals without establishing a permanent trust structure.
A comprehensive approach that includes an ILIT is often chosen when long term planning goals include minimizing estate tax exposure and protecting assets for future generations. For families with substantial life insurance coverage, business interests, or farm and real property in Fresno County, placing a policy within an ILIT can remove the policy proceeds from the taxable estate and provide structured distributions. This is particularly helpful where proceeds are intended to fund estate tax obligations or to provide a steady source of support to beneficiaries under terms set by the grantor.
When beneficiaries include minors, individuals with special financial circumstances, or family members requiring ongoing oversight, a comprehensive trust-based plan offers mechanisms to manage distributions and protect assets from creditors or mismanagement. Provisions can limit immediate lump sum distributions and provide trustees discretion to manage funds for education, health, and welfare. A well-drafted trust can also address blended family situations, protect assets from divorce division, and set clear instructions for successor trustees, which reduces potential conflict and promotes smooth administration after the grantor’s death.
A comprehensive ILIT-centered plan provides clarity about ownership, preserves policy proceeds from estate inclusion, and offers structured ways to distribute benefits to beneficiaries. By naming a trustee and setting explicit distribution standards, families can reduce ambiguity and minimize court involvement. An ILIT also supports coordinated planning with other documents such as a pour-over will or certificates of trust, ensuring that life insurance proceeds and other assets work together to meet long term family goals. This approach is often chosen by those who wish to leave a controlled legacy while managing tax exposure.
Additional benefits include the potential to shield proceeds from creditor claims, preserve eligibility for government benefits for certain beneficiaries, and provide funds to cover estate settlement costs without liquidating family property. The trust can include instructions for how proceeds should be invested and distributed, creating predictability for heirs and trustees. Properly structured ILITs can also facilitate smoother transitions for family businesses by providing funds for buyouts or to support ongoing operations, aligning the life insurance plan with broader succession strategies.
One significant benefit of placing life insurance in an ILIT is preserving liquidity at the time of death while potentially reducing estate tax exposure. The trust proceeds can be used to pay final expenses, settle debts, or fund tax liabilities so that other estate assets, such as family real estate or business interests, do not need to be sold under pressure. This liquidity planning helps heirs manage the transition period and can be especially valuable for families with illiquid property or ongoing business operations that require time to value and transfer.
An ILIT allows the grantor to set terms that control when and how beneficiaries receive funds, offering protection from creditors, divorce, or poor financial management. Trust provisions can distribute funds in stages, require trustees to hold assets in trust for a specific period, or permit distributions for defined purposes like education and healthcare. This level of control and protection supports the long term preservation of family wealth and ensures that the life insurance proceeds serve the intended purpose rather than being depleted immediately or subject to external claims.
Before transferring any policy, verify the current ownership and beneficiary designations and how a transfer will affect them. Mismatches between trust language and beneficiary forms can undermine planning goals. For example, if a policy is transferred without updating the insurer’s records to reflect trust ownership, or if beneficiary designations contradict trust terms, the intended benefits may not pass as expected. Maintaining consistent documentation and proactively informing the insurer helps ensure the trust functions properly and that the policy remains in force and aligned with the estate plan.
Regular review and coordination with other estate planning documents prevents inconsistencies and adapts the plan to changing laws and life events. Life changes such as births, deaths, marriages, or changes in assets may require adjustments to trust provisions or funding plans. Periodic checkups ensure that beneficiary designations, trustee appointments, and related documents such as powers of attorney and health care directives remain aligned with your objectives. Proactive maintenance reduces the chance of disputes and helps keep the plan effective over time.
Families often choose an ILIT when they seek to preserve life insurance proceeds for heirs while reducing potential estate inclusion and managing distributions. An ILIT can be appropriate for those with significant life insurance coverage, farm or business ownership, or concerns about creditor claims or familial timing of distributions. It also addresses the need for liquidity at the time of death to settle taxes and expenses. Each family’s circumstances are unique, so evaluating asset size, family structure, and long term goals will determine whether an ILIT fits within a tailored estate plan.
Other reasons include the desire to provide structured support for minors or vulnerable beneficiaries, to preserve eligibility for government benefits for certain family members, or to align life insurance proceeds with other trust-based distribution plans. An ILIT can complement instruments such as pour-over wills, revocable living trusts, and health care directives, creating a cohesive plan that addresses immediate needs and long term intentions. Careful drafting and follow up ensure the trust meets the family’s objectives while complying with current tax and estate administration rules.
Typical circumstances include estates with large life insurance policies intended to provide liquidity or tax funding, families with children or beneficiaries who need managed distributions, and those with business or real property that should remain intact after the owner’s death. Other scenarios include blended families seeking to protect inheritances for particular beneficiaries, or when creditor protection and structured distributions are priorities. In each case, an ILIT allows specific instructions for how proceeds are to be used, supporting orderly transfers while reducing administrative burdens on heirs.
Estate taxes and settlement costs can require access to cash that is often tied up in real property or business assets. An ILIT can provide a dedicated source of funds that are distributed outside of the taxable estate, offering liquidity to cover taxes and expenses without forcing the sale of key assets. This is particularly useful for agricultural families and business owners in Fresno County who need to preserve operations while settling estate obligations. Planning ensures funds are available when needed, reducing financial pressure on successors.
An ILIT can be structured to provide a measure of protection against creditor claims by keeping the policy proceeds in the trust rather than distributing them outright to beneficiaries. Trust terms and state law combine to create a buffer that can preserve funds for their intended purpose. For families concerned about creditors, divorce, or legal claims against beneficiaries, a trust-based distribution mechanism helps shield resources while still delivering support in a controlled way that reflects the grantor’s intentions.
When beneficiaries include minors or individuals who may need financial management support, designating an ILIT allows for distributions to be tailored to developmental milestones, healthcare needs, or educational expenses. Trust provisions can appoint a trustee to oversee funds responsibly and set conditions for distribution to ensure long term security. This approach removes the burden from immediate family members while providing a steady, managed source of support that aligns with the grantor’s wishes for beneficiary care and protection.
The Law Offices of Robert P. Bergman assists residents of Yokuts Valley and nearby communities with estate planning focused on clarity, durability, and peace of mind. We help clients evaluate whether an ILIT fits their goals, draft trust language, coordinate with insurers, and set up funding mechanisms for premiums. Our approach is practical and family oriented, and we make a point of explaining options in plain language so clients can make confident decisions. For personalized planning, clients can reach our office to discuss how an ILIT might integrate into a broader estate plan.
The Law Offices of Robert P. Bergman focuses on delivering clear, reliable estate planning services tailored to California families, including the creation and administration of ILITs. We emphasize careful document drafting, coordination with insurance carriers, and ongoing communication to ensure trust provisions are understood and properly funded. Clients appreciate our practical guidance on trustee selection, premium funding methods, and integration with other planning instruments such as wills and powers of attorney, all presented in accessible terms so families can move forward with confidence.
Our work includes preparing related documents such as pour-over wills, certification of trust forms, and health care directives, so your plan functions as a unified whole. We help clients address common pitfalls like inconsistent beneficiary designations, inadequate funding arrangements, and failure to document gifts for premiums. By coordinating all pieces of the estate plan, we strive to reduce administrative burdens and provide clarity for successors responsible for carrying out the grantor’s wishes following a death or incapacity.
We serve a broad range of families, including those with agricultural property, business interests, and blended family dynamics common in Fresno County, and we aim to craft plans that are practical and sustainable. Whether you are considering transferring an existing policy, purchasing a new policy in trust, or aligning life insurance with other trust planning, we provide thoughtful guidance on steps to achieve your objectives while respecting legal and tax considerations under California and federal law.
Our process begins with a consultation to learn about your family, assets, and goals, followed by a review of existing policies and beneficiary designations. We draft trust documents tailored to your objectives, coordinate policy transfers or purchases with insurers, and provide written guidance for funding premium payments. After the trust is executed, we assist with implementing ongoing administration steps and recommend periodic reviews to adapt to life changes. Our goal is to make the process efficient and transparent so clients understand each stage and required actions.
The first step is an in depth meeting to gather information about your assets, insurance policies, family situation, and planning goals. We review policy ownership and beneficiary designations and discuss whether to transfer an existing policy or acquire a new policy in the trust’s name. This phase identifies potential tax timing issues and funding strategies for premiums. Clear documentation and a tailored plan at the outset reduce surprises and set the stage for efficient drafting and administration of the trust once decisions are finalized.
We examine existing life insurance contracts, beneficiary forms, and ownership documents to determine how a transfer will affect the policy and any potential estate inclusion. This assessment includes checking carrier requirements, any surrender charges, and the implications of the three year lookback rule for transfers of existing policies. Identifying these considerations early ensures that the recommended pathway, whether transfer or purchase, aligns with your objectives and minimizes the risk of unintended tax consequences or policy lapse during the transition.
During the initial phase we also discuss funding strategies for premiums and help clients evaluate trustee options. Funding choices include annual gifts using the gift tax exclusion, establishing a trust account for premium payments, or coordinating contributions from family members. Trustee selection should consider reliability, recordkeeping ability, and impartiality. Careful planning of funding and trustee roles reduces administration risk and helps ensure the policy remains in force so that trust benefits are preserved for beneficiaries when needed.
Once the approach is agreed, we draft the ILIT documents with clear provisions for ownership, trustee powers, funding, and distributions. The documents address trustee responsibilities, successor trustee appointments, and instructions for coordinating with the insurance carrier. After review and any revisions, the trust is executed according to legal requirements and copies are provided to necessary parties. Proper execution and delivery of documents to the insurer and trustee are essential to effectuate the transfer and to ensure the policy is recognized as trust property.
We work directly with insurers or provide clients with the necessary paperwork to change ownership and beneficiary designations in accordance with carrier procedures. This coordination ensures the insurer acknowledges the trust as owner and that premium payment arrangements are established. For new policies purchased in the trust name, we confirm application requirements and assist with documentation. Clear communication with the carrier reduces administrative delays and helps prevent issues that could jeopardize the status of the policy or its ability to provide the intended benefits.
Execution of the transfer or purchase is handled carefully to meet timing and tax considerations, particularly if an existing policy is involved. Where applicable we document any gifts used to fund premiums and provide guidance on complying with annual gift tax exclusion rules. If purchasing a new policy, we coordinate the application and placement to ensure the trust is properly named and funded. Accurate records and timely filings support the trust’s intended function and minimize the chance of disputes or tax complications down the road.
After the trust is established and the policy is in place, ongoing administration includes tracking premium payments, maintaining records, and providing periodic reviews of trustee actions and beneficiary circumstances. We recommend regular reviews to adjust funding strategies or trust terms in response to life changes and to remain aligned with changes in law. A proactive approach to administration helps ensure the ILIT continues to meet family objectives and that any necessary adjustments are handled ahead of time to reduce stress for trustees and beneficiaries.
Trustees should maintain clear records of gifts, premium payments, policy communications, and distributions. Good recordkeeping supports tax reporting and provides transparency for beneficiaries. We provide guidance on documentation practices and can assist trustees in setting up accounting procedures or coordinating with financial advisors. Consistent premium management prevents policy lapse and ensures the trust can deliver on its purposes, which is vital for preserving funds intended to provide liquidity, pay debts, or support heirs.
Life events such as births, marriages, property transfers, or changes in law may require revisiting trust funding, trustee selection, or distribution standards. Regular reviews help identify necessary updates and confirm the trust remains consistent with broader estate planning documents. We recommend scheduling periodic checkups to evaluate whether adjustments are needed to reflect current family needs and financial realities. Addressing these matters proactively reduces surprises and supports the long term effectiveness of the ILIT within a cohesive estate plan.
An Irrevocable Life Insurance Trust is a trust that owns and controls a life insurance policy rather than the insured individual. Once the policy is transferred into the trust or purchased in the trust’s name, the trustee holds legal title and manages the policy and related funds according to the trust document. The trust’s beneficiaries are designated to receive proceeds upon the insured’s death, and the trust terms dictate how distributions are made. This separation of ownership is intended to keep the policy proceeds out of the insured’s taxable estate, subject to timing and funding rules. Creating an ILIT involves drafting clear trust provisions, naming a trustee and beneficiaries, and completing the necessary insurer paperwork to recognize the trust as the policy owner. Funding arrangements must be planned so premiums are paid on time, which may involve annual gifts to the trust or other funding strategies. Careful coordination ensures that the policy remains in force and that the trust functions as intended to deliver benefits to heirs.
Transferring a policy to a trust does not inherently change the policy’s insured risk or premium structure, but administrative steps are required for the insurer to recognize the change in ownership. Depending on the carrier and policy type, the transfer process may trigger underwriting considerations, cash value adjustments, or surrender charges if the policy has been recently issued. It is important to review the policy contract and consult with the carrier to understand any administrative or financial effects before transferring ownership. When a policy is owned by the trust, premium payments must be made by the trustee or from trust funds according to the trust’s funding plan. Failure to arrange timely funding can lead to policy lapse. Careful planning and documentation of gift transfers or premium funding sources help maintain continuous coverage while preserving the trust’s intended tax and distribution benefits.
Estate tax considerations are a primary reason many clients use an ILIT. Generally, if a life insurance policy is owned by an irrevocable trust and the grantor has given up control, the proceeds are not included in the grantor’s estate for tax purposes. However, transfers of an existing policy into a trust within three years of death may be included in the estate under federal rules, commonly referred to as the three year lookback. This timing rule requires careful planning when transferring recently issued policies. To avoid unintended estate inclusion, some clients purchase a new policy directly in the trust’s name or complete transfers well in advance of anticipated estate considerations. Coordination with broader estate planning measures and attention to timing, documentation, and funding strategies help achieve the desired outcome and reduce the risk that proceeds will be treated as part of the taxable estate.
Choosing a trustee is an important decision because the trustee manages the trust’s assets, pays premiums, maintains records, and makes distributions in accordance with the trust terms. Potential trustees include trusted family members, friends, or professional fiduciaries such as a bank trust department. The ideal trustee should be reliable, capable of maintaining careful records, and willing to follow the trust terms consistently. Successor trustee provisions should also be included to ensure continuity if the primary trustee becomes unable to serve. A trustee’s responsibilities include protecting the policy, communicating with beneficiaries, filing any required tax filings, and investing trust funds prudently when applicable. Clear authority in the trust document for actions such as paying premiums, borrowing against cash value, or engaging professionals reduces uncertainty and supports efficient administration. Guidance on trustee duties should be included in the trust to avoid disputes and confusion at a time when beneficiaries need clarity.
Transferring an existing policy into an ILIT involves documenting the change of ownership with the insurance carrier and executing the trust documents that will hold the policy. The process typically includes determining carrier requirements, completing transfer forms, and ensuring the trustee is established and authorized to own the policy. It is essential to evaluate the timing of the transfer relative to the three year lookback rule and to document any gifts used to fund premiums after the transfer. Before initiating a transfer, review any policy surrender charges, outstanding loans, or underwriting issues that could affect the policy’s value or performance. In some cases purchasing a new policy in the trust name is a better strategy. Careful coordination with the insurer and proper documentation of funding arrangements reduce the risk of administrative errors and help preserve the trust’s intended benefits.
Premium payments for a policy owned by an ILIT are typically funded through gifts to the trust from the grantor or other family members, or from assets already held in the trust. Many clients use annual gifts that fall within the federal gift tax exclusion to avoid immediate gift tax reporting, while documenting the transfers so that the trust has the funds needed to pay premiums. Clear documentation and timely transfers are important to maintain the trust’s status and keep the policy in force. Trust provisions should set out how premiums will be accepted and used and may direct the trustee to maintain a dedicated premium account. Establishing a reliable funding plan reduces the likelihood of missed payments. Communication with family members who may contribute helps ensure that the ongoing premium obligations are met consistently over the life of the policy.
If premiums are not paid and the policy lapses, the trust will no longer hold an active life insurance policy and the intended protection and tax benefits may be lost. A lapse can create administrative and financial complications for beneficiaries who were expecting the policy proceeds. Trustees should therefore prioritize premium payments and maintain clear records to prevent inadvertent lapses, and trust documents should authorize steps a trustee may take to preserve coverage when appropriate. If a lapse occurs, options may include reinstatement if permitted by the carrier, negotiating to replace coverage, or pursuing other planning measures to address the gap. Prompt action can sometimes mitigate consequences, but prevention via careful funding practices and oversight remains the most reliable safeguard to ensure continuity of coverage and preservation of the trust’s benefits.
An ILIT should be coordinated with related estate planning documents such as a revocable living trust, pour-over will, powers of attorney, and health care directives. The ILIT functions as a component of a broader plan, and consistent beneficiary designations and trust terms are necessary to ensure assets are distributed as intended. A pour-over will, for example, can direct assets to a revocable trust, while the ILIT separately governs life insurance proceeds, and together they provide a comprehensive approach to asset distribution and administration. Coordination helps avoid conflicts between beneficiary forms and trust documents and clarifies the roles of trustees and successor fiduciaries. Periodic reviews to align the ILIT with changes in the revocable trust or will protect the overall plan’s integrity and ensure that life insurance proceeds complement other estate assets in achieving long term family goals.
Alternatives to an ILIT include retaining individual ownership of a life insurance policy with carefully updated beneficiary designations or using a revocable living trust to manage proceeds alongside other assets. Each option has tradeoffs: individual ownership preserves flexibility but may result in estate inclusion, while revocable trusts offer coordinated administration but do not remove the asset from the estate while the trust remains revocable. The choice depends on the family’s tax exposure, desire for control, and need for structured distributions. For some clients, a combination of approaches works best—for instance, keeping certain policies outside of a trust for short term needs while placing others in an ILIT to protect larger proceeds. Evaluating alternatives in light of estate size, family dynamics, and long term objectives helps determine the most appropriate path for life insurance planning.
Reviewing an ILIT and related estate planning documents regularly is important to ensure the plan remains aligned with current family circumstances, financial situations, and changes in law. Life events such as marriage, divorce, births, deaths, or major changes in assets may require updates to funding arrangements, trustee appointments, or distribution provisions. A recommended review interval is to check documents after significant life changes and to perform a comprehensive review every few years to confirm that funding and beneficiary designations remain accurate. Proactive reviews can catch issues like outdated beneficiary forms, inadequate funding for premiums, or trustee incapacity before they create problems. Periodic consultations help ensure that the ILIT continues to meet your goals and is coordinated with other estate planning instruments so that the entire plan functions cohesively when it is needed.
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