An Irrevocable Life Insurance Trust (ILIT) can be an important estate planning tool for people in Rosedale who want to keep life insurance proceeds out of their taxable estate and ensure those funds are used as intended. At the Law Offices of Robert P. Bergman, we help clients understand how an ILIT works, who should serve as trustee, and how the trust coordinates with other estate documents like revocable living trusts and pour-over wills. This guide explains the core benefits, common uses, and practical steps to set up and maintain an ILIT under California law, with attention to family dynamics and tax considerations.
Setting up an ILIT involves decisions about ownership of the policy, how premiums will be funded, and the mechanics of gifting to the trust. Many clients want clear, straightforward guidance on whether an ILIT is appropriate for their situation and how it interacts with financial accounts and retirement plan assets. The trust document, trustee powers, and beneficiary designations must be carefully coordinated to avoid unintended tax consequences and to secure the family’s financial needs. This page offers an overview of practical steps, important terms, and how our firm assists clients in Rosedale with implementing and maintaining an ILIT tailored to their goals.
An ILIT can provide several meaningful advantages for individuals concerned about estate tax exposure, creditor protection, and preserving liquidity for heirs. By placing a life insurance policy in a properly drafted and administered irrevocable trust, the proceeds are generally excluded from the insured’s probate estate, which can reduce estate tax liability and avoid probate delays. An ILIT also allows the grantor to set distribution rules that reflect family needs, protect beneficiaries from creditors, or provide structured payouts over time. Effective coordination with other estate planning documents ensures the ILIT supports broader objectives such as charitable giving, business continuity, and long-term family support.
The Law Offices of Robert P. Bergman assists families across Kern County, including Rosedale, with practical estate planning solutions that reflect California law and the client’s goals. We focus on clear communication, thoughtful drafting, and careful administration of trusts and related documents such as wills, powers of attorney, and advance health care directives. Our approach emphasizes personalized planning, ensuring the ILIT fits within a comprehensive estate plan and addressing coordination with retirement accounts, beneficiary designations, and the funding methods required to sustain the trust’s premiums and long-term intentions for the policy proceeds.
An ILIT is a trust specifically designed to own and control life insurance policies for the benefit of named beneficiaries. Once the grantor transfers ownership of a policy to the ILIT, the trust becomes the policy owner and beneficiary, which means proceeds pass to the trust at the insured’s death. The trust document sets out how those proceeds are distributed. Because ownership is irrevocably transferred, the trust can remove the death benefit from the insured’s probate estate, but proper timing and administration are essential to avoid inclusion under estate tax rules, including applicable look-back periods and gift-tax considerations.
Proper funding and administration of an ILIT require careful attention to premium payments and the method by which the grantor makes gifts to the trust so the trustee can pay policy premiums. In many cases, annual gift transfers include written notices to beneficiaries to preserve gift tax exclusion treatment for contributions that allow beneficiaries to withdraw. Trustees must keep accurate records and follow terms for distributions. An ILIT’s terms can also provide protections for beneficiaries with special needs, blended family arrangements, or business succession plans, making it a versatile component of a broader estate plan.
An Irrevocable Life Insurance Trust is a trust that permanently owns a life insurance policy, removing the policy proceeds from the insured’s estate for estate planning purposes. The grantor transfers an existing policy or sets up a new policy owned by the trust and provides funds to the trust for premium payments. The trust directs how death benefits are used and distributed, which can include lump sum distributions, trust-managed disbursements, or payments for specific needs like education or care. Once established, the ILIT cannot be revoked, so the grantor must carefully consider terms, trustee selection, and funding methods before creating the trust.
Implementing an ILIT requires several coordinated steps: drafting a clear trust document, transferring an existing policy or issuing a new policy in the trust’s name, funding the trust to cover premiums, and coordinating beneficiary designations and other estate documents. Trustees must administer the trust according to its terms, provide required notices for gifts, and maintain records to support tax treatments. Attention to timing is important because transfers shortly before death can lead to inclusion of proceeds in the estate. Regular reviews ensure the ILIT continues to reflect changes in family circumstances, tax rules, or financial objectives.
Understanding common terms helps when creating or administering an ILIT. Familiarity with concepts like grantor, trustee, beneficiary, premium funding, gift tax, Crummey notice, and probate avoidance clarifies how the trust functions and what steps are required to preserve intended tax and estate planning benefits. Below are definitions of important terms you may encounter during the planning process and practical notes on how they apply when drafting and funding an ILIT in California.
The grantor is the individual who creates the trust and transfers the life insurance policy or funds to the trust to pay premiums. In an ILIT context, the grantor must understand that transferring ownership of a policy removes control over the policy and its proceeds, meaning the trust document governs distributions. Because the transfer is irrevocable, the grantor should carefully select the trustee, beneficiaries, and distribution terms to ensure the trust aligns with the family’s goals and tax planning objectives. Consulting with counsel helps ensure proper execution and compliance with relevant federal and state rules.
A Crummey right refers to a beneficiary’s temporary withdrawal right for gifts made to the trust, which allows those gifts to qualify for the annual gift tax exclusion. Trustees typically send written notices to beneficiaries informing them of the gift and their short-term right to withdraw a portion. If beneficiaries do not exercise the withdrawal right, the funds remain in the trust and are used to pay premiums or for other trust purposes. Proper documentation of Crummey notices and trustee actions is important to support the intended tax treatment of the gifts.
The trustee manages the ILIT, holds legal title to the policy, receives contributions, pays premiums, and makes distributions in accordance with the trust document. A trustee’s responsibilities include recordkeeping, providing notices, and following the terms set by the grantor. Selection of a trustee should consider availability, reliability, and the ability to follow fiduciary duties. Trustees should also coordinate with financial advisors and counsel to ensure premium funding and tax obligations are handled properly and that the trust operates as intended for beneficiaries.
The estate inclusion period refers to the time frame under federal tax law during which transfers of life insurance ownership may still be included in the insured’s estate. If ownership of a policy is transferred and the insured dies within the applicable look-back period, typically three years under federal law, the policy proceeds could be included in the estate for tax purposes. Careful planning is required to avoid unintended inclusion, which may involve establishing the ILIT well before the insured’s death and coordinating transfers with other estate planning measures.
When evaluating an ILIT against other estate planning tools, consider goals such as tax reduction, probate avoidance, creditor protection, and control over distributions. A revocable living trust offers flexibility and control during life but does not remove life insurance proceeds from the taxable estate if the insured retains ownership. Beneficiary designations are simple but offer limited control and may expose proceeds to creditors or taxes. An ILIT uniquely combines removal of proceeds from the estate with the ability to specify distribution rules, but it is irrevocable and requires ongoing administration to preserve its benefits.
For individuals whose life insurance proceeds are modest relative to their overall estate or who have no significant estate tax exposure, a limited approach such as naming beneficiaries directly or using a revocable trust for small policies may be sufficient. Direct beneficiary designations require less administration and allow proceeds to transfer quickly to heirs, but they provide fewer protections against creditors and offer minimal control over how proceeds are used. Evaluating the size of the policy and the family’s financial picture helps determine whether an ILIT’s complexity and irrevocability are necessary.
Some clients prefer straightforward solutions that maintain flexibility during their lifetime. In such cases, keeping the policy ownership personal and coordinating beneficiary designations with a revocable living trust can achieve many planning goals without the irreversible steps required by an ILIT. This approach is often suitable when trust restrictions are unnecessary, family dynamics are uncomplicated, and the priority is speed and simplicity of transfer. It remains important to review beneficiary forms and coordinate documents to avoid unintended conflicts or probate issues.
When an estate includes assets large enough to trigger federal or state estate taxation, or when there are concerns about creditors or creditor claims, a comprehensive trust-based solution including an ILIT can offer meaningful protections. By removing life insurance proceeds from the taxable estate, preserving liquidity to pay taxes and debts, and directing distributions through a trust, families can protect inheritances and reduce the risk that unexpected obligations will deplete assets intended for heirs. Holistic planning aligns the ILIT with other trusts, retirement planning, and business succession plans to achieve cohesive outcomes.
For blended families, beneficiaries with special needs, or business owners who need orderly transitions, a comprehensive approach that includes an ILIT can provide clarity and tailored protections. Trust provisions can create directed distributions, protect assets from potential claims, and coordinate with buy-sell arrangements or retirement plan beneficiary designations. Comprehensive planning ensures that the ILIT’s terms complement other documents to reflect intended outcomes, reduce conflict among heirs, and preserve family wealth across generations while respecting California statutory requirements and fiduciary duties.
An ILIT, when integrated into a comprehensive estate plan, offers several practical benefits: it can remove policy proceeds from the probate estate, provide liquidity for taxes or liabilities, and allow the grantor to impose distribution conditions that reflect long-term family priorities. The trust’s structure can provide creditor protection for beneficiaries and preserve funds for specific purposes like education or care. Coordination with powers of attorney, advance health care directives, and beneficiary designations is essential to ensure the ILIT functions as intended when life events occur or assets transfer.
Beyond tax and creditor considerations, an ILIT brings predictability to the transfer of life insurance proceeds. Trustees can manage funds prudently, implement staggered distributions, and reduce potential disputes among family members. The trust can also facilitate charitable giving while providing for heirs, or support business succession by funding buy-sell agreements. Regular review of the ILIT and related estate documents ensures changes in tax law, family circumstances, or financial status are addressed, which helps preserve the value of the planning over time and maintains alignment with the grantor’s goals.
One of the primary benefits of an ILIT is its potential to reduce the taxable estate by excluding life insurance proceeds from probate and estate calculations. This can preserve more assets for heirs and provide funds to pay estate taxes or debts without forcing the liquidation of other estate holdings. The trust’s removal of the policy from the estate, when done with appropriate timing and documentation, offers a reliable mechanism to secure liquidity and minimize administrative burdens at the time of death, especially when combined with other trust planning strategies.
An ILIT permits the grantor to set specific distribution rules that control how beneficiaries receive life insurance proceeds. The trust can limit distributions for certain purposes, provide periodic payments, or include spendthrift provisions that help shield assets from beneficiaries’ creditors and legal claims. This structure protects the inheritance from mishandling, judgments, or divorce settlements and offers a mechanism for long-term stewardship of funds to support education, health care, or living expenses over time while maintaining flexibility for changing family needs.
Begin ILIT planning well before premiums are due and well before any potential estate inclusion period could cause problems. Early planning allows time to transfer policy ownership or establish a new policy owned by the trust without risking inclusion under look-back rules. Coordinate the ILIT with your revocable living trust, pour-over will, beneficiary designations, and retirement accounts to avoid conflicting instructions. Clear, coordinated documents reduce administrative headaches, help preserve intended tax treatment, and make transition smoother for trustees and beneficiaries at the time of need.
Proper recordkeeping supports the intended tax treatment of gifts to the ILIT and demonstrates compliance with annual exclusion requirements and Crummey notices when applicable. Keep copies of checks, bank transfers, premium payments, and mailed notices to beneficiaries. Regularly review and document trustee actions, beneficiary communications, and policy status. Clear records reduce the risk of disputes, simplify accounting, and provide evidence in tax or legal review. Consistent documentation also aids continuity if trustees change or beneficiaries need information about the trust’s activity.
Consider an ILIT if you seek to reduce potential estate tax exposure, provide liquidity for heirs to pay taxes or debts, or impose creditor protection and structured distributions. For business owners, an ILIT can fund buy-sell agreements and help preserve business continuity without burdening the estate. People with blended families often use ILITs to ensure certain beneficiaries receive designated benefits while preserving flexibility for other assets. The decision involves weighing irrevocability against long-term benefits, so careful planning and coordination with the rest of your estate plan are essential.
An ILIT also serves clients who want greater control over how life insurance proceeds are used, whether to support minor children, fund college expenses, help a family member with special needs, or provide staged distributions to prevent rapid depletion of assets. The trust can include conditions, spending parameters, and successor trustee instructions to match your goals. Regular review ensures the ILIT remains aligned with changes in family circumstances, tax law, and financial objectives, making it a durable tool for long-term wealth preservation and thoughtful transfer planning.
Clients often establish an ILIT when they face high estate values, want to protect inheritances from creditors, or seek controlled distributions for beneficiaries. Business owners, those with special needs family members, or people anticipating significant estate taxes commonly use ILITs. Other circumstances include providing for surviving spouses while ensuring assets ultimately benefit children from prior relationships, or preserving funds for educational expenses and long-term caregiving. Each situation benefits from tailored trust provisions and ongoing administration to meet the family’s unique goals.
When the total value of an estate approaches or exceeds applicable federal or state thresholds, an ILIT can be a valuable tool for mitigating estate tax exposure by removing life insurance proceeds from the taxable estate. This approach preserves liquidity to cover taxes and debts and helps protect other estate assets from sale or forced distribution. Careful timing, accurate documentation, and coordination with financial advisors are necessary to ensure the desired tax treatment and to avoid unintended estate inclusion of policy proceeds.
Families sometimes worry that direct distributions could be lost to creditors, lawsuits, or unwise spending by heirs. An ILIT’s trust provisions can include spendthrift protections, controlled distribution schedules, and conditions that preserve funds for important needs. These measures help ensure the benefit serves its intended purpose over time, rather than being quickly dissipated. Trustees can be authorized to manage investments and make distributions according to objective standards that reflect the grantor’s wishes.
Business owners may use an ILIT to fund buy-sell agreements or provide liquidity to facilitate business transitions without burdening the estate. Life insurance proceeds held in an ILIT can be directed to co-owners or family members according to agreed-upon succession terms, ensuring a smooth transfer of ownership. This structure helps preserve business continuity, supports fair valuation outcomes, and separates business interests from personal probate matters, which can protect both the business and the family’s financial legacy.
If you live in Rosedale or Kern County and are considering an ILIT, we offer clear guidance on whether this tool fits your estate planning goals and practical steps for implementation. Our office helps clients review policy ownership, draft tailored trust provisions, coordinate funding strategies, and guide trustees through administrative duties. We emphasize practical solutions that work in California’s legal environment and the local context. Whether you are planning for family protection, business succession, or tax mitigation, we can help you evaluate options and prepare durable documents that reflect your wishes.
We provide personalized estate planning services focused on practical results and clear legal drafting. Our team takes time to understand family goals, financial arrangements, and potential estate tax issues so the ILIT integrates smoothly with other estate documents. We assist with trustee selection, funding strategies for premiums, and the preparation of supporting documents such as certification of trust and pour-over wills. Clients appreciate straightforward explanations of complex issues, careful coordination among advisors, and a planning process designed to reduce administrative burdens for family members later on.
Our approach centers on practical administration and ongoing planning, including help with required notices, recordkeeping, and regular reviews to ensure the ILIT reflects changes in law or family circumstances. We work with financial advisors and insurance carriers to confirm policy ownership steps and premium funding processes are executed correctly. Clear communication with trustees and beneficiaries reduces uncertainty and supports smooth trust operation when funds are needed. This level of coordination and attention to detail helps clients feel confident their wishes will be honored and their estate plan will function as intended.
We also assist with related estate planning documents that commonly accompany an ILIT, including revocable living trusts, pour-over wills, powers of attorney, and advance health care directives. By providing comprehensive planning, we aim to align the ILIT with broader wishes for asset distribution, guardianship nominations, and long-term family care. Our office helps clients prepare the full suite of documents and supports trustees with clear guidance on administration duties to ensure the ILIT works effectively within the family’s overall estate plan.
Our process begins with a thorough consultation to identify goals, evaluate current insurance policies, and review family and financial circumstances. We draft the trust document tailored to the client’s objectives, prepare transfer or new policy ownership arrangements, and advise on funding mechanisms to pay premiums. Once the ILIT is established, we provide guidance to trustees on notices, recordkeeping, and distributions. Periodic reviews ensure the ILIT continues to align with law and circumstances, and we coordinate with financial professionals to maintain accurate administration and documentation.
The first step is an in-depth planning session to determine objectives, assess existing policies, and design trust terms that match family needs. This includes selecting trustees, naming beneficiaries, and drafting distribution provisions. We prepare the trust document, coordinate with insurers to transfer ownership or issue new policies in the trust’s name, and ensure beneficiary designations are consistent with overall planning goals. Clear drafting helps avoid ambiguities and sets the foundation for reliable trust administration over the long term.
We carefully review any existing life insurance policies, ownership structures, and beneficiary designations to determine whether transferring a policy into an ILIT or issuing a new trust-owned policy is the best approach. This assessment includes analyzing premium costs, tax implications, and the potential need for funding mechanisms to cover premiums. We also consider overall estate composition, retirement accounts, and other assets to ensure the ILIT complements the broader financial plan and meets the client’s goals for distribution and protection.
After establishing objectives, we draft the ILIT document with clear instructions for trustee powers, distribution terms, and any special provisions such as spendthrift clauses or provisions for beneficiaries with special needs. We also prepare supporting documents like certification of trust and coordinate pour-over wills or amendments to revocable trusts. Good drafting anticipates common issues and reduces the risk of disputes, while providing trustees with explicit guidance that facilitates timely and correct administration upon funding and at the time of death.
Funding the ILIT requires consistent methods to supply premiums, such as annual gifts to the trust or other funding arrangements. Trustees must follow procedures for receiving gifts, issuing Crummey notices if necessary, and paying insurance premiums on time. We advise on gift tax considerations and documentation practices to preserve annual exclusion benefits where applicable. Proper funding and administration are critical to maintaining the ILIT’s intended estate and tax benefits and avoiding unintended tax inclusion or administrative complications.
Common funding methods include annual gifts to the trust that the trustee uses to pay premiums, or larger transfers designed to cover multiple years of premiums. Each approach requires careful documentation and possible beneficiary notice to preserve tax treatment. We assist in creating funding schedules, coordinating with financial institutions, and preparing written notices that satisfy Crummey requirements. Ongoing funding plans are reviewed periodically to adjust for premium changes, policy performance, or shifting financial circumstances.
Trustees must keep accurate records of gifts, premium payments, notices, and communications with beneficiaries and insurers. Good recordkeeping supports the intended tax treatment of the ILIT and simplifies administration at the time of death. We provide trustees with practical checklists, templates for notices, and guidance on maintaining trust accounts. Clear records reduce ambiguity and help ensure compliance with the trust’s terms and relevant tax rules, making the eventual distribution of policy proceeds smoother and more predictable.
When the insured passes away, the trustee’s immediate duties include notifying insurers, claiming the life insurance proceeds, and administering distributions according to the trust document. This process often involves coordinating with probate counsel, tax advisors, and beneficiaries. Trustees should confirm the policy proceeds are paid to the trust, review the trust’s distribution instructions, and ensure distributions are made in accordance with the grantor’s wishes and the trust’s terms. Professional guidance helps trustees handle claims, taxes, and distributions efficiently.
The trustee files the insurance claim and collects the proceeds on behalf of the trust, then prepares an accounting that documents the receipt and allocation of funds in line with the trust’s provisions. Accurate accounting supports transparent distributions and helps resolve any beneficiary questions. The trustee should also consult tax advisors to determine any reporting obligations or tax consequences, and to ensure funds are distributed consistent with the trust’s goals and applicable law. Timely, well-documented administration preserves the integrity of the trust’s purpose.
After proceeds are received, the trustee follows the trust’s directives regarding distributions, whether lump sums, staggered payments, or payments for specific needs. The trustee must also address any creditor claims, tax filings, and final accountings required by the trust. Clear instructions in the trust and good coordination among trustees, advisors, and beneficiaries smooth the process. Completing these steps carefully ensures the grantor’s intentions are fulfilled and helps avoid disputes or legal complications for beneficiaries.
An Irrevocable Life Insurance Trust is a trust specifically designed to own and receive the proceeds of life insurance policies. The grantor transfers an existing policy or funds a new policy owned by the trust. Because the trust holds ownership, the death benefit passes to the trust rather than to the insured’s probate estate. The trust document then controls how proceeds are distributed, which can include lump sums, staged distributions, or payments for specified needs. Proper setup and administration are important to achieve the intended benefits. The trust must be irrevocable, ownership must be documented, and premium funding must be handled so the trust can pay policy premiums on schedule. Coordination with beneficiary designations and other estate documents ensures the ILIT functions as part of a broader plan designed for your family’s circumstances.
Transferring ownership of a life insurance policy to an ILIT typically is a non-taxable event for income tax purposes, but it can have gift tax implications if the transfer is considered a gift to the trust’s beneficiaries. Many clients use annual gift tax exclusion amounts and Crummey notices to preserve exclusion treatment when funding premiums to the trust. Discussing the funding plan and potential gift tax filings with counsel and tax advisors helps manage these considerations. There is also an estate inclusion period to consider: transfers within the look-back period may still be included in the insured’s estate for estate tax purposes under federal rules. Establishing the ILIT well before any potential inclusion period and handling transfers with proper documentation can help avoid unintended estate inclusion of the policy proceeds.
Once a policy is owned by an ILIT, the trustee is responsible for ensuring premiums are paid on time. Common funding methods include the grantor making annual gifts to the trust that the trustee uses to pay premiums, or making larger contributions intended to cover multiple years. Each method requires documentation and possible beneficiary notices to preserve gift tax exclusion benefits when applicable. Trustees must maintain accurate records of contributions, notices, and premium payments. Coordination with financial institutions and advisers helps ensure funds are available when premiums are due. Proper funding procedures reduce the risk of policy lapse and help the trust deliver its intended benefits when the time comes.
A trustee should be someone reliable, organized, and willing to perform fiduciary duties such as managing policy ownership, paying premiums, issuing required notices, and keeping records. This can be a trusted family member, a friend, or a professional representative depending on family dynamics and the level of oversight desired. The trustee should be able to work with advisors and act consistently with the trust’s terms. Trustee duties include safeguarding trust assets, communicating with beneficiaries, maintaining accurate accounts, and making distributions according to the trust’s provisions. The trustee should also ensure compliance with tax and insurance requirements and seek professional advice when complex decisions arise to protect the trust’s integrity and the grantor’s intent.
Yes, an ILIT can be an effective tool for business succession planning by providing funds for buy-sell agreements or to buy out a deceased owner’s interest. Life insurance proceeds held in an ILIT can be directed according to the trust’s terms to co-owners or family members, facilitating orderly transfers of ownership without forcing liquidation of business assets. This approach helps maintain business continuity and separates personal estate matters from business interests. Integrating the ILIT with buy-sell agreements and business valuation rules is essential. Careful planning ensures proceeds meet the needs of the succession plan and that the trustee follows instructions to fund agreements properly. Coordination with business advisors and legal counsel helps align the ILIT with broader succession goals and practical financial arrangements.
An ILIT complements a revocable living trust and pour-over will by handling life insurance proceeds separately from probate and other trust assets. The revocable living trust can manage other property during the grantor’s lifetime, while the ILIT holds and distributes life insurance benefits according to its specific terms. Pour-over wills can ensure assets not transferred during life are collected by the revocable trust, but the ILIT remains independent for life insurance proceeds. Coordination among documents is crucial to avoid conflicting beneficiary instructions and to ensure each component supports the overall estate plan. Reviewing beneficiary designations, trust language, and pour-over arrangements together prevents gaps or overlaps that could undermine planning goals, and helps provide a seamless transition at the time of death.
Crummey notices are written notices sent to beneficiaries informing them of their short-term right to withdraw a portion of a gift made to the trust. These notices are used to qualify gifts to the ILIT for the annual gift tax exclusion by giving beneficiaries a present interest in the gift, even if they ultimately do not exercise the withdrawal right. Proper notice content and timing support the intended tax treatment for annual contributions used to pay premiums. Issuing these notices requires recordkeeping and timely mailing, and trustees should document beneficiary responses, if any. Failure to provide appropriate notice when required can affect tax treatment, so trustees should follow established practices and seek guidance when implementing Crummey notice procedures to protect the gift exclusion benefits.
If the insured dies shortly after transferring a policy to an ILIT, federal estate tax rules may include the policy proceeds in the insured’s estate under the transfer-for-value or look-back rules. There is typically a three-year look-back period for certain transfers, which can result in estate inclusion if death occurs within that window. Because of this, it is generally advisable to establish an ILIT well before any anticipated need for the proceeds to avoid unintended estate inclusion. Proper planning includes understanding timing implications and documenting transfers carefully. In some cases, clients may structure alternative solutions or retain certain policy ownership features to address near-term risks. Speaking with counsel early helps identify the best path given health, timing, and tax considerations to minimize unintended consequences.
Whether beneficiaries can access funds immediately depends on the ILIT’s distribution provisions. Some trusts direct lump sum distributions upon receipt of proceeds, while others specify staggered payments, discretionary distributions for specific needs, or trustee-managed disbursements to preserve funds over time. The trust’s terms dictate the timing and form of distributions, and trustees must follow those instructions when administering proceeds. Trustees should also consider tax, creditor, and beneficiary circumstances when making distributions. Clear instructions in the trust regarding permissible distributions and spending standards help trustees act consistently and avoid disputes. Beneficiaries who require immediate assistance can be provided for in the trust terms or through trustee discretion if the document allows it.
You should review an ILIT and related estate documents periodically and whenever significant life, financial, or legal changes occur. Changes that may prompt a review include marriage, divorce, births, deaths, significant shifts in asset values, changes in business ownership, or updates to tax law. Regular reviews ensure funding arrangements, trustee choices, and distribution terms remain suited to current circumstances and continue to accomplish the client’s objectives. Periodic reviews also allow adjustments for premium increases, policy performance issues, or shifts in beneficiary needs. While the ILIT itself is irrevocable, surrounding planning elements and funding mechanisms can often be adapted through coordinated documents and administration to preserve intent and respond to evolving family and financial situations.
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