An Irrevocable Life Insurance Trust in McFarland can be a powerful estate planning tool for people who want to remove life insurance proceeds from their taxable estate and control how those proceeds are distributed. The Law Offices of Robert P. Bergman assist residents of Kern County with clear explanations about how an irrevocable trust works, how it is funded, and what responsibilities trustees and beneficiaries will have. This introduction explains the basic purpose of an ILIT, typical scenarios where it is considered, and how it can be tailored to meet family and financial goals while complying with California law.
Choosing an appropriate arrangement for life insurance within your estate plan requires thoughtful consideration of timing, ownership, and beneficiary designations. An Irrevocable Life Insurance Trust is established to hold a life insurance policy outside the insured’s estate, which can reduce estate taxes and ensure proceeds are used according to the grantor’s wishes. Our firm describes options including transferring an existing policy into the trust, purchasing a new policy owned by the trust, and coordinating premium funding. We emphasize practical planning steps and timelines so clients in McFarland and Kern County understand the commitments involved.
An Irrevocable Life Insurance Trust offers several potential advantages, including the ability to exclude life insurance proceeds from a taxable estate, provide liquidity to pay final expenses and estate taxes, and protect assets for beneficiaries. It can also control how and when beneficiaries receive funds, which benefits families with beneficiaries who are minors, have limited capacity, or need structured distributions. For many clients in McFarland, establishing an ILIT supports long-term planning goals and provides clarity for heirs. The trust structure must be properly drafted and funded to achieve these benefits and to align with California estate and tax rules.
The Law Offices of Robert P. Bergman has been assisting California families with estate planning matters, including trusts, wills, and related documents. We focus on listening to each client’s situation, outlining options that fit family dynamics and financial realities, and drafting durable documents that reflect client intent. Our office guides clients through the steps of creating an irrevocable life insurance trust, funding the trust with a policy or premium gifts, and coordinating ancillary documents such as pour-over wills and powers of attorney. We serve clients across Kern County while maintaining clear communication and practical planning advice.
An Irrevocable Life Insurance Trust is a separate legal entity created to own and manage life insurance policies for the benefit of designated beneficiaries. When properly established and funded, the trust owns the policy so proceeds are paid to the trust rather than the insured person directly. This arrangement can remove the proceeds from the insured’s probate estate, providing potential tax advantages and helping preserve value for heirs. Establishing an ILIT involves drafting trust documents, selecting a trustee, transferring or issuing policies to the trust, and arranging gift transfers or other mechanisms to fund premium payments.
Because the trust is irrevocable, the grantor gives up ownership and direct control over policy assets and premium funding once the trust is effective. This permanency creates predictable outcomes for distribution and creditor protection in many cases, but it also requires careful planning to avoid unintended tax consequences such as the three-year rule that can pull proceeds back into the estate if transfer occurs too close to death. Our process includes discussing timing, funding methods, trustee duties, beneficiary designations, and how to coordinate the ILIT with other estate planning documents such as wills or trust funding instructions.
An Irrevocable Life Insurance Trust is a legal instrument created to own life insurance on an individual’s life while removing the policy from that person’s estate. The trust document names a trustee to manage the policy and sets instructions for how the proceeds are distributed after the insured’s death. Because the grantor cannot revoke the trust or reclaim the policy once it is properly funded, the arrangement can produce estate tax efficiencies and targeted distributions. The trust can include provisions for premium payments, gifts to beneficiaries, spending standards, and protections for minors or vulnerable family members.
Creating an effective ILIT requires several coordinated steps including drafting clear trust terms, selecting a reliable trustee, transferring ownership of an existing policy or arranging for the trust to purchase a new policy, and ensuring premiums are paid in a way that qualifies as completed gifts when appropriate. The trust document should specify beneficiary classes, distribution timing, contingencies such as divorce or remarriage, and guidance for handling tax notices. Attention to timing rules, such as the three-year lookback for transfers, is essential. Proper coordination with other estate planning documents ensures beneficiaries receive intended protections and distributions.
Understanding common terms used when establishing an ILIT helps clients make better decisions. This section defines phrases you will encounter such as grantor, trustee, beneficiary, completed gift, Crummey notice, and three-year rule. Knowing these terms clarifies the roles of people involved, the legal effect of transfers, and the notification obligations that support valid gift transfers used to fund premiums. We encourage clients to review these definitions carefully so they can follow the practical steps needed to create and maintain an ILIT that meets their objectives in California.
The grantor is the person who establishes the trust and transfers assets or policy ownership into it. In an ILIT context, the grantor usually transfers an existing life insurance policy to the trust or creates the trust so that the trust can own a new policy. Once the transfer is complete and the trust is irrevocable, the grantor gives up control over the policy assets. Understanding the grantor role is important because it affects tax treatment, gift considerations, and the scope of powers retained or delegated in related estate planning documents.
The trustee is the person or institution charged with managing the trust according to its terms and applicable law. Responsibilities often include paying premiums if the trust holds a policy, collecting and investing any trust assets, issuing required beneficiary notices, and distributing proceeds upon the insured’s death in accordance with trust instructions. The trustee must act in the beneficiaries’ interest and maintain accurate records. Selecting a trustee who can carry out administrative duties and follow the grantor’s intent is a practical decision when establishing an ILIT in California.
A completed gift occurs when the grantor transfers an interest to another party without retaining control, resulting in a definitive gift for gift tax and estate planning purposes. For ILITs, completed gifts commonly take the form of cash transfers to the trust to pay premiums or the transfer of a policy into the trust. Proper documentation and, when applicable, Crummey notices are used to support the treatment of premium contributions as completed gifts, enabling the intended estate planning outcomes while adhering to federal and state tax rules.
The three-year rule refers to the federal tax provision that can include transferred life insurance proceeds in the insured’s taxable estate if the transfer occurred within three years of death. To achieve the estate exclusion benefits of an ILIT, transfers of existing policies should be made well before the end of life, or the grantor should consider other strategies such as new policy ownership by the trust. Planning around the three-year rule is an essential timing consideration and requires careful coordination with the rest of an estate plan to avoid unintended tax consequences.
Several approaches exist for using life insurance in estate planning, including keeping a policy in the insured’s name, naming beneficiaries directly, creating a payable-on-death arrangement, or placing the policy in an irrevocable trust. Each option has trade-offs related to probate avoidance, estate tax exposure, creditor protection, and administrative control. An ILIT specifically removes the policy from the grantor’s estate when properly executed, but it requires relinquishing ownership and following gift and timing rules. Comparing these options helps clients choose a structure that balances cost, control, and long-term family objectives.
In situations where the policy value is modest and the overall estate is not large enough to trigger federal estate taxes, keeping the policy in the insured’s name with direct beneficiary designations may be sufficient. For families with straightforward distribution wishes and no special planning concerns, a limited approach can minimize paperwork and administrative obligations. It remains important to review beneficiary designations regularly to ensure they reflect current intentions, and to coordinate those designations with wills and other documents to avoid conflicts and unintended probate outcomes.
When the primary goal is to provide immediate liquidity to cover funeral costs or small debts, a direct beneficiary designation may be the most efficient method. This approach delivers funds quickly to named beneficiaries without additional administrative complexity, which can be appropriate where long-term control and tax planning are not priorities. Even in these cases, estate planning professionals recommend reviewing policy ownership and beneficiary designations periodically to confirm they are aligned with financial circumstances and family relationships.
Families with larger estates, blended households, or beneficiaries who require protection due to age or capacity often benefit from a holistic planning approach. An ILIT combined with trusts, wills, and powers of attorney provides layered protection and control. This more comprehensive planning addresses potential estate tax exposure, preserves wealth for future generations, and sets clear distribution terms to reduce family disputes. A coordinated plan also helps ensure continuity of management and funding mechanisms for life insurance and other key assets.
When the goal is to control distribution timing, protect assets from creditor claims, or provide for beneficiaries with special needs, a comprehensive strategy is often necessary. An ILIT can be drafted to include spendthrift provisions and structured distribution schedules that protect inheritance while allowing for trustee discretion where appropriate. Coordinating the ILIT with other trust arrangements and beneficiary protections helps maintain intended outcomes across changing circumstances, such as remarriage, divorce, or shifts in beneficiary circumstances.
A comprehensive approach combines legal documents such as an ILIT, revocable living trusts, wills, and powers of attorney to form a cohesive plan that addresses taxes, probate, incapacity, and family management. This integration reduces the likelihood of conflicting instructions, streamlines administration at the time of death, and ensures that life insurance proceeds are used as intended. For many families in Kern County, integrated planning also facilitates smoother transitions, faster access to funds when needed, and clarity that reduces the stress associated with settling an estate.
Beyond tax considerations, a coordinated plan can deliver peace of mind by specifying who will manage assets, how funds will be distributed, and how to handle family contingencies. This helps minimize disputes and protects vulnerable beneficiaries while retaining flexibility to address changing circumstances through modification of revocable elements and related documents. Regular reviews and updates ensure the plan remains effective as laws evolve and family situations change, reinforcing long-term intent and financial security for heirs.
One primary benefit of a comprehensive plan that includes an ILIT is the potential to mitigate estate tax exposure while providing liquidity to settle debts and expenses. By placing a life insurance policy in an irrevocable trust, proceeds may avoid inclusion in the grantor’s taxable estate if maintained outside the lookback period, making funds available quickly for taxes, administration costs, and family needs. This planning reduces the need to liquidate other assets under pressure and preserves value for beneficiaries, supporting long-term financial goals.
An ILIT combined with a broader estate plan enables precise control over how life insurance proceeds are distributed to beneficiaries. The trust can impose conditions, set ages or milestones for distributions, and provide mechanisms for ongoing financial management by a trustee. These provisions protect beneficiaries who may be minors, have financial challenges, or need conservation of assets for future needs. The structure prevents immediate lump-sum windfalls that could be squandered and helps safeguard inheritances against creditors or marital claims.
When establishing an Irrevocable Life Insurance Trust, carefully plan how the trust will be funded to cover premiums over time. Consider whether the trust will receive annual gifts from the grantor, whether other assets can provide income for premiums, or whether the trust will purchase a new policy with guaranteed premium schedules. Clear funding plans help ensure the policy remains active and that beneficiaries will realize the planned benefits. Discussing these details early reduces the likelihood of lapses and ensures that the trust achieves its intended purpose for the family.
An ILIT should not exist in isolation. Coordinate the trust with your revocable documents, beneficiary designations, and powers of attorney so that the entire plan works together. Include pour-over wills or certifications of trust when appropriate, and confirm that retirement accounts, annuities, and other assets have beneficiary designations aligned with your overall intent. Regularly review the ILIT and related documents following major life events like marriage, divorce, births, or changes in financial circumstances to ensure the plan remains effective and aligned with family goals.
Consider an ILIT when your objectives include protecting life insurance proceeds from estate taxes, ensuring liquidity for estate administration, and controlling distributions to heirs. The trust structure can offer protection against certain claims and provide a mechanism for long-term oversight of funds for beneficiaries who need additional safeguards. For families with a desire to preserve assets for future generations or to maintain privacy and efficiency at death, an ILIT can be an important component of a broader estate plan tailored to California law and your family circumstances.
People also consider an ILIT when they want to pair life insurance with other trust arrangements such as special needs trusts, retirement plan trusts, or irrevocable life insurance trusts for business planning. The controlled framework helps avoid unintended distributions and can limit creditor exposure in many contexts. While the arrangement requires giving up policy ownership, the potential benefits in terms of predictable distribution and estate tax mitigation make the ILIT a valuable planning option for many families and individuals seeking durable legacy solutions.
People commonly create ILITs when they have significant life insurance policies that would otherwise be included in their estate for tax purposes, when beneficiaries may need structured distributions, or when the grantor seeks to provide for final expenses and estate settlement without burdening other assets. Other frequent reasons include preserving wealth for heirs, providing liquidity for a family-owned business, and protecting proceeds from potential creditor claims. Each situation merits careful review to determine whether an ILIT will achieve the desired objectives within California law.
When a life insurance policy represents a significant portion of wealth, including the policy in the estate can create tax exposure and liquidity problems if the estate must cover taxes upon death. An ILIT can keep the policy out of the estate when properly structured and funded, which allows proceeds to pass to beneficiaries without being subject to estate tax in many cases. Implementing an ILIT well in advance of any lookback periods helps ensure the intended benefits are realized and that family assets are preserved for heirs.
If beneficiaries are minors, have limited financial experience, or face other vulnerabilities, an ILIT can provide structured distributions overseen by a trustee to ensure funds are used appropriately. The trust can specify ages, milestones, or conditions for distributions and can require trustee oversight for major disbursements. This protective structure reduces the risk that a beneficiary will receive a large sum prematurely and provides for ongoing financial management when needed, aligning distributions with long-term wellbeing and support goals.
Business owners sometimes use life insurance held in trust to provide liquidity for buy-sell agreements, pay estate taxes, or support a smooth transition of ownership interests. An ILIT can hold a policy that provides cash when needed to buy out interests or cover business-related expenses at the time of the owner’s death. Proper planning makes sure the funds are available to prevent forced sales of business assets and to maintain business continuity for employees and family members who rely on the enterprise.
The Law Offices of Robert P. Bergman provides guidance to residents of McFarland and neighboring communities throughout Kern County. We explain the steps involved in drafting and funding an ILIT, coordinate related documents such as powers of attorney, wills, and trust certifications, and help clients weigh timing and funding alternatives. Our local focus means we understand the needs of area families and can suggest practical solutions for premiums, trustee selection, and coordination with other financial plans, always keeping the client informed throughout the process.
Clients rely on clear communication and thorough planning when establishing an ILIT because the trust must be carefully drafted and funded to achieve tax and distribution goals. The firm emphasizes a collaborative approach that explains each option in plain language and outlines the practical steps needed to implement the trust. We assist with drafting trust documents, preparing funding transfers, and ensuring coordination with wills, powers of attorney, and other estate documents to provide a cohesive plan that reflects your priorities and family needs.
Our office guides clients through the logistics of transferring an existing policy into a trust, arranging for Crummey notices when annual gifts are used to pay premiums, and coordinating with insurance carriers regarding policy ownership changes. We also discuss timing to avoid unintended tax consequences, such as the three-year lookback period, and recommend strategies for premium funding and trustee selection. These practical details help ensure the trust functions as intended and that beneficiaries receive the planned protections and distributions.
Throughout the process we prioritize responsiveness and clear documentation so that clients in McFarland and across Kern County feel informed and prepared. We routinely advise on related estate planning needs such as pour-over wills, revocable living trusts, powers of attorney, advance health care directives, and guardianship nominations. Our goal is to deliver a cohesive plan that supports your objectives for asset protection, liquidity, and legacy while providing straightforward next steps to implement and maintain the trust.
Our process begins with an initial consultation to identify objectives, review existing policies and beneficiary designations, and discuss funding strategies. We then draft a trust tailored to your needs, coordinate transfer of an existing policy or arrange for trust-owned policy purchase, and assist with funding mechanisms such as annual gifts for premium payments. We provide clear instructions for trustee responsibilities and prepare supporting documents such as pour-over wills and certification of trust forms to ensure the ILIT integrates with your broader estate plan.
During the first stage we discuss your goals, review current insurance arrangements, and identify potential tax or timing issues. This meeting helps determine whether an ILIT aligns with your objectives and what steps are required to fund it properly. We review ownership, beneficiary designations, and any existing trust documents to ensure consistency. Where appropriate, we also evaluate how an ILIT interacts with retirement accounts, business interests, and other estate components to craft a unified plan that addresses all relevant concerns.
We gather details about current policies, beneficiaries, and financial goals to build a plan that matches your intentions. This information includes policy face amounts, premium schedules, ownership, and any existing arrangements that could affect funding. Clarifying whether the trust will hold an existing policy or purchase a new one helps determine timing and gift strategies. A careful review at this stage reduces the likelihood of surprises related to carrier requirements, tax lookback rules, or mismatches between beneficiary designations and trust provisions.
After gathering information, we evaluate funding options such as annual gifts, other trust assets, or trust-owned policy purchases. We also discuss how timing impacts estate tax treatment, particularly the three-year lookback period associated with transfers of life insurance. Identifying realistic premium funding sources and whether Crummey notices will be necessary ensures the trust will remain effective and funded. We provide written recommendations and next steps so clients can make informed decisions about implementing the ILIT.
In the second phase we prepare the trust document with clear trustee instructions, beneficiary distribution provisions, and administrative powers needed to manage the policy. We coordinate with insurance companies to change ownership or issue new policies in the trust’s name, and we prepare any required notices or documentation to support gift transfers used to pay premiums. This stage focuses on accuracy and clarity to prevent future disputes and to ensure the trust accomplishes the grantor’s planning goals within California law.
Drafting the trust involves including provisions for trustee powers, premium payment instructions, distribution standards, and contingencies for successor trustees or beneficiary changes. We include language that addresses recordkeeping, reporting obligations, and any spendthrift protections desired. Clear, precise drafting helps trustees administer the trust effectively and prevents ambiguity about how proceeds should be distributed. We also prepare related documents like certification of trust to simplify third-party interactions with banks and insurers.
Transferring ownership of an existing policy to a trust requires coordination with the insurance company, submission of assignment paperwork, and confirmation of acceptance by the insurer. If the trust purchases a new policy, we assist with documentation and trust signature requirements. Ensuring carriers have the correct ownership and beneficiary information is essential for preserving the intended estate planning benefits. We guide clients through these administrative steps and confirm completion so the trust can be funded and premiums managed properly.
After funding and transfer, the trust requires administration including premium funding, recordkeeping, and occasional reviews to ensure the arrangement continues to meet goals. We advise on methods to deliver annual gift transfers to the trust, issue Crummey notices if needed, and maintain documentation for tax reporting. Regular reviews help address changes in family circumstances, policy performance, or law updates. Proper administration ensures the ILIT remains effective and that the trustee has the guidance necessary to carry out the grantor’s wishes for beneficiaries.
Funding the trust on an ongoing basis is critical to preventing policy lapse and preserving intended benefits. We recommend establishing a reliable gift plan, maintaining records of contributions, and issuing notices as needed to support completed gift treatment. Proper documentation of gifts and trustee actions makes administration smoother and supports tax positions when required. This administrative diligence reduces the risk of unintended consequences and ensures beneficiaries will receive the proceeds according to the trust terms.
Although an ILIT is irrevocable, related aspects of your estate plan may change over time. Periodic reviews help confirm that insurance policies continue to meet needs, that trustees are fulfilling their roles, and that beneficiary circumstances have not changed in ways that require supplemental planning. We assist clients with updates to interconnected documents and with planning adjustments that protect the intended goals within the constraints of irrevocability, ensuring the overall estate strategy remains coherent and effective for beneficiaries.
An Irrevocable Life Insurance Trust is a trust designed to own one or more life insurance policies outside of the insured’s estate, with proceeds held and distributed according to the trust’s terms. The grantor creates the trust, transfers or has the trust purchase a policy, and names a trustee to manage the policy and distribute proceeds to beneficiaries. Because the trust is irrevocable, the grantor relinquishes ownership, which can remove proceeds from the estate for tax purposes when timing and transfer rules are satisfied. This arrangement requires careful attention to funding and documentation to preserve intended benefits. The trustee handles administrative tasks like paying premiums if the trust has funds, coordinating with insurers, and distributing proceeds per the trust’s distribution instructions. Proper drafting and funding are essential to avoid unintended inclusion in the grantor’s estate and to ensure beneficiaries receive funds as intended.
Funding an ILIT typically involves gifts from the grantor to the trust that are used to pay insurance premiums. These gifts may be structured as annual contributions treated as present interest gifts when beneficiaries are provided a temporary right to withdraw, a practice often supported by issuing Crummey notices. Alternatively, the trust may receive other assets or income streams designated to cover premiums, or it may directly purchase a new policy using initial capital placed in the trust. Who pays premiums depends on the funding arrangement agreed upon when the trust is created. The trustee will use trust funds to make premium payments, but careful planning is needed to maintain policy continuity and preserve the intended tax and estate planning outcomes. Clear documentation of gifts and notice procedures helps support the legal and tax positions underlying the funding strategy.
Tax considerations for an ILIT include gift tax rules and the potential exclusion of life insurance proceeds from the grantor’s estate when the trust is properly structured and funded outside of applicable lookback periods. One important timing rule is the three-year period during which transfers of life insurance may be pulled back into the estate if the grantor retains any incidents of ownership or transfers the policy too close to death. Careful timing and documentation reduce the risk of unintended estate inclusion. Gift tax planning, annual exclusion usage, and whether Crummey notices are issued all affect how contributions to the trust are treated. It is important to maintain records of gifts, notices, and trustee actions to support tax filings and to consult about potential tax reporting requirements. These considerations help ensure the ILIT accomplishes its intended estate planning benefits.
The trustee should be someone capable of handling administrative duties, such as paying premiums, maintaining records, communicating with the insurer, and distributing proceeds according to the trust terms. Families often choose a trusted relative, friend, or a professional fiduciary for this role, and some name a corporate trustee as successor to ensure continuity. Trustee selection should consider the complexity of the trust, the amount of work involved, and the ability to act impartially for the beneficiaries’ benefit. Trustees must follow the trust document and applicable law, manage trust assets prudently, and document decisions and transactions. Clear guidance in the trust regarding trustee powers and compensation simplifies administration. Discussing trustee duties during planning helps ensure the selected person understands expectations and is willing to take on the responsibilities required for proper trust management.
Yes, an existing life insurance policy can often be transferred into an ILIT, but the process requires coordination with the insurance company and careful attention to timing. The grantor may assign ownership to the trust through an assignment form and confirmation from the insurer that the trust is now the owner and is listed as beneficiary. After transfer, the trust must be able to fund premiums to prevent policy lapse, and gift documentation should be maintained to support the funding strategy. Transferring an existing policy carries timing considerations, such as the three-year rule that can cause policy proceeds to be included in the grantor’s estate if death occurs within three years of the transfer. For this reason, clients sometimes purchase a new policy owned by the trust or begin transfers well in advance. Proper administrative steps ensure the transfer is effective and aligns with planning goals.
An ILIT can offer protection for beneficiaries by holding policy proceeds outside of direct ownership, which in many cases protects those proceeds from creditors and divorcing spouses, depending on applicable law and the trust terms. The trust can include spendthrift provisions and structured distribution rules that prevent beneficiaries from easily assigning or losing proceeds to creditors, providing a layer of protection for vulnerable recipients. This structure helps preserve funds for their intended purposes and limits direct access that could expose assets to claims. Protection is not absolute and depends on specific creditor law, timing of transfers, and the design of the trust. Proper drafting and administration increase the likelihood that the trust will provide intended protections. Considering the trust alongside other asset protection and family law planning helps create a more cohesive approach to safeguarding beneficiary interests.
If the ILIT cannot pay premiums and the life insurance policy lapses, the intended benefits of excluding proceeds from the estate and providing liquidity to beneficiaries may be lost. Lapse prevention is an important part of initial planning and ongoing administration. Options to prevent lapse include creating a reliable gift schedule, funding the trust with other assets that can produce income, or naming a trustee capable of managing premium payments and policy maintenance. When a lapse looks likely, the trustee and beneficiaries should evaluate alternatives such as providing additional funding, converting the policy to a reduced paid-up benefit if available, or implementing other measures offered by the insurer. Prompt communication with the insurer and timely administrative action reduce the risk of lapse and preserve planned benefits for heirs.
Alternatives to an ILIT include keeping the policy in the insured’s name with direct beneficiary designations, using payable-on-death arrangements for liquid assets, or relying on revocable trust structures for other estate planning goals. Each alternative has trade-offs related to probate exposure, tax treatment, creditor protection, and control over distributions. A simpler approach may suit smaller estates or situations where long-term control and tax planning are not primary concerns. For clients seeking targeted protection and tax planning, combining other trust arrangements with direct beneficiary designations or using qualified disclaimers may provide an appropriate compromise. Reviewing alternatives in the context of your overall financial and family goals helps determine whether an ILIT or another strategy is most appropriate for your needs.
Crummey notices are written notifications provided to beneficiaries when the grantor makes contributions to the trust that include a present interest withdrawal right for a limited period. These notices support treating annual gifts to the trust as qualifying for the annual gift tax exclusion by establishing that beneficiaries received a present interest in the transferred funds. Issuing and documenting Crummey notices is a common administrative step when premium gifts are used to fund an ILIT and helps support favorable gift tax treatment. The notices should explain the temporary right to withdraw and the amount, while making clear that the withdrawal period is short and that typical practice is for beneficiaries not to exercise the right. Properly documenting distribution notices and gift records helps the trustee and the grantor defend the chosen gift treatment if questions arise, which is important for preserving the plan’s tax positions.
An ILIT and related estate planning documents should be reviewed periodically and after major life events such as births, deaths, marriages, divorces, changes in health, or significant changes in financial circumstances. Regular reviews ensure the trust continues to meet objectives, that beneficiaries and trustees remain appropriate choices, and that funding arrangements are adequate. Laws and tax rules change over time, so periodic reviews help adapt the plan to maintain its effectiveness and alignment with current legal standards. At a minimum, biennial or triennial reviews are common, with immediate reviews after significant events. These checkups include confirming that policies remain in force, premium funding is adequate, and beneficiary designations on other accounts match your overall estate plan. Proactive reviews reduce surprises and support the durable operation of the ILIT for beneficiaries.
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