An Irrevocable Life Insurance Trust (ILIT) can be a powerful estate planning tool for families at Edwards Air Force Base who want to protect life insurance proceeds from estate tax exposure and ensure a smooth transfer of benefits to intended beneficiaries. This page explains how an ILIT functions, what benefits it offers, and how the Law Offices of Robert P. Bergman helps clients design ILITs that reflect their goals. We focus on practical considerations specific to California residents, addressing trust funding, trustee selection, and ongoing administration while keeping your family’s financial security in mind.
Choosing to create an ILIT involves a number of decisions including ownership and beneficiary designation of life insurance policies, trust terms, and the appointment of a trustee who will manage premium payments and distributions. This guide outlines the typical steps involved, common scenarios where an ILIT is appropriate, and how it compares to other estate planning approaches. For service members and families near Edwards Air Force Base, understanding these issues now can prevent probate complications, reduce potential estate tax exposure, and preserve benefit values for heirs.
An Irrevocable Life Insurance Trust separates life insurance benefits from your taxable estate, which may reduce estate tax liability and ensure that proceeds are distributed according to your wishes. Beyond taxes, an ILIT can protect proceeds from creditors, provide structured distributions to beneficiaries, and allow for detailed administration instructions that reflect your family’s needs. For military families and local residents, an ILIT provides a level of predictability and control that can ease the transition for loved ones during an already difficult time. Proper drafting helps ensure premiums are paid and that trust provisions align with your broader estate plan.
The Law Offices of Robert P. Bergman provides practical estate planning services to clients throughout Kern County with an emphasis on clear communication and careful drafting. We guide clients through the creation and funding of ILITs, coordinate with insurance providers, and draft related documents like pour-over wills and powers of attorney to ensure a cohesive plan. Our firm draws on years of experience serving California families, offering personalized plans that align with local law and client goals. We aim to make the process straightforward and responsive to the needs of military and civilian households alike.
An Irrevocable Life Insurance Trust is a trust instrument created to own and administer life insurance policies for the benefit of named beneficiaries. Once established and funded, the trust holds the insurance policy outside of the grantor’s estate for estate tax purposes, subject to certain timing rules. Creating an ILIT requires transferring an existing policy or having the trust apply for and own a new policy, along with clear provisions regarding premium funding, gift tax considerations, and trustee powers. Understanding the interplay of trust law, tax rules, and insurance policy provisions is essential to achieving desired results.
Key practical matters include selecting a trustee who can manage premium payments and distributions, drafting language that anticipates contingencies, and integrating the ILIT with other estate planning documents. For some families, an ILIT provides greater certainty that insurance proceeds will be used for intended purposes, such as paying estate taxes, providing for minor children, or funding trusts for beneficiaries who may need structured distributions. Attention to timing and documentation helps prevent unintended inclusion of proceeds in the grantor’s estate and supports smooth administration when benefits become payable.
An ILIT is a legally binding trust that becomes the owner and beneficiary of a life insurance policy. The grantor gives up ownership to the trust, removing the death benefits from the taxable estate when the transfer is properly completed and timed. The trust document governs who receives distributions and under what conditions, and the trustee manages premium payments and interactions with the insurance company. Because the trust is irrevocable, the grantor typically cannot change its terms after execution, which underscores the importance of careful planning, clear beneficiary designations outside the estate, and coordination with other estate planning instruments.
Creating an ILIT involves drafting trust terms, selecting a trustee, and transferring ownership or directing the trust to obtain a new life insurance policy. Trustees must be empowered to manage premium payments, accept gifts to fund premiums, and make distributions according to the trust’s instructions. Other important processes include preparing a certification of trust for financial institutions, documenting trustee powers for policy changes, and integrating complementary documents such as pour-over wills, powers of attorney, and health care directives. Regular review ensures the ILIT remains aligned with changes in family circumstances and insurance policy terms.
This glossary explains the core terms used in ILIT planning so clients can better understand the documents and conversations during the planning process. Familiarity with these terms helps you evaluate options, ask informed questions, and make decisions that align with your goals. Definitions focus on trust mechanics, tax considerations, trustee duties, and related estate planning instruments that commonly interact with an ILIT. Clear terminology reduces confusion and helps facilitate collaboration among your attorney, insurance agent, and financial advisors.
An Irrevocable Life Insurance Trust is a trust established to own and manage life insurance policies with the purpos e of keeping proceeds outside the grantor’s taxable estate, when properly structured. The trust is irrevocable, meaning the grantor cannot unilaterally alter or revoke it after funding, and it specifies how proceeds will be held and distributed to beneficiaries. Trustee responsibilities commonly include accepting premium gifts, paying premiums to the insurance company, and overseeing distributions. ILITs also may include provisions to address policy replacement, loans against the policy, and coordination with other estate planning documents.
The grantor is the person who creates the trust and transfers assets into it. For an ILIT to achieve the intended estate planning result, ownership of a life insurance policy must shift from the grantor to the trust so that death benefits fall outside the grantor’s estate. For existing policies, this requires an assignment of ownership to the trust and adherence to certain timing rules to avoid inclusion in the estate. For new policies, the trust applies and becomes the policy owner at inception. Clear documentation of ownership transfer and beneficiary designations is essential.
A Crummey withdrawal right is a short-term power granted to trust beneficiaries that allows gifts to the trust to qualify for the annual gift tax exclusion. When the grantor gifts funds to the trust to pay premiums, beneficiaries receive notice and the temporary right to withdraw those funds for a specified period. If beneficiaries do not exercise the withdrawal right, the funds remain in the trust to pay premiums and for the trust’s distribution purposes. Properly documented Crummey provisions help optimize tax outcomes while preserving the trust’s intended function.
The trustee is the person or institution responsible for managing the trust assets and carrying out the terms of the ILIT. Trustee duties include paying premiums, keeping accurate records, communicating with beneficiaries, making distributions according to trust provisions, and handling tax reporting when applicable. Selecting a trustee who is capable, trustworthy, and familiar with the responsibilities of managing an ILIT helps ensure that the trust operates effectively. Trustees may be family members, trusted friends, or professional fiduciaries depending on the complexity of the plan and family preferences.
An ILIT differs from simply naming beneficiaries on a life insurance policy because it allows for structured administration, creditor protection in some circumstances, and potential estate tax mitigation. Alternatives include retaining the policy in the grantor’s estate, which can result in proceeds becoming part of the taxable estate, or using other trust types for asset distribution. Comparing options involves weighing tax impacts, control over distributions, creditor concerns, and administrative complexity. We help clients evaluate these tradeoffs with an eye toward preserving family goals while ensuring legal compliance under California law.
If a family’s estate is modest and heirs are financially self-sufficient, keeping a life insurance policy personally owned with direct beneficiary designations may be sufficient. This approach minimizes administrative complexity and keeps decisions straightforward. However, even in simpler situations, it is important to confirm that beneficiary designations are current and that complementary documents like powers of attorney and health care directives are in place. Periodic review ensures that the chosen approach continues to meet family needs and adjusts when circumstances change.
A limited approach can work when life insurance is intended primarily for short-term liquidity needs, such as covering final expenses or immediate debts, and when estate tax exposure is unlikely. For clients whose priority is simplicity and who do not face significant creditor or estate tax concerns, direct ownership may be appropriate. Even so, clear instructions regarding beneficiaries and coordination with other estate planning documents remain important to reduce the risk of unintended outcomes and to make sure insurance proceeds reach the intended recipients promptly.
When an individual’s estate includes substantial assets, blended family relationships, minor children, or beneficiaries with special needs, a comprehensive ILIT-based plan can provide tailored protections and detailed distribution instructions. A well-drafted trust can minimize estate tax exposure, preserve benefits for intended recipients, and specify the manner and timing of distributions to support long-term family objectives. Coordination with retirement plans, pour-over wills, and other trust vehicles ensures consistent outcomes and reduces the likelihood of disputes or unintended creditor claims.
A comprehensive approach addresses the interaction between life insurance, estate tax rules, and other planning tools to achieve predictable results. This includes arranging ownership to keep proceeds outside the estate, implementing Crummey powers where appropriate, and ensuring premium funding mechanisms are documented. Comprehensive planning also aligns beneficiary designations for retirement accounts and life insurance with overall estate objectives, helping to prevent inadvertent estate inclusion and supporting efficient distribution to heirs in accordance with your wishes.
A comprehensive approach to ILIT planning delivers multiple benefits that help families achieve peace of mind. It can reduce estate tax exposure, allow for controlled distributions, and provide protections against certain creditor claims. Detailed trust provisions let you tailor how benefits are used, whether for education, debt repayment, or ongoing support. A unified plan that includes powers of attorney, health care directives, and pour-over wills ensures a coordinated response if incapacity arises and streamlines administration after death, making the process clearer and more efficient for beneficiaries.
Comprehensive planning also provides longevity in estate management, allowing trusts to address future events and changing family dynamics. By addressing funding mechanisms and trustee responsibilities up front, the likelihood of administrative disputes is reduced. Regular reviews keep the plan aligned with life changes, such as births, deaths, divorces, or changes in financial circumstances. For service members and families in Kern County, a comprehensive ILIT plan integrates with military benefits considerations and other local legal nuances to deliver a tailored, long-term solution.
An ILIT helps preserve life insurance proceeds for the benefit of heirs by placing ownership and beneficiary rights in the trust, which can exclude those proceeds from the grantor’s taxable estate when executed correctly. This can lead to significant tax savings for larger estates and ensures that the policy’s value serves the intended purposes, such as supporting dependents or covering estate obligations. Accurate drafting and adherence to transfer timing rules are important to achieve these tax benefits and to avoid unintentional estate inclusion that could undermine planning goals.
A trust can set terms for how beneficiaries receive proceeds, including staggered distributions, income provisions, or payments earmarked for education and healthcare. These structures are especially helpful when beneficiaries are minors, have special needs, or might be vulnerable to financial mismanagement. By appointing a reliable trustee and specifying distribution criteria, a comprehensive ILIT safeguards assets while responding to family circumstances. This planning helps ensure that insurance proceeds fulfill long-term objectives and provide enduring support for those intended to benefit.
Before executing any trust documents, confirm current ownership and beneficiary designations on life insurance policies and retirement accounts. Discrepancies between beneficiary designations and trust documents can lead to unintended outcomes. If the trust is intended to own a policy, make sure the assignment of ownership is documented and accepted by the insurer. Documenting these steps reduces administrative delay and helps ensure proceeds are directed according to your plan. Periodic reviews after major life events preserve alignment with your objectives and keep the plan current.
Choose a trustee who understands fiduciary duties and is willing to manage administrative tasks like premium payments, communication with beneficiaries, and recordkeeping. Provide the trustee with clear instructions, necessary documents, and emergency contact information for insurers and advisors. For families seeking additional stability, consider naming successor trustees and including decision-making frameworks for investment and distribution choices. Supporting the trustee with practical guidance and access to professional resources when needed helps ensure the trust functions smoothly over time.
An ILIT may be appropriate if you want to protect life insurance proceeds from being included in your taxable estate, provide structured support to beneficiaries, or shield benefits from certain creditor claims. It is often considered when estate values approach or exceed thresholds where estate taxes could become a concern, or when beneficiaries would benefit from managed distributions. Additionally, an ILIT can be a helpful tool for blended families or for those who want to ensure proceeds are used for specific purposes like education or long-term care needs, rather than being distributed outright.
Families with minor children, beneficiaries with limited financial experience, or those wanting to coordinate life insurance with retirement assets should consider an ILIT to achieve long-term objectives. Military families at Edwards Air Force Base may have unique benefits to coordinate, and careful planning can prevent overlaps or unintended consequences from beneficiary designations. The decision to form an ILIT should account for future changes in family structure, tax law, and financial circumstances, and should be revisited periodically to confirm ongoing suitability and compliance with California legal requirements.
People typically consider an ILIT when they have significant life insurance policies, own assets that could trigger estate taxes, wish to control how proceeds are distributed, or want to keep death benefits outside the estate for creditor protection reasons. Other circumstances include planning for minor children, preserving assets for a surviving spouse while protecting assets for children from a prior marriage, or coordinating benefits with a broader estate plan that includes trusts and retirement account beneficiary designations. An ILIT can be adapted to many different family and financial situations.
When an individual’s estate is sizeable enough that inclusion of life insurance proceeds could create estate tax exposure, transferring ownership to an ILIT can help keep proceeds out of the taxable estate. Proper timing and documentation are essential to avoid rules that may require inclusion despite an attempted transfer. Working through these steps in advance reduces the risk of unintended tax consequences and helps ensure that the intended benefits are preserved for heirs in a cost-effective manner, consistent with California law and federal tax considerations.
Families often use an ILIT to set terms for how and when beneficiaries receive insurance proceeds, providing protections when beneficiaries are minors or may face financial challenges. Trust provisions can define age-based distributions, mandate funds for education or healthcare, and provide ongoing financial oversight. This structured approach helps maintain long-term goals and can prevent heirs from receiving lump sums they might spend quickly. Clear instructions to the trustee help administer distributions in a consistent and fair manner for all beneficiaries.
Service members and military families may need to coordinate life insurance with military and civilian benefits to ensure overall planning coherence. An ILIT can play a role in this coordination by owning civilian life insurance policies and specifying how proceeds integrate with other assets. Thoughtful planning helps avoid conflicts between beneficiary designations on different accounts and ensures that the cumulative benefit to survivors aligns with the grantor’s intentions. Regular reviews after deployment, retirement, or other life events help maintain alignment with military benefit changes.
The Law Offices of Robert P. Bergman serves clients in and around Edwards Air Force Base, offering estate planning services tailored to local needs. We provide clear guidance on ILITs and related documents such as revocable living trusts, pour-over wills, powers of attorney, and health care directives. Our approach emphasizes practical solutions that reflect family priorities and California law. For those located near Edwards Air Force Base, we offer responsive communication and a focus on drafting documents that stand up to administrative scrutiny when insurance benefits become payable.
Clients choose the Law Offices of Robert P. Bergman for thoughtful estate planning that addresses both immediate and long-term objectives. We prioritize clarity in drafting trust provisions and coordinating ILITs with existing estate plans to avoid unintended results. Our process includes detailed review of insurance policies, beneficiary designations, and funding strategies so that clients understand how an ILIT will operate in practice. We focus on delivering durable documents that align with California legal standards and that address the practical realities families face when administering life insurance proceeds.
We take time to listen to each client’s unique circumstances and explain planning options in plain language. Our firm assists with drafting ILIT documents, preparing Crummey notice procedures, coordinating with insurance carriers, and advising on trustee selection. We also draft supporting documents like pour-over wills and powers of attorney to create a cohesive plan. Throughout the process, we aim to make decisions understandable and manageable so families can feel confident that their intentions will be carried out when it matters most.
When circumstances change, we assist clients with periodic reviews and trust amendments that are permissible under applicable rules, and we help implement successor trustee arrangements to maintain continuity. Our office is available to discuss coordination with other advisors and to assist trustees in administrative duties such as paying premiums and maintaining records. For residents of Kern County and military families around Edwards Air Force Base, our local experience helps us address state-specific issues while focusing on the client’s long-term goals.
Our process begins with an initial consultation to review your goals, existing life insurance policies, and family circumstances. We then design trust terms tailored to those objectives, draft the ILIT and related documents, and assist with funding the trust through ownership transfers or new policy ownership by the trust. We coordinate Crummey notices when applicable and ensure that all paperwork with insurers is completed correctly. Finally, we provide ongoing support for trustee transitions and periodic plan reviews to keep the ILIT aligned with changing needs and legal considerations.
During the discovery phase, we gather details about your family, financial assets, existing policies, and objectives for the ILIT. This includes identifying beneficiaries, determining desired distribution timing and conditions, and reviewing current policy ownership and beneficiary designations. We also discuss funding approaches for premium payments and any tax considerations that might apply. Clear communication at this stage helps inform the drafting process and ensures the trust provisions match your intentions and practical needs for policy administration.
We collect and review copies of life insurance policies, beneficiary designations, and any related trusts or wills to identify potential conflicts or gaps. This inventory lets us determine whether policies should be reassigned to the ILIT or whether new policies should be acquired in the trust’s name. We also check that beneficiary designations on retirement and other accounts do not undermine the trust structure. This thorough review helps minimize surprises during trust funding and supports a seamless transition when the ILIT is implemented.
We discuss how you want proceeds to be used, whether you prefer immediate distributions, staged distributions based on age milestones, or distributions for specific uses like education or healthcare. We also talk through trustee selection criteria and successor trustee options to ensure continuity. Understanding these preferences informs drafting choices that reflect your family’s values and priorities. Clear direction at this stage reduces ambiguity and helps trustees administer the trust in accordance with your intentions.
Once goals are established, we draft the ILIT document with specific provisions addressing ownership, trustee powers, distribution instructions, and funding mechanisms. We prepare assignment forms for existing policies and coordinate with insurance carriers to register the trust as owner and beneficiary. If a new policy is needed, we advise on policy types and assist with application and trust ownership arrangements. We also document Crummey rights and prepare notice templates to support annual gift funding where applicable.
Drafting includes clear language about trustee powers to pay premiums, handle policy changes, and make distributions. We include mechanisms for funding premiums, successor trustee appointment, and instructions for recordkeeping and reporting. Related instruments such as pour-over wills, powers of attorney, and advance health care directives are prepared to create an integrated estate plan. Careful drafting helps reduce the chance of disputes and provides a clear roadmap for trustees and beneficiaries when the trust is administered.
We work with insurers to process ownership assignments or to issue new policies in the trust’s name, ensuring forms and acceptance are properly documented. For funding, we prepare procedures for gifts to the trust and Crummey notices when annual gift tax exclusions are relied upon. Accurate documentation and timely coordination with insurance carriers prevent policy lapses and help maintain the trust’s intended tax treatment. We also advise trustees on maintaining records of premium payments and communications with the insurer.
After the ILIT is funded and policies are in the trust’s name, ongoing administration includes paying premiums, issuing Crummey notices when applicable, keeping accurate records, and making distributions according to trust terms. Periodic reviews are recommended to ensure the trust remains aligned with changes in family circumstances, insurance policies, and tax rules. We offer support for trustee transitions, guidance on beneficiary communications, and assistance with compliance and recordkeeping to help the trust operate smoothly over time.
Trustees are responsible for maintaining an account of premium payments, documenting notices provided to beneficiaries, and communicating material matters as required by the trust. Good recordkeeping ensures transparency and facilitates tax and administrative reporting when necessary. We provide guidance templates and support trustees in understanding their duties, including how to interact with the insurer, track payments, and maintain beneficiary records. This helps prevent disputes and preserves the integrity of the trust’s intended purpose.
We recommend periodic reviews of your ILIT and related estate planning documents to account for changes like births, deaths, marriage, divorce, or material changes in estate value. While an ILIT is irrevocable, other elements of the overall plan may need updating to preserve coherence and intent. Reviews also allow trustees to confirm funding sufficiency and to address any policy changes. Staying proactive with periodic check-ins helps ensure the plan continues to meet family goals and adjusts to evolving legal and financial conditions.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy and governs how the death benefits are held and distributed to beneficiaries. Unlike naming beneficiaries directly on a policy, an ILIT provides a framework for structured distributions and may help keep proceeds outside of the grantor’s taxable estate when properly implemented. The trust document specifies who receives distributions, under what conditions, and how funds are managed, offering greater control over the ultimate use of proceeds. Using an ILIT involves transferring ownership of the policy to the trust or arranging for the trust to acquire a new policy. This transfer changes who holds legal ownership and typically prevents the proceeds from being included in the grantor’s estate for estate tax purposes if timing rules are followed. The ILIT’s trustee then manages premium payments, communicates with beneficiaries, and administers distributions in accordance with the trust provisions.
Funding an ILIT usually involves making gifts to the trust sufficient to cover premium payments, or the trust may acquire a new policy and the grantor may make annual gifts intended to cover premiums. To take advantage of the annual gift tax exclusion, Crummey withdrawal rights are often provided to beneficiaries, which requires notices and a defined withdrawal period. Clear documentation of gifts and notices ensures compliance with tax rules that can affect the trust’s intended tax treatment. Trustees are responsible for accepting gifts, paying premiums to the insurance company, and maintaining records of payments and communications. It is important to coordinate with the insurer to ensure the trust is recognized as the policy owner and that premium payment instructions are clear. Regular reviews verify that funding remains sufficient and that premium payments are made on time to avoid lapses that could compromise the policy and the trust’s objectives.
An ILIT can provide a layer of protection by keeping policy proceeds under the trust’s control rather than in the grantor’s personal estate, which may reduce exposure to estate taxes and certain creditor claims. However, the degree of protection depends on timing, the trust structure, and applicable law. Transfers made shortly before death may still be included in the estate under certain rules, so careful timing and adherence to formalities are important to realize the intended protection. Additionally, creditor protection can vary based on state law and the specific circumstances of potential claims. While an ILIT can offer protections that direct beneficiary designations do not, it is not an absolute shield. Proper drafting and professional guidance help ensure the trust is structured to balance asset protection, tax considerations, and the needs of beneficiaries while remaining compliant with California rules.
The trustee of an ILIT should be someone who will manage administrative duties reliably and act impartially when needed. Duties commonly include accepting gifts to the trust, paying premiums, keeping detailed records, issuing Crummey notices if applicable, and making distributions according to the trust terms. Trustees may also be responsible for communicating with beneficiaries and the insurance company, and for tax reporting related to trust activities when necessary. Many clients select a trusted family member, a close friend, or a professional fiduciary as trustee depending on the complexity of the plan and the desired level of administrative oversight. It is important to name successor trustees to ensure continuity over time. Providing clear written instructions and resources for trustees reduces confusion and helps ensure that the trust operates as intended when the need arises.
Yes, an existing life insurance policy can often be transferred into an ILIT through an assignment of ownership to the trust. The insurer will typically require documentation such as the trust instrument, an assignment form, and any required notices. It is important to confirm the insurer’s procedures and to document the acceptance of the trust as owner and beneficiary to prevent administrative issues and to preserve the intended tax treatment of proceeds. Timing is critical when transferring an existing policy, especially with respect to rules that may include transferred policies in the grantor’s estate if the grantor dies within a specified period after the transfer. Careful planning and coordination with insurance companies and legal counsel help ensure the transfer achieves the desired outcome without unintended consequences, such as estate inclusion or policy lapses due to funding gaps.
A Crummey withdrawal right is a temporary right given to beneficiaries allowing them to withdraw gifts to the trust for a short period, typically used to make contributions qualify for the annual gift tax exclusion. When a grantor gives funds to the ILIT to pay premiums, providing beneficiaries with a short window to withdraw those funds helps those gifts be treated as present interest gifts, which can avoid gift tax consequences for higher contributions. Implementation requires clear notice to beneficiaries and a defined withdrawal period, and trustees must document that appropriate notice was provided. While beneficiaries rarely exercise these withdrawal rights, documenting the notices and the opportunity to withdraw is essential to support the tax treatment. Legal counsel helps ensure that Crummey provisions and notice practices are properly implemented and recorded.
An ILIT typically complements a revocable living trust and a pour-over will by handling life insurance proceeds specifically while other assets flow into the revocable trust. A pour-over will directs assets not previously funded into the revocable living trust upon death, ensuring comprehensive coverage for estate assets. Coordination among these instruments helps create a cohesive plan so that life insurance proceeds and other assets are administered according to a unified set of instructions. Ensuring beneficiary designations and trust provisions align prevents conflicts between documents and unintended distributions. Where an ILIT is part of a larger estate plan, we draft related documents to integrate smoothly, confirm consistent language, and advise on the optimal allocation of assets among trusts to preserve objectives and simplify administration for trustees and heirs.
Creating an ILIT can have tax implications, particularly regarding gift tax rules when funding premiums and estate tax considerations related to ownership transfers. Gifts to the ILIT may be eligible for the annual gift tax exclusion if Crummey provisions are implemented, but larger gifts may require use of lifetime exemptions or trigger gift tax reporting. Transfers of existing policies may be subject to look-back rules that could cause proceeds to be included in the estate if the grantor dies within a set period after the transfer. It is important to plan funding strategies with tax considerations in mind and to document transactions carefully. We work with clients to design funding mechanisms that aim to achieve favorable tax results while complying with federal and California requirements. Periodic reviews also help ensure that changes in tax law or family circumstances are reflected in the plan.
When a beneficiary is a minor or has special needs, an ILIT can provide structured distributions and protections that are not available through a simple beneficiary designation. Trust provisions can establish age-based distributions, income-only payments, or distributions for specific purposes like education and medical care. This structured approach helps preserve resources for the beneficiary’s long-term needs and prevents premature depletion of funds. For beneficiaries with special needs, trustees can be directed to coordinate trust distributions with public benefits planning to avoid jeopardizing eligibility for government programs. Careful drafting and communication between trustees, caregivers, and advisors ensure that distributions are made in a manner that supports the beneficiary’s overall well-being without unintentionally impacting benefits or creating financial instability.
Regular reviews of an ILIT and associated estate planning documents are recommended at least every few years and after major life events such as births, deaths, marriage, divorce, or changes in financial circumstances. These reviews confirm that trustees are in place, funding mechanisms are working, and beneficiary designations remain aligned with overall objectives. Because tax laws and personal circumstances evolve, periodic check-ins help ensure the plan continues to meet family needs and legal requirements. Even though an ILIT itself is irrevocable, other components of an estate plan may be updated to maintain coherence. We assist clients with scheduled reviews and with updating supporting documents as needed to address changes in policy terms, family dynamics, or legal frameworks, helping preserve the intended protective and distributional outcomes over time.
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