An Irrevocable Life Insurance Trust (ILIT) can be a powerful estate planning tool for Ford City residents seeking to protect life insurance proceeds from estate taxation and to control how proceeds are distributed to beneficiaries. At the Law Offices of Robert P. Bergman, we help clients evaluate whether an ILIT fits within their broader estate plan, coordinating trust terms with wills, powers of attorney, and health care directives. The process begins with a careful review of your financial goals, family circumstances, and existing retirement or life insurance arrangements to design trust provisions that reflect your wishes and manage tax exposure effectively.
Creating an ILIT requires thoughtful drafting and precise administration. The trustee must manage premium payments, maintain trust records, and ensure compliance with tax rules to preserve the intended benefits. Our office guides clients through each step, from initial planning and trust drafting to funding the trust and coordinating beneficiary designations. We emphasize clear communication with family members and trustees, and provide practical guidance on selecting a trustee and structuring distributions so the trust functions smoothly and aligns with your long-term estate planning objectives in Kern County and throughout California.
An ILIT offers several benefits for individuals with life insurance policies who want to preserve value for beneficiaries and limit estate tax exposure. By removing the policy from your taxable estate, an ILIT can help reduce estate tax liability at death, protect proceeds from creditors, and allow for precise distribution instructions. For families with blended relationships, special needs beneficiaries, or concerns about future creditor claims, the trust structure can provide long-term protection and controlled access to funds. Additionally, an ILIT can facilitate liquidity for paying estate expenses and can be integrated with other documents such as pour-over wills and retirement plan trusts.
The Law Offices of Robert P. Bergman serves clients across California, with a focus on personalized estate planning solutions. Our approach emphasizes careful listening and tailored document drafting to reflect each client’s priorities, family dynamics, and financial objectives. We work with clients to prepare revocable and irrevocable trusts, wills, powers of attorney, healthcare directives, and related trust administration documents. Clients in Ford City and surrounding communities receive practical guidance on funding trusts, maintaining compliance, and selecting trustees who will carry out their intentions responsibly over the long term.
An Irrevocable Life Insurance Trust is a legal entity that owns a life insurance policy and holds proceeds for the benefit of named beneficiaries under the terms you establish. Once a policy is transferred into the trust, the policyowner gives up direct control over the contract, which is why the transfer must be made with clear intent and careful planning. The trustee is responsible for administering the policy, making premium payments when appropriate, and distributing proceeds according to the trust terms. Proper funding and precise drafting are essential to achieve tax and creditor protection benefits while ensuring beneficiaries receive the intended support.
When establishing an ILIT, timing matters: transfers of existing policies can be subject to three-year lookback rules under federal estate tax law, so planning must account for those constraints. Clients often fund an ILIT through annual gifts to the trust, which the trustee uses to pay premiums. The trust document should include provisions that address contingencies such as policy lapse, changes in family circumstances, and successor trustee powers. Clear instructions and coordinated beneficiary designations help prevent confusion and ensure that the trust accomplishes the client’s estate planning goals in a predictable manner.
An ILIT is a formal trust arrangement created to own and manage a life insurance policy outside of the insured’s estate. The trust holds the policy, collects proceeds at death, and distributes funds under the terms you set. People commonly use ILITs to reduce estate taxation, provide liquidity for estate expenses or equalize inheritances among heirs, and to protect proceeds from creditors or beneficiaries’ poor financial decisions. The trust can also be drafted to support specific needs, such as funding a minor’s education, providing for a spouse while preserving assets for children, or supplying for a family member with special needs without disrupting their public benefits.
Setting up an ILIT typically involves selecting a trustee, drafting the trust instrument with precise distribution language, transferring ownership of an existing policy or arranging for a new policy to be owned by the trust, and funding the trust to pay premiums. The trustee must be empowered to manage the policy, pay premiums, and handle claims and distributions. Parties should also coordinate beneficiary designations and consider tax implications such as gift tax and the federal three-year lookback rule for policy transfers. Ongoing administration includes record keeping, consulting tax advisors as needed, and communicating with beneficiaries about the trust’s purpose and operations.
Understanding the terminology used in ILIT planning helps you make informed choices. This glossary explains common terms you will encounter, such as trustee duties, grantor, settlor, premium funding methods, beneficiary designations, and the three-year lookback rule. Clear definitions reduce uncertainty when reviewing trust language and working with trustees or financial advisors. Familiarity with these terms will help you evaluate draft documents and discuss possible scenarios, so you can confidently direct how life insurance proceeds should be used to meet family, tax, and legacy objectives.
The grantor or settlor is the person who creates the trust and transfers assets into it. In the context of an ILIT, the grantor typically arranges for a life insurance policy to be owned by the trust and provides instructions for how proceeds should be distributed to beneficiaries. Because the grantor must relinquish legal ownership and control of transferred assets for the trust to remain outside the grantor’s taxable estate, the trust’s terms and funding approach should be carefully designed to reflect the grantor’s intentions and to comply with tax rules and transfer timing requirements.
The trustee is the person or entity responsible for managing the trust, including owning the life insurance policy, paying premiums from trust funds, filing claims upon the insured’s death, and distributing proceeds according to the trust terms. Trustee duties often include record keeping, tax reporting, and communicating with beneficiaries. The trust document should clearly outline the trustee’s authority, successor appointment procedures, and any limitations on distribution decisions. Selecting a trustee who understands the trust’s long-term purpose and is willing to carry out administrative responsibilities is an important consideration.
The three-year lookback rule is a federal estate tax provision that may include life insurance proceeds in a decedent’s estate if the insured transferred an existing policy to an ILIT within three years of death. Because of this rule, transfers must be timed appropriately, and many clients create new policies funded by gifts to the ILIT to avoid unintended estate inclusion. Proper planning with the attorney and financial advisors helps minimize the risk that a policy transfer will be subject to the lookback rule, preserving the intended tax and asset protection advantages of an ILIT.
Crummey powers allow beneficiaries to withdraw annual gifts to the trust for a limited period, which can help qualify those gifts for the annual gift tax exclusion. When funding an ILIT, grantors often use Crummey notices and withdrawal windows so gifts used to pay insurance premiums are treated as present interest gifts for tax exclusion purposes. The trust document must be drafted carefully to implement these powers and to document how gifts are made and notices provided. Consulting with tax counsel ensures gift tax rules are followed and premium funding is handled properly.
When evaluating an ILIT, it helps to compare it to alternatives such as keeping a policy in your revocable trust, designating beneficiaries directly, or using other trust forms like revocable living trusts or retirement plan trusts. Each approach has trade-offs in terms of control, flexibility, tax implications, and creditor protection. An ILIT often offers stronger asset protection and estate tax benefits but requires relinquishing ownership and following administrative formalities. Choosing the right option depends on your goals for liquidity, tax planning, and long-term management of proceeds for heirs or other designated beneficiaries.
If a life insurance policy’s proceeds are modest relative to your overall estate or if your total estate falls well below federal and state estate tax thresholds, a simpler approach such as direct beneficiary designation or keeping the policy in a revocable trust may be sufficient. In these instances, the administrative burden and loss of control associated with creating an irrevocable trust could outweigh potential benefits. Nonetheless, it remains important to coordinate beneficiary designations with your overall estate plan to ensure distributions reflect current family circumstances and financial objectives.
If maintaining flexibility and the ability to change policy ownership or beneficiaries is a priority, a limited approach might better serve your needs. A revocable living trust or direct beneficiary designation allows you to revise arrangements as family situations, tax laws, or financial goals change. These options provide greater control while still allowing for efficient transfer of proceeds at death. However, they do not provide the same level of creditor protection or estate tax mitigation that an ILIT might offer, so weighing the value of flexibility against potential protections is an important planning step.
When family dynamics are complex—such as blended families, dependent beneficiaries, or potential creditor exposure—a comprehensive ILIT plan can provide tailored protections and thoughtful distribution terms to reduce future disputes. An ILIT can address timing of distributions, conditional disbursements for education or health needs, and safeguards for beneficiaries who may be vulnerable to financial exploitation. Integrating the ILIT with related documents like special needs trusts, pour-over wills, and guardianship nominations helps ensure a cohesive plan that responds to both short-term needs and long-term legacy goals.
For individuals with substantial life insurance coverage or estates approaching federal or state exemption levels, a comprehensive trust-based strategy can preserve value and provide liquidity for taxes, debts, or family support. An ILIT can remove insurance from the taxable estate when properly structured and funded, potentially reducing estate tax liability and maximizing what passes to heirs. Careful coordination with financial planners, retirement plan trusts, and tax advisors is part of a thorough approach to ensure that documents and funding mechanisms align with overall wealth transfer objectives.
A comprehensive approach combines drafting precision, coordinated beneficiary designations, and careful funding strategies to provide predictable results and reduce the risk of unintended tax or legal consequences. With a well-crafted ILIT, families gain clarity about how life insurance proceeds will be used, whether to pay estate expenses, provide for a surviving spouse, fund a trust for children, or preserve benefits for a special needs beneficiary. Comprehensive planning also helps ensure smooth administration by trustees and minimizes disputes among heirs by providing clear, enforceable directions.
Beyond tax considerations, a comprehensive strategy identifies administrative responsibilities and documents needed to support long-term trust operation. This includes provisions for successor trustees, coordination with retirement plan trusts and pour-over wills, and clear procedures for premium funding and Crummey notices where applicable. Taking a full-scope view can prevent lapses in coverage, ensure timely premium payments, and preserve the intended protections so that the trust functions as planned for the benefit of your chosen recipients.
An ILIT structured within a broader estate plan provides enhanced protection by reducing the likelihood that life insurance proceeds will be subject to estate claims or creditor actions. By placing ownership in the trust and specifying distribution terms, you control how funds are released to beneficiaries and can limit access in ways that protect long-term interests. This is particularly valuable for households seeking to preserve family wealth, provide for dependents responsibly, and mitigate the potential for post-death financial disputes that might diminish the intended legacy.
An ILIT helps separate insurance proceeds from your taxable estate when implemented correctly, potentially reducing estate tax exposure and preserving funds for heirs. The trust can also provide immediate liquidity to pay estate administration costs, taxes, and debts without forcing the sale of other assets. By coordinating life insurance planning with retirement plan trusts and other estate documents, you can create a reliable source of funds to manage estate settlement efficiently and ensure beneficiaries receive intended distributions with minimized administrative friction.
To maximize the benefits of an ILIT, coordinate policy ownership and beneficiary designations early in the planning process. Transfers of existing policies may trigger the federal three-year lookback rule, so considering whether to create a new policy owned by the trust or to transfer an existing one well in advance of any health concerns is important. Early coordination also gives time to implement Crummey notice procedures for annual gifts used to fund premiums and to document the trust’s funding and administration plan in a way that supports the intended tax and asset protection objectives.
Maintain clear records of gifts to the trust, Crummey notices, premium payments, and communications with beneficiaries and trustees. Proper documentation supports the trust’s tax treatment and helps resolve questions that may arise during administration. Keeping accurate records also facilitates claims processing and distribution after the insured’s death. Regular reviews of the trust documents and coordination with financial and tax professionals help ensure that funding mechanisms remain appropriate and that the trust continues to meet evolving family needs and legal requirements.
Consider an ILIT when you have substantial life insurance coverage, are concerned about estate tax exposure, or want to control how insurance proceeds are used after your death. An ILIT can provide liquidity for estate obligations, protect proceeds from creditors, and guide distribution to beneficiaries over time. This solution is often appropriate for individuals who want to provide for a surviving spouse while preserving assets for children, to support a family member with special needs, or to establish lasting legacy provisions that balance immediate needs with long-term preservation.
It is also wise to consider an ILIT when family circumstances suggest potential disputes or when beneficiaries may be vulnerable to mismanagement of large lump-sum payments. Integrating an ILIT with other estate planning documents—such as a pour-over will, durable powers of attorney, advance health care directives, and guardianship nominations—creates a coordinated estate plan. For Ford City residents, assessing local considerations and working with counsel to align the ILIT with state and federal rules helps ensure the trust performs as intended.
Clients frequently pursue an ILIT when they seek to protect life insurance proceeds from estate inclusion, provide structured distributions for heirs, or ensure funds are available to cover estate taxes and administration costs. Other common circumstances include planning for blended families to equalize inheritances, providing for children or grandchildren without granting unfettered access to funds, and preserving resources for beneficiaries with special needs without affecting public benefit eligibility. Each situation benefits from tailored drafting and administration guidance to match the family’s unique priorities.
When life insurance proceeds are substantial relative to the size of an estate, clients often use an ILIT to reduce potential estate taxation and to ensure those proceeds are managed and distributed according to specific goals. An ILIT can provide liquidity to pay taxes and expenses while preserving other assets. Properly structuring and funding the trust reduces the risk that the proceeds will be subject to estate inclusion and helps maintain a predictable legacy plan for beneficiaries across generations.
Blended families benefit from ILIT provisions that can balance the needs of a surviving spouse with the desire to preserve assets for children from prior relationships. By defining distribution schedules or conditions within the trust, a grantor can protect family harmony and reduce the potential for disputes. The trust can be drafted to provide income or limited distributions to a spouse during their lifetime while ensuring remainder interests pass to children as directed, offering a clear mechanism to meet multiple family objectives.
An ILIT can be coordinated with special needs planning to provide support without jeopardizing eligibility for public benefits. Trust provisions may control timing and amount of distributions, and the trustee can be instructed to manage funds in a way that supplements rather than replaces necessary government programs. For beneficiaries who may be financially vulnerable, the ILIT’s protections and distribution controls can preserve long-term security and ensure funds are spent for health, education, maintenance, and support as intended.
The Law Offices of Robert P. Bergman provides ILIT planning and related estate services to residents of Ford City and nearby Kern County communities. We assist clients with drafting trust instruments, coordinating beneficiary designations and pour-over wills, establishing funding strategies, and guiding trustees through administration tasks. Our office emphasizes clear communication and practical documentation so clients understand how the trust will operate and what steps trustees and beneficiaries must take. If you are considering an ILIT, we offer a thorough planning process that addresses both immediate and long-term needs.
Our office focuses on creating tailored estate plans that reflect each client’s values, family structure, and financial situation. We take care to explain the legal and administrative details of ILITs, including transfer timing, gift tax considerations, and trustee responsibilities. Through careful drafting and coordinated planning we help clients implement trusts, pour-over wills, powers of attorney, and healthcare directives that work together to achieve predictable results and protect loved ones from unnecessary tax or creditor exposure.
We work closely with financial advisors and tax professionals when needed to craft funding strategies that align with premium payment schedules and gift tax planning. Our process includes guidance on selecting trustees, preparing Crummey notices where appropriate, and documenting premium gifts so the trust’s intended treatment is supported. Clients receive practical suggestions for ongoing trust administration and clear instructions for successor trustees to follow after the grantor’s passing.
Clients in Ford City and throughout California benefit from an attorney-client relationship that emphasizes responsiveness, attention to detail, and planning for long-term outcomes. We assist with related documents such as irrevocable life insurance trust instruments, pour-over wills, general assignments to trust, certification of trust forms, and guardianship nominations, giving you a cohesive set of documents designed to work together and provide peace of mind for your family.
Our ILIT process starts with a comprehensive consultation to review your insurance policies, estate goals, and family needs. We then recommend the appropriate trust structure, draft the trust instrument, and coordinate transfers or policy ownership assignments. If funding is needed, we outline gift strategies and Crummey notice procedures. After the trust is established, we provide guidance for trustees on record keeping, premium payments, tax filings, and claims procedures. Throughout the relationship we remain available to update documents as circumstances or laws change.
During the initial meeting, we review existing life insurance policies, beneficiary designations, estate documents, and financial circumstances to determine whether an ILIT aligns with your objectives. We discuss timing considerations such as the three-year lookback, funding options, and trustee selection. This stage produces a recommended plan of action, including drafting needs and coordination with any financial or tax advisors to ensure the trust is structured and funded correctly.
We examine policy ownership, beneficiary designations, and the interaction with your existing estate plan to identify potential issues and opportunities. This review clarifies whether to transfer an existing policy into the trust, to have the trust acquire a new policy, or to coordinate with other trust vehicles like retirement plan trusts. Understanding your estate goals and family needs allows us to recommend precise trust provisions and a funding approach that aligns with your intended results.
We explain relevant tax rules, including the three-year lookback and gift tax implications, and evaluate the timing of transfers or policy purchases to preserve the trust’s benefits. We also discuss methods for funding premiums, the potential use of Crummey powers to qualify gifts for the annual exclusion, and the coordination needed with financial advisors to implement the plan without causing unintended tax consequences.
Once the plan is agreed upon, we prepare the trust instrument with clear distribution instructions, trustee powers, and successor provisions. We coordinate the transfer of policy ownership or the trust’s acquisition of a new policy, prepare any assignment documents, and advise on funding methods so the trustee can make premium payments. Execution of the trust and proper documentation of funding steps are critical to achieving the desired tax and asset protection results.
We draft trust language that addresses premium funding, trustee duties, distribution standards, and contingencies such as policy lapse or replacement. The document includes provisions for notification to beneficiaries and mechanisms to implement Crummey powers if necessary. Clear, precise drafting reduces ambiguity and ensures the trustee can carry out the grantor’s directions in a way that supports the trust’s intended treatment under law.
We assist with the practical steps of transferring policy ownership or arranging for the trust to own a new policy, including preparing general assignment forms, certification of trust, and any insurer-required documentation. We also provide guidance on funding the trust through annual gifts or other arrangements so premiums are paid timely. Documentation of these transactions helps support the trust’s legal and tax position and provides clarity for trustees and beneficiaries.
After the ILIT is funded and the trustee assumes responsibilities, ongoing administration includes maintaining records of premium payments, issuing Crummey notices when applicable, filing any necessary tax returns, and communicating with beneficiaries. Regular reviews of the trust and insurance strategy ensure that changes in family circumstances or tax law are addressed. We remain available to advise trustees, prepare modifications when appropriate, and assist with claims and distributions after the insured’s death.
We provide trustees with guidance on daily administrative tasks, including tracking premium payments, preserving documentation for gifts and notices, and maintaining financial records essential for future claims and distributions. Good record keeping helps prevent disputes and supports the trust’s tax treatment. Trustees can rely on us for clarification of trust terms, interpretation of distribution provisions, and assistance in fulfilling reporting obligations to beneficiaries or tax authorities.
Periodic reviews help ensure the ILIT continues to meet the grantor’s objectives and adapts to changes in tax law, family circumstances, or financial arrangements. We recommend scheduled check-ins to verify premium funding, confirm trustee effectiveness, and evaluate whether amendments or trust modifications are appropriate. If circumstances change, we can assist with trust modification petitions or related estate planning documents to preserve alignment between the trust and overall estate plan.
An Irrevocable Life Insurance Trust is a trust specifically designed to own a life insurance policy and hold the proceeds outside of your taxable estate for distribution to named beneficiaries. Once ownership of the policy is transferred to the trust, the grantor gives up direct control of the policy, and the trustee manages the contract, pays premiums from trust funds, and handles claims upon the insured’s death. The trust terms determine how proceeds are distributed, which can be tailored to provide income, lump-sum payments, or staged distributions to beneficiaries. ILITs are commonly used to provide liquidity for estate expenses, preserve assets for heirs, and limit estate tax exposure when structured correctly. Proper drafting and funding are essential, including coordination with beneficiary designations, timing to avoid lookback issues, and documentation of premium funding. Trustees have ongoing administrative duties, so selecting and instructing a trustee is an important part of planning.
An ILIT reduces estate tax exposure by removing the life insurance policy and its proceeds from the grantor’s taxable estate when the trust is properly structured and funded. If the trust owns the policy and the grantor no longer retains incidents of ownership over it, the proceeds paid to the trust upon death are not included in the grantor’s estate for federal estate tax purposes. This separation can preserve more of the insurance benefits for beneficiaries rather than having those funds subject to estate taxation or creditor claims. Timing is important to achieve this benefit, and transfers of existing policies may be subject to a three-year lookback rule that can cause inclusion in the estate if the grantor dies within that period. To avoid this, clients sometimes arrange for new policies to be purchased by the trust or plan transfers well in advance. Coordination with advisors ensures the trust achieves the intended tax treatment.
You can transfer an existing life insurance policy into an ILIT, but this action requires careful planning because of the federal three-year lookback rule. If the insured dies within three years of transferring an existing policy, the proceeds may still be included in the insured’s estate for tax purposes, negating one of the primary benefits of the ILIT. For this reason, some clients have the trust purchase a new policy rather than transferring an existing one, depending on timing and health considerations. When transferring ownership, documentation is key: assignments, insurer forms, and trust certifications must be completed, and funding mechanisms set up so the trustee can pay premiums. Gift tax considerations also arise when making contributions to the trust, so implementing Crummey powers and documenting annual gifts helps qualify gifts for the annual exclusion where appropriate. Consulting a legal advisor ensures transfers and funding proceed correctly.
A trustee can be an individual, such as a trusted family member, or an institutional trustee, depending on the complexity of the trust and administrative needs. Trustee responsibilities include owning the policy on behalf of the trust, making or arranging premium payments, maintaining records, filing any necessary tax returns, notifying beneficiaries as required, and handling claims and distributions after the insured’s death. The trust should define trustee powers and provide guidance for successor trustees to ensure continuity over time. Choosing a trustee involves balancing trustworthiness, availability, and administrative capability. An individual trustee may be cost effective and personally invested in carrying out your wishes, while a corporate trustee can provide continuity and professional administration. Clear trust language and successor provisions reduce the risk of administrative lapses and help trustees fulfill their duties as intended.
Premiums for a policy owned by an ILIT are typically funded through gifts from the grantor to the trust, which the trustee uses to pay insurance premiums. To qualify those gifts for the annual gift tax exclusion, many ILITs include Crummey powers that give beneficiaries a limited window to withdraw the gift, creating a present interest for tax purposes. Trustees must document gift receipts and any notices provided to beneficiaries to support the tax treatment of premium funding. Maintaining records of these transactions and providing Crummey notices as required helps ensure that premium gifts are treated appropriately for gift tax purposes. When funding arrangements are clear and properly documented, the trustee can pay premiums on schedule and preserve coverage for the benefit of the trust’s beneficiaries.
An ILIT generally changes who controls access to the policy’s cash value because ownership is transferred to the trust. Once the policy is in the trust, the grantor no longer has direct rights to borrow against policy cash value or access policy loans. The trustee, per the trust terms, would be responsible for any decisions about accessing the policy’s cash value. This loss of direct control is part of what allows the policy to remain outside the grantor’s taxable estate. If access to cash value is an important consideration, planning alternatives or specific trustee powers can be explored to address liquidity needs while preserving the trust’s primary benefits. Careful drafting can permit limited trustee authority to manage cash value in ways that align with the grantor’s broader estate planning objectives.
An ILIT should be coordinated with your overall estate plan to ensure that beneficiary designations, pour-over wills, powers of attorney, and advance health care directives all work together. For example, a pour-over will can direct assets into a revocable trust, while the ILIT specifically holds life insurance outside the taxable estate. Clear coordination prevents conflicting instructions and makes administration more straightforward for trustees and executors when settling the estate. Regular reviews of all estate documents ensure that changes in family circumstances, financial holdings, or tax law are reflected across the plan. Coordination with retirement plan trusts, guardianship nominations, and special needs planning provides a cohesive approach so that life insurance proceeds complement other assets in carrying out your wishes.
Yes. An ILIT can be designed to protect proceeds for a beneficiary with special needs by including distribution provisions that supplement, rather than supplant, public benefits. The trust terms can set limits on distributions or direct the trustee to make payments for housing, education, health, and care in ways that maintain the beneficiary’s eligibility for government programs. Coordination with a properly drafted special needs trust or other protective instruments may be necessary depending on the beneficiary’s circumstances. Drafting language carefully and coordinating with advisors who understand benefits planning helps ensure funds are used appropriately. The ILIT can be integrated into an overall strategy that provides for the beneficiary’s long-term well-being while preserving access to essential public supports.
If the insured dies within three years of transferring an existing policy to an ILIT, federal tax law may require including the policy proceeds in the decedent’s estate, which can negate the intended estate tax exclusion. This three-year lookback rule means transfers of existing policies should be timed carefully, and clients often consider whether to have the trust purchase a new policy or to make transfers well in advance of any foreseeable health decline. Because of this rule, planning should include an assessment of timing risk and alternatives. Clear documentation and coordination with tax advisors can help evaluate the best approach to preserve the trust’s benefits while reducing the risk of estate inclusion.
To get started, schedule a consultation to review your current life insurance policies, estate planning documents, and family goals. Bring copies of insurance contracts, beneficiary designations, wills, trusts, and information about assets and liabilities so the planning can be tailored to your circumstances. In that meeting we will discuss whether an ILIT is appropriate, timing considerations, trustee selection, and funding strategies. From there we prepare the trust instrument, coordinate transfers or policy purchases, and assist with funding and required notices. We also provide guidance for trustees and regular reviews to ensure the ILIT continues to meet your objectives as circumstances change over time.
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