An Irrevocable Life Insurance Trust (ILIT) can be an important component of a well-rounded estate plan for families and individuals in Seeley, California. An ILIT holds life insurance policies outside of an individual’s taxable estate, helping to manage estate tax exposure and provide liquid assets to cover final expenses, debts, and distributions to beneficiaries. At the Law Offices of Robert P. Bergman, we help clients understand how an ILIT interacts with other documents such as revocable living trusts, pour-over wills, and powers of attorney, and how it can be tailored to meet family, retirement and legacy planning goals in the context of California law.
Deciding whether to create an ILIT involves evaluating your overall estate plan, the size of your estate, the type of life insurance you hold, and the intended distribution of proceeds. An ILIT requires careful drafting to ensure the trustee provisions, beneficiary designations and transfer rules are properly established and administered. Our approach focuses on clear communication about trustee duties, grantor gifts to the trust to support premiums, and the lifetime administration steps necessary to maintain the trust’s intended tax and planning benefits while honoring your wishes for loved ones in Imperial County and beyond.
An ILIT provides several planning advantages when structured correctly. It can remove life insurance proceeds from an individual’s taxable estate, provide immediate liquidity to manage debts, taxes, and final expenses, and create a controlled method for distributing funds to heirs. In addition, an ILIT can be used to protect proceeds from creditor claims or to support long-term needs such as education, special needs care, or retirement gap coverage. For families in Seeley and throughout California, the ILIT can be combined with other trust instruments to deliver predictable outcomes and minimize administrative friction during a difficult time.
The Law Offices of Robert P. Bergman provides estate planning and trust-related services with a focus on client-centered advice and careful document drafting. We assist clients in Seeley and across California with establishing ILITs alongside complementary documents such as revocable living trusts, pour-over wills, and powers of attorney. Our attorneys guide clients through funding life insurance into the trust, trustee selection, and administrative procedures to preserve intended tax treatment and ensure smooth interactions with beneficiaries and financial institutions. Our goal is to create durable plans that reflect each client’s priorities and family dynamics while remaining practical and straightforward to administer.
An Irrevocable Life Insurance Trust is a separate legal entity created to own one or more life insurance policies. Once policies are transferred into the trust or the trust purchases the policy, the grantor no longer owns the policies directly. This separation can have significant tax and planning consequences when structured and funded properly. The trust is governed by its terms, which can specify how proceeds should be paid out to beneficiaries, whether income or principal may be used for specific needs, and how distributions should be managed to meet long-term family objectives while preserving value for heirs in accordance with California law.
Setting up an ILIT typically involves naming a trustee to manage the policy, providing funding mechanisms so the trust can pay premiums, and ensuring beneficiary designations align with the trust’s terms. Grantors must avoid retaining incidents of ownership over the policy if removal from the taxable estate is a primary goal. Trust language often includes powers for the trustee to buy, hold, and assign policies, to make distributions, and to work with financial institutions and insurance carriers. The result is a flexible vehicle for providing liquidity at death, with rules aimed at protecting the intended tax and distribution outcomes.
An Irrevocable Life Insurance Trust is a trust into which one or more life insurance policies are placed and owned by the trust rather than by an individual. The trust terms define who can be beneficiaries, how proceeds are distributed, and how the trustee is to manage the assets. Because the grantor gives up direct ownership and control, the proceeds are generally excluded from the grantor’s estate for estate tax purposes if certain technical requirements are met. This structure provides a mechanism to deliver immediate cash to survivors while preserving long-term privacy and control over distributions according to the trust’s instructions under applicable California rules.
Implementing an ILIT involves drafting trust documents, transferring or issuing life insurance policies in the trust’s name, selecting a trustee, planning funding to cover premium payments, and coordinating beneficiary designations. Other components include trust provisions addressing distribution standards, successor trustees, enforcement powers, and guidance for the trustee about premium payments and investment of trust funds. In many cases, a separate gifting strategy is used so the trust has sufficient cash flow to maintain policies, and ongoing administration is required to preserve the intended tax and control benefits for beneficiaries across generations.
Understanding the terminology surrounding ILITs helps clients make informed decisions. Terms such as grantor, trustee, insured, beneficiary, incidents of ownership, and Crummey withdrawal powers frequently arise in ILIT planning. Each term has practical consequences for drafting, administration, and tax treatment. A clear grasp of these concepts ensures that trust provisions are aligned with client goals and that the trust functions as intended when a claim arises. We provide definitions and practical explanations so clients can confidently participate in planning choices and coordinate ILITs with other estate planning tools.
The grantor is the person who creates and funds the trust by transferring assets or arranging for the trust to acquire a life insurance policy. In ILIT planning, the grantor typically makes gifts to the trust to cover premium payments and gives the trustee authority to manage the policy and make distributions. Once assets or policies are placed into an irrevocable trust, the grantor generally relinquishes direct control over them. The grantor’s actions and the timing of transfers are important for the trust’s tax treatment and the achievement of the estate planning objectives.
The trustee is the individual or entity charged with managing the trust according to its terms. Responsibilities include purchasing or holding the life insurance policy, paying premiums when authorized funds are available, filing any necessary tax forms, and distributing proceeds to beneficiaries in the manner specified. A trustee must act prudently, maintain records, and communicate with beneficiaries and advisors. Choosing a trustee requires consideration of reliability, financial understanding, willingness to serve, and familiarity with fiduciary duties under California law.
Incidents of ownership refer to rights over a life insurance policy that, if retained by the grantor, can cause the policy’s proceeds to be included in the grantor’s estate for tax purposes. Examples include the right to change beneficiaries, surrender or borrow against the policy, or regain control over the policy. To achieve the intended estate tax advantages, the grantor must avoid retaining these rights when funding or creating an ILIT. Proper drafting and administration limit incidents of ownership and protect the trust’s treatment under applicable tax provisions.
Crummey withdrawal powers permit beneficiaries to withdraw gifts to an ILIT for a limited time, which can qualify those gifts for the annual gift tax exclusion. These temporary withdrawal rights must be clearly communicated and documented so that contributions are privileged under tax rules. While beneficiaries often do not exercise these withdrawal rights, including them creates the legal structure that enables favorable tax treatment of gifts used to fund the trust’s premium obligations. Proper notices and recordkeeping are important to maintain the effectiveness of these provisions.
When considering an ILIT, it is helpful to compare it with other estate planning options such as keeping policies personally owned, using revocable living trusts, or employing beneficiary designations directly on insurance contracts. Personal ownership provides control and flexibility during life but can expose proceeds to estate taxation and creditor claims. A revocable living trust offers broad asset management benefits but does not remove life insurance from the taxable estate if the insured maintains ownership. An ILIT is a tailored vehicle for separating life insurance proceeds and is most appropriate when removal from the taxable estate or specific distribution controls are primary objectives.
A limited or simpler approach to insurance ownership may be appropriate when a person’s estate is small enough that estate taxes are unlikely to apply. In such circumstances, maintaining direct ownership of life insurance can reduce administrative complexity and retain control during the insured’s lifetime. Simpler arrangements can make sense where beneficiaries are straightforward, liquidity needs are minimal, and creditor exposure is not a major concern. Discussing current asset levels, retirement accounts, and projected growth helps determine whether the added structure of an ILIT is necessary.
A limited ownership approach may also be appropriate when an insurance arrangement is temporary or part of a short-term transition, such as bridging until retirement assets become available or providing interim coverage during business succession planning. If long-term removal of the policy from the estate is not required, keeping ownership simple can reduce costs and administrative burdens. Careful review of circumstances, including anticipated changes in asset values and family needs, ensures that an uncomplicated solution remains aligned with the client’s evolving objectives.
A comprehensive approach is usually appropriate when estates are complex, include significant retirement or business assets, or involve multiple beneficiaries with different needs. Under such conditions, coordinating an ILIT with revocable trusts, pour-over wills, powers of attorney, beneficiary designations, and other documents can prevent unintended tax consequences, conflicts, or delays. Detailed planning can also address creditor protection, provide for special needs or minor beneficiaries, and incorporate retirement plan trusts or other vehicles to manage how assets pass and are administered after death.
When long-term legacy objectives, estate tax mitigation, or guaranteed liquidity for heirs are priorities, a comprehensive legal strategy can align life insurance ownership with broader estate and financial goals. An ILIT coordinated with gifting strategies, trust funding, and durable powers can preserve value, ensure funds are available to meet obligations, and define how distributions support beneficiaries over time. This level of planning anticipates future changes, addresses administrative responsibilities, and seeks to create a cohesive, sustainable plan that operates smoothly when it matters most.
A comprehensive planning process provides clarity, integrates life insurance planning with other estate planning tools, and reduces the likelihood of unintended outcomes. By addressing beneficiary designations, trustee selection, funding arrangements, and interactions with revocable trusts or pour-over wills, clients gain a unified plan that supports estate tax management, creditor protection, and predictable distributions. Comprehensive planning also typically improves recordkeeping and communication protocols needed for trustees and family members, resulting in fewer disputes and a more streamlined process during estate administration in California.
Thorough planning helps identify potential pitfalls such as retained incidents of ownership, poorly aligned beneficiary designations, or inadequate funding to maintain policies. Addressing these issues proactively preserves the intended benefits of an ILIT and complements retirement plan trusts and other instruments. The approach often results in stronger long-term outcomes for heirs, better tax positioning, and reduced administrative burdens. For families in Seeley and Imperial County, comprehensive planning delivers both practical and strategic advantages tailored to each household’s priorities and circumstances.
One primary benefit of a well-structured ILIT is the ability to provide liquidity at death without increasing the grantor’s taxable estate. When life insurance proceeds are owned by an irrevocable trust and the trust is properly funded and administered, those proceeds can be available immediately to pay taxes, debts, and final expenses, thereby avoiding forced sales of other assets. For many families, this immediate liquidity preserves the value of long-term holdings such as businesses or real estate and helps beneficiaries manage distributions in ways that align with the grantor’s wishes.
An ILIT provides a framework for controlling how proceeds are distributed, which can be especially helpful for providing for minor children, beneficiaries with special needs, or heirs who may face creditor claims. Trust terms can set distribution standards, define timing and conditions for disbursements, and appoint trustees who can manage assets for the long term. This level of control helps ensure that proceeds are used according to the grantor’s intentions and may offer protections that simple beneficiary designations cannot provide, contributing to greater predictability and financial security for those named to receive benefits.
Choosing the right trustee for an ILIT is a key decision that affects administration and the effectiveness of the plan. Look for a trustee who is trustworthy, organized, and comfortable handling interactions with insurance carriers and financial institutions. The trustee should be willing to maintain accurate records, provide required notices to beneficiaries, and manage premium payments. A corporate trustee can offer administrative continuity, while an individual trustee may be more personally familiar with the family. Discuss the trustee’s duties and successor arrangements with the attorney preparing the trust.
Beneficiary designations on the insurance contract should align with the trust’s terms to avoid unintended results. If the trust will receive the proceeds, the trust should be named as the beneficiary or the policy should be owned by the trust. Review existing beneficiary designations to prevent conflicts and review changes in family circumstances regularly. Coordination with revocable living trusts, retirement plan trusts, and pour-over wills helps create a cohesive estate plan that functions effectively when a claim is filed and distributions are made to heirs.
Clients consider ILITs for a variety of reasons, including reducing estate tax exposure, providing clear and immediate liquidity to pay final expenses, and setting terms for distribution to beneficiaries. An ILIT can be particularly useful for business owners who need to provide funds for continuity or for families who wish to protect life insurance proceeds from creditor claims or unequal distribution. By placing policies in a trust, grantors gain more control over how proceeds will be handled and distributed after death, which can help preserve family assets and provide stability for heirs.
An ILIT can also support long-term family planning goals such as providing for education, supplementing retirement income for a surviving spouse, or protecting assets for beneficiaries with special needs. Because the trust can define distribution scenarios and trustee powers, it can be tailored to address a wide range of legacy concerns. For many clients, the certainty and structure offered by an ILIT combined with other estate documents delivers greater peace of mind and smoother administration in the event of incapacity or death.
An ILIT is often considered when an individual owns significant life insurance, when estate value approaches federal or state estate tax thresholds, or when beneficiaries include minors, individuals with special needs, or heirs who might face divorce or creditor claims. It can also be useful for business succession planning where life insurance proceeds fund buy-sell agreements or provide bridge funding for ongoing operations. In each circumstance, the ILIT is designed to meet specific goals such as tax management, liquidity, control, and protection for beneficiaries while aligning with broader estate and financial plans.
When estate values are significant or include complex assets like businesses or multiple properties, an ILIT can serve as an effective mechanism to provide liquidity and potential estate tax protections. In such cases, life insurance proceeds owned by the trust can be used to pay estate taxes or provide for heirs without requiring the sale of illiquid assets. A carefully designed ILIT coordinates with other planning documents to ensure the grantor’s overall objectives are met while preserving the value of long-term holdings for future generations.
An ILIT can be structured to provide controlled distributions for beneficiaries who are minors, have disabilities, or may be vulnerable to financial risks. Trust terms can define the timing and conditions for distributions, require trustee oversight, and establish safeguards against misuse. This structured approach enables the grantor to provide for a loved one’s needs while protecting the funds from creditors, divorce proceedings, or mismanagement, delivering peace of mind that resources will be available and used in ways that reflect the grantor’s intentions.
In business succession planning, life insurance is commonly used to fund buy-sell agreements or to provide capital for continuing operations after the unexpected death of an owner. Placing life insurance into an ILIT can ensure that proceeds are available to effect buyouts or to support the business without increasing the owner’s taxable estate. Careful coordination with corporate and tax counsel helps design arrangements that meet the needs of business owners and their families while supporting a smooth transition of ownership interests.
The Law Offices of Robert P. Bergman serves clients in Seeley and throughout Imperial County, offering practical estate planning guidance tailored to California law. We assist with drafting ILITs and related documents, coordinating beneficiary designations, and advising on funding and administration. Our focus is to provide clear counsel about how an ILIT will operate alongside revocable living trusts, pour-over wills, powers of attorney, and specific instruments such as special needs trusts or pet trusts. We work to ensure each plan reflects the client’s wishes and family circumstances while remaining workable for trustees and beneficiaries.
Clients choose the Law Offices of Robert P. Bergman for thoughtful planning and careful drafting tailored to California estate and probate rules. We prioritize clear communication and thorough documentation to help clients understand how an ILIT will interact with other estate planning instruments. Our approach addresses trustee duties, funding mechanics, beneficiary coordination, and administrative steps designed to preserve the intended benefits of the trust. We serve families in Seeley and surrounding areas and provide personalized guidance on long-term planning considerations and practical implementation.
Our team assists with the full lifecycle of an ILIT: initial planning discussions, document drafting, coordination with insurance carriers and financial institutions, and guidance to trustees for ongoing administration. We also provide support for related matters such as trust modifications, Heggstad or pour-over petitions, and trust certification when life events require further legal action. By addressing both the technical and practical aspects of ILITs, we aim to deliver plans that function effectively and reflect the grantor’s objectives for the benefit of beneficiaries.
We work collaboratively with clients to ensure that an ILIT fits into their broader estate plan. That includes reviewing existing estate planning documents like revocable living trusts, last wills and testaments, powers of attorney, and retirement plan trusts to ensure consistency. We also advise on how to fund the trust, maintain compliance with gift tax rules when appropriate, and prepare trustees to meet their obligations. The goal is to create a durable planning structure that provides clarity and stability for families in Seeley and across California.
Our process begins with an initial consultation to gather family, financial, and insurance information and to identify planning objectives. We then recommend a tailored plan that may include drafting an ILIT, coordinating policy transfers, setting up funding strategies, and updating related estate planning documents. After the trust is signed, we assist with transferring policies or arranging for the trust to purchase coverage, prepare necessary notices, and provide trustee guidance to ensure consistent administration. Regular reviews help ensure the plan stays aligned with changing circumstances and laws.
The first step involves detailed information gathering about the client’s assets, insurance policies, family needs, and estate planning goals. We review existing documents including revocable living trusts, wills, powers of attorney, and beneficiary designations to identify potential conflicts or necessary updates. Based on this review, we draft trust documents that reflect the client’s objectives, establish trustee powers and beneficiary terms, and incorporate provisions to support the desired tax and distribution outcomes under California law.
During information gathering, we obtain details about insurance policies, current ownership and beneficiary designations, and any other estate planning documents. This step also includes discussing family dynamics, intended distributions, and particular concerns such as special needs beneficiaries or business succession. Clear understanding of goals and circumstances enables accurate drafting and helps determine whether premium funding will come from annual gifts, trust funds, or other sources to maintain the policy effectively within the ILIT structure.
We prepare the ILIT document with specific provisions tailored to the client’s objectives, along with ancillary documents such as Crummey notice templates, trustee acceptance forms, and certificate of trust when appropriate. Coordination with insurance carriers may include changing ownership or beneficiary designations and ensuring the carrier’s procedures are followed. We also draft or update related estate planning instruments to create a consistent plan across all documents, reducing the risk of unintended consequences later.
After documents are executed, the trust must be funded appropriately. Funding can include transferring existing policies into the trust, having the trust purchase new coverage, or arranging regular gifts to support premium payments. We coordinate with insurance companies to confirm ownership changes, ensure beneficiary designations align with the trust, and document all steps. Proper funding and documentation are essential for preserving the intended tax and distribution effects of the ILIT.
If existing policies are transferred into the trust, we prepare the necessary assignments and coordinate with insurers to change ownership. If the trust will purchase a new policy, we help structure the transaction and ensure payments and premiums are documented. Timing considerations are important, particularly regarding ownership transfers and any three-year lookback rules that may affect estate inclusion. Clear steps and consistent recordkeeping mitigate surprises and help maintain the trust’s intended benefits.
Establishing a reliable mechanism for funding premiums is critical to maintain the insurance policies owned by the trust. Options include annual gifts using Crummey powers, regular contributions to a trust bank account earmarked for premiums, or other funding arrangements. We provide guidance on how to document gifts and notices, maintain records, and coordinate with trustees so premiums are paid on time. Adequate funding preserves coverage and protects the trust’s tax and distribution objectives.
An ILIT requires ongoing administration including premium payments, recordkeeping, beneficiary notices, and trustee reporting. Periodic reviews are necessary to confirm that policy ownership and beneficiary designations remain aligned with the trust terms and the client’s overall estate plan. Life events, such as births, marriages, divorces, or changes in financial circumstances, may prompt trust amendments to related documents or other adjustments. Regular attention preserves the trust’s intended benefits and avoids administrative errors that could cause unintended tax consequences.
Trustees must maintain accurate records of gifts, premium payments, notices to beneficiaries, and communications with insurers. They should be prepared to provide accountings when required, manage trust assets prudently, and follow the trust’s distribution terms. Proper recordkeeping supports tax reporting, defends the trust’s structure, and helps beneficiaries and successor trustees understand the trust’s history. Guidance and templates can make this process more manageable for trustees and ensure consistency over time.
Periodic reviews of the ILIT and the client’s broader estate plan help ensure documents remain aligned with goals and current law. Reviews may identify the need to update related estate planning documents, change trustees, adjust funding strategies, or modify beneficiary language in other instruments to avoid conflicts. Regular check-ins also provide an opportunity to address changes in tax law or family circumstances so the ILIT continues to serve its intended purpose effectively and remains integrated with the full estate planning picture.
An Irrevocable Life Insurance Trust is a trust created to own a life insurance policy, keeping the policy and its proceeds separate from the grantor’s estate. Once the policy is owned by the trust, the trustee manages the policy, pays premiums from trust assets, and distributes proceeds according to the trust’s terms. The grantor typically funds the trust with gifts to cover premiums, and the trust’s terms define beneficiary rights and trustee authority so that proceeds are available to heirs under controlled conditions. The trust structure offers planning benefits such as providing immediate liquidity and defining distribution mechanisms for beneficiaries. Proper drafting and administration are essential to avoid retained rights that could cause the proceeds to be included in the grantor’s estate. Coordination with existing estate documents, beneficiary designations, and funding strategies ensures the ILIT operates as intended under California law and supports the client’s overall goals for family protection and asset management.
Transferring a life insurance policy to an ILIT can remove the policy proceeds from the grantor’s taxable estate, but certain rules must be followed. If the grantor retains incidents of ownership, such as the right to change beneficiaries or surrender the policy, the proceeds could still be included in the estate. Additionally, transfers made within three years of death may be subject to lookback rules that can cause the proceeds to be included for estate tax purposes. Careful planning addresses these issues by ensuring the grantor relinquishes ownership rights, documenting transfers properly, and structuring premium funding in a way that does not create unintended ownership interests. Working through the timing and mechanics with legal counsel helps minimize the risk that the trust will fail to achieve the intended estate planning benefits.
Premiums for a policy owned by an ILIT are typically paid from funds provided to the trust by the grantor. One common approach is to make annual gifts to the trust that qualify for the annual gift tax exclusion, often supported by temporary withdrawal rights for beneficiaries known as Crummey powers. The trustee uses these gifts to pay premiums, either directly or from a trust bank account established for that purpose. Other funding methods include placing sufficient cash in the trust at its creation or designating assets that generate income to cover premium payments. Whatever the method, clear documentation and communication with the trustee and beneficiaries are important to maintain coverage and preserve the trust’s intended treatment under tax rules and distribution objectives.
Selecting a trustee for an ILIT depends on the family’s needs, the trustee’s availability to manage administrative matters, and the complexity of the trust’s investments and interactions with insurance carriers. Trustees must maintain records, pay premiums on time, provide required notices, and administer distributions according to the trust terms. Individuals with organizational skills and trustworthiness often serve, and some families select a corporate or bank trustee for continuity and professional administrative capabilities. It is important to name successor trustees and to consider compensation, bonding, and the trustee’s willingness to fulfill the duties required. Discussing options with legal counsel helps balance personal familiarity, cost, and administrative reliability when making a trustee selection suitable for the trust’s intended role.
An ILIT can be structured to benefit a spouse or a special needs beneficiary, but careful drafting is required to achieve the intended outcome. For a spouse, trust terms can provide lifetime benefits or provide for a survivor while preserving other distribution plans. When a beneficiary has special needs, the ILIT can be coordinated with a special needs trust so distributions do not jeopardize eligibility for public benefits. This requires thoughtful language and coordination with other planning instruments. Because each situation has unique considerations, such as means-tested benefits or community property rules in California, planning must account for those details. Working with counsel to align the ILIT with special needs planning or spousal trust provisions ensures distributions support beneficiaries without unintended consequences and maintains compliance with applicable programs and laws.
Crummey withdrawal powers give beneficiaries a temporary right to withdraw contributions made to the trust for a short period, which can qualify those gifts for the annual gift tax exclusion. These powers are procedural tools that allow gifts used to fund premiums to be treated as present interest gifts for gift tax purposes. Proper notice and documentation are required so beneficiaries and the trust demonstrate that the withdrawal rights were made available. Although beneficiaries often do not exercise these short-term withdrawal rights, the presence of the right is important for tax treatment. Trustees must manage notices and maintain records showing how gifts were made and how withdrawal opportunities were provided, thereby supporting the desired tax benefits for the funding strategy.
An ILIT should be coordinated with a revocable living trust and will to ensure beneficiary designations and distribution instructions do not conflict. For instance, where a revocable trust provides for certain distributions at death, the ILIT’s terms should be consistent so that assets pass according to the grantor’s overall plan. A pour-over will may direct assets into a revocable trust, but life insurance owned by an ILIT bypasses probate and goes directly to the trust beneficiaries per the ILIT’s terms. Reviewing all estate planning documents together helps avoid unintended overlaps or gaps. Updates to the revocable trust, will, and beneficiary designations should be made when an ILIT is created or when family circumstances change to maintain a cohesive plan that functions smoothly at a time of transition.
When the insured dies, the insurance carrier pays the policy proceeds to the trust as the policy owner or beneficiary. The trustee follows the trust’s distribution instructions, which may call for immediate lump sum payments, staged distributions over time, or funds to be used for specific purposes such as education or care. The trustee is responsible for handling the claim process, receiving payment, and managing how funds are distributed consistent with the trust’s terms and applicable law. Timely communication with the insurer and proper documentation expedite payment and administration. Trustees should be prepared to present the trust instrument, death certificate, and other required forms to the carrier. Clear instructions in the trust and good recordkeeping help the trustee carry out the grantor’s wishes efficiently and transparently for beneficiaries.
An ILIT may have tax filing and reporting requirements depending on its assets and activities. While the trust’s primary purpose is to own life insurance, trustees should maintain records of gifts, premium payments, and distributions, and consult tax advisers about any necessary filings. Depending on how the trust is structured, the trustee may need to file fiduciary income tax returns or provide information to beneficiaries to support their tax reporting obligations. Careful recordkeeping supports compliance with gift and income tax rules and helps demonstrate that the trust was funded and administered according to plan. Engaging tax counsel when establishing and operating the ILIT ensures the trust meets its reporting obligations and takes advantage of available tax treatments while staying within applicable rules.
Periodic review of an ILIT and the broader estate plan is recommended whenever there are significant life changes, such as births, deaths, marriages, divorces, changes in asset values, or shifts in retirement plans. Regular reviews, at least every few years, ensure that trust funding remains adequate, beneficiary designations are current, and trustee arrangements are still appropriate. This helps avoid surprises and ensures the ILIT continues to align with the client’s objectives and family circumstances. Legal and tax changes can also affect planning choices, so periodic updates allow clients to adjust strategies in light of legislative developments or changes in case law. Maintaining open communication with legal counsel helps trustees and grantors manage the trust responsibly and keep the plan effective across changing circumstances.
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