An Irrevocable Life Insurance Trust (ILIT) can be an important component of a thoughtful estate plan for families in Weldon and across Kern County. An ILIT holds life insurance policies outside of your taxable estate, helping to preserve more of your estate for your intended beneficiaries and to provide liquidity for expenses such as taxes, debts, or costs associated with transferring real property. Our practice at the Law Offices of Robert P. Bergman assists clients in understanding how an ILIT may fit into their broader estate planning goals and the tradeoffs involved in placing a life insurance policy into an irrevocable trust.
Deciding to create an ILIT requires careful planning and a review of family and financial circumstances, especially when dealing with retirement accounts, property in multiple states, or beneficiaries with special needs. An ILIT can offer creditor protection, potential estate tax benefits, and a disciplined way to use life insurance proceeds for intended purposes, but it also means relinquishing direct control over the policy once the trust is funded. Clients benefit most when the choice to use an ILIT aligns with overall objectives like preserving family wealth, funding long-term care, or ensuring that minors or vulnerable beneficiaries are provided for according to clear instructions.
An ILIT matters because it separates life insurance proceeds from your personal estate, which can reduce estate tax exposure and provide a ready source of funds for beneficiaries when liquidity is needed. Beyond tax considerations, an ILIT can control how and when proceeds are distributed, protect funds from creditors or in divorce proceedings of beneficiaries, and support long-term planning goals such as providing for minor children or supporting a family member with disabilities. Deciding to use an ILIT should be based on a comprehensive review of assets, beneficiary needs, and long-term intentions for family financial security.
The Law Offices of Robert P. Bergman serves clients throughout California with practical estate planning services tailored to individual circumstances. Our approach emphasizes clear communication, careful document drafting, and a focus on achieving clients’ long-term objectives while respecting applicable legal constraints. We assist with all aspects of ILIT formation, funding, and administration, and coordinate with financial advisors and insurance agents as needed to ensure the trust functions as intended. Clients value our attention to detail and our willingness to explain options in plain language so families can make informed decisions.
An Irrevocable Life Insurance Trust is a trust arrangement that owns and controls a life insurance policy, removing the policy from the insured’s taxable estate under the right conditions. To accomplish this, the policy must be transferred into the trust or purchased by the trust at inception, and the trust must be structured so that the insured has no retained incidents of ownership that would pull the policy back into the estate. Proper design and funding are essential, including consideration of gift tax implications, required trustee powers, and coordination with beneficiaries’ needs and potential future changes in circumstances.
Setting up an ILIT involves several legal and practical steps: drafting the trust document, appointing trustees and beneficiaries, transferring or purchasing policies through the trust, and handling ongoing administration such as payment of premiums and recordkeeping. Timing matters, particularly when transferring an existing policy, because transfers within three years of death may not achieve the intended estate exclusion under federal rules. Ongoing communication between the trustee, the insured, and any contributing family members helps ensure premiums are paid and the trust operates according to the grantor’s objectives.
An ILIT is an irrevocable trust created to own a life insurance policy for the benefit of designated beneficiaries. Once the trust owns the policy, the insured cannot change the policy terms or revoke the trust without following the trust’s provisions and applicable law, which means the policy proceeds can be kept out of the insured’s probate estate and potentially outside of estate taxation. The trustee manages the policy, pays premiums from trust funds, and follows distribution instructions set out in the trust document. Clear drafting is essential to ensure the trust achieves the intended tax and creditor protection outcomes.
Key elements include the trust instrument, trustee appointment, beneficiary designations, funding mechanisms for premiums, and coordination with the insurance carrier. Drafting provisions should address trustee powers, successor trustees, distribution triggers, and contingencies like changes in family structure or beneficiary incapacity. Practically, funding the trust requires either transferring an existing policy or having the trust purchase a new policy, plus establishing a reliable method for paying premiums. Careful attention to transfer timing, documentation, and potential gift tax filings helps avoid unintended tax consequences and ensures the trust functions as intended when life insurance proceeds become payable.
Understanding common terms used in ILIT planning can help clients make better decisions. Terms to know include irrevocable trust, grantor, trustee, beneficiary, incidents of ownership, estate inclusion rules, gift tax implications, trustee powers, and pour-over provisions. Familiarity with these concepts clarifies why certain design choices are made and how they affect ownership, tax treatment, and distributions. If any term is unclear, asking for a plain-language explanation during planning sessions ensures that the trust document reflects the client’s intent and avoids surprises during administration.
An irrevocable trust is a trust that generally cannot be amended, modified, or revoked by the person who created it once it has been properly executed and funded. The transfer of assets into an irrevocable trust removes ownership and control from the grantor, which can produce tax or creditor protection benefits. Because the grantor gives up control, naming appropriate trustees and setting precise distribution guidelines is important. The trust document should set out the trustee’s powers, successor trustee procedures, and conditions for distributions so the trust operates smoothly after funding.
Incidents of ownership refer to rights or privileges that a person holds with respect to a life insurance policy, such as the ability to change beneficiaries, borrow against the policy, surrender the policy for cash, or assign ownership. If the insured retains certain incidents of ownership at death, the policy proceeds may be included in the insured’s estate for tax purposes. An ILIT must be structured to avoid those retained incidents so the policy is treated as owned by the trust and excluded from the estate, subject to timing rules and other legal requirements.
The grantor is the person who creates the trust and transfers assets into it. The trustee is the person or entity tasked with managing the trust assets according to the trust document and in the best interests of the beneficiaries. Selecting the right trustee is important because they will handle premium payments, communicate with beneficiaries, and follow distribution instructions. The trust should provide for successor trustees and give clear guidance on administrative duties to minimize disputes and ensure continuity of trust management over time.
A pour-over will is a will that directs any assets not otherwise titled in a trust at death to be transferred into the trust, ensuring that the trust ultimately governs distribution. For ILIT planning, a pour-over will can help consolidate estate administration and ensure that assets intended for trust administration are captured and administered under trust terms. Because wills go through probate and trusts generally do not, coordinating wills and trusts helps avoid unintended probate and ensures the grantor’s comprehensive plan is carried out with minimal delay and expense.
When considering an ILIT, compare it to alternatives such as retaining a policy in personal ownership, naming beneficiaries directly, or using other trust structures to hold assets. Retaining ownership may keep control but can expose proceeds to estate taxes and creditors. Naming beneficiaries directly is simple but offers little control over distributions. Other trusts can hold assets differently than an ILIT and may be more flexible in some respects. A comparison should weigh control, tax implications, creditor protection, and administrative complexity in light of family goals and the size and composition of the estate.
A limited approach to life insurance ownership may be appropriate when the estate is modest and the potential estate tax exposure is low. If life insurance proceeds are unlikely to push the estate into higher tax brackets and creditor exposure is minimal, keeping ownership and beneficiary designations straightforward can reduce administrative costs and complexity. Simpler arrangements are easier to maintain, reduce the need for extensive trust administration, and are often sufficient when the primary goal is to provide immediate support for a surviving spouse or to cover funeral and final expenses without the need for long-term distribution control.
If the primary concern is providing immediate liquidity to cover expenses such as burial, unpaid debts, or short-term household needs, direct beneficiary designations can be effective and efficient. Direct designations allow proceeds to bypass probate and reach beneficiaries quickly. For families with straightforward distribution wishes and minimal concerns about long-term oversight, a limited approach reduces paperwork and ongoing administration. However, it does not offer the same level of control or protection for beneficiaries with special financial circumstances, so consider the full picture before opting for a simple arrangement.
Comprehensive trust-based planning, including ILITs, is often appropriate for families with blended households, multiple properties, business interests, or beneficiaries who require ongoing protection. Such arrangements provide tools to control distributions, safeguard funds from creditor claims, and address tax influences. When assets are sizeable or family dynamics are complicated, detailed trust provisions and careful coordination between retirement plans, real property, and life insurance policies help ensure that the grantor’s intentions are honored and that the estate transitions smoothly, minimizing disputes and administrative delays.
A comprehensive plan can preserve wealth for future generations by establishing clear distribution timing, safeguarding funds from potential claims, and setting conditions to encourage responsible use. For example, an ILIT can supply funds for education, healthcare, or ongoing support while avoiding immediate lump-sum distributions that may lead to mismanagement. Structured distributions and trustee oversight can help ensure that proceeds are used for intended purposes and that the plan adapts to changing family circumstances, thereby helping to pass assets on in a controlled and thoughtful way.
A comprehensive approach that includes an ILIT can offer tax planning advantages, creditor protection for beneficiaries, and the ability to dictate how proceeds will be used over time. It creates a mechanism for maintaining privacy, avoiding probate for the insurance proceeds, and providing liquidity to pay estate-related expenses without forcing the sale of other assets. An ILIT can be combined with other trust forms, wills, and powers of attorney to create an integrated plan that addresses immediate needs and long-term objectives for the family.
Careful drafting and administration are essential to realize these benefits. The trust must be funded properly and structured to avoid retained incidents of ownership. Trustees must be empowered to manage premiums and distributions, and the plan should anticipate potential changes such as remarriage, beneficiary death, or new financial developments. Ongoing review ensures that the ILIT continues to match the family’s goals and adapts to changes in law or personal circumstances, maintaining the intended protections and benefits over time.
An ILIT can remove life insurance proceeds from the taxable estate when properly structured and funded, which may reduce estate tax exposure for larger estates. This removal can preserve more of the estate for heirs and provide liquidity to pay estate taxes, debts, and administration costs. The immediate availability of funds from the insurer means heirs do not need to liquidate property or businesses under pressure. Achieving these outcomes requires careful coordination of ownership, beneficiary designations, and timing to meet statutory requirements.
An ILIT enables the grantor to set conditions or schedules for how proceeds are distributed, which can protect beneficiaries who are minors, have special needs, or may be vulnerable to poor money management. The trustee can be directed to make distributions for specified purposes such as education or healthcare, preserving capital while addressing needs. This level of control helps ensure that funds serve long-term family objectives rather than being dissipated quickly, and it provides a framework for steady disbursements that align with the grantor’s wishes.
Begin ILIT planning well before anticipated needs or potential health changes so transfers avoid timing rules that can pull proceeds into the estate. Coordinate ownership and beneficiary designations with the insurance carrier to ensure the trust is correctly recorded as the owner. Early planning reduces the risk of inadvertent inclusion of the policy in your estate and provides time to establish reliable premium payment arrangements. Working with your insurance agent and legal counsel early helps align policy design with trust provisions and funding strategies that support long-term goals.
Ensure the ILIT is integrated with your will, powers of attorney, and other trust arrangements like pour-over wills or special needs trusts. Coordination prevents conflicting instructions and helps manage how assets pass at death, avoiding unexpected probate or tax issues. Revisit the ILIT periodically after major life events like marriage, divorce, the birth of children, or new property acquisitions to confirm that beneficiaries and provisions still match your intentions. Regular review maintains alignment with changing circumstances and keeps the trust functioning as part of a cohesive estate plan.
Consider an ILIT if you want to remove life insurance proceeds from your taxable estate, provide controlled distributions to beneficiaries, or protect proceeds from creditors and claims. An ILIT offers structured stewardship of insurance proceeds so funds are available for intended purposes such as paying estate settlement costs, supporting minor children, or ensuring continued income for a surviving spouse. It is particularly useful when the estate includes illiquid assets like real property or business interests that beneficiaries should not be forced to sell to cover obligations.
An ILIT also benefits families who want to plan for future generations, establish clear rules for how proceeds are used, or create a reliable source of funds for long-term care or special needs planning. While an ILIT requires giving up direct control over the policy, the tradeoff is often greater protection and predictability for beneficiaries. Clients with complex family situations, remarriage scenarios, or concerns about beneficiary creditor claims may find that an ILIT provides peace of mind and a durable structure for preserving family resources as intended.
Typical circumstances that prompt ILITs include estates with potential tax exposure, family businesses where liquidity is needed at death, blended families seeking controlled distributions, and families with beneficiaries who need ongoing financial safeguards. Other triggers include the desire to provide clear instructions for minor children, to support a beneficiary with disabilities in coordination with other trust planning, and to protect proceeds from creditor or divorce claims. Each situation requires a tailored approach to ensure the ILIT meets the family’s particular needs.
When an estate is large or contains assets that are difficult to liquidate, an ILIT can provide necessary liquidity without forcing the sale of real property or business interests. This helps beneficiaries meet obligations such as taxes and debts while preserving the core assets of the estate. Properly structured, an ILIT reduces the risk that life insurance proceeds will be included in the grantor’s taxable estate, subject to timing and ownership rules that must be carefully followed.
Blended families often need tools to direct assets fairly among partners and children from different relationships. An ILIT can specify how life insurance proceeds are divided, the timing of distributions, and conditions for trust use to ensure that each intended recipient receives appropriate support. This approach provides clarity and reduces potential disputes during a stressful time, while allowing the grantor to balance competing family interests through precise trust instructions.
When beneficiaries have long-term care needs, disabilities, or difficulty managing finances, an ILIT can be structured to provide ongoing support without jeopardizing eligibility for needs-based benefits. The trust terms can direct distributions for specific purposes like medical care, education, or housing, while protecting principal from misuse. Coordination with other planning documents, including special needs trusts or guardianship nominations, ensures the overall plan supports the beneficiary in a stable and sustainable way.
The Law Offices of Robert P. Bergman provides estate planning services to residents of Weldon, Kern County, and throughout California. We focus on practical, legally sound solutions for clients who want to plan for the transfer of wealth, provide for loved ones, and protect assets. Our services include forming trusts such as ILITs, drafting wills, preparing powers of attorney, and coordinating beneficiary designations. We understand the local context and work to create plans that minimize administrative burdens while honoring clients’ long-term intentions and family values.
Clients choose the Law Offices of Robert P. Bergman for clear communication, careful drafting, and a focus on practical results. We take time to learn family circumstances and financial goals before recommending structures like ILITs so the plan fits the client’s priorities. Our team coordinates with insurance agents and financial advisors to ensure the trust and policy work together as intended and to avoid common pitfalls such as improper funding or retained incidents of ownership that could undermine the plan’s benefits.
We emphasize transparency about the tradeoffs involved in creating an ILIT, including the irrevocable nature of the trust and the importance of funding and administration. Clients receive plain-language explanations about trustee duties, premium arrangements, and tax filing considerations. Our practice is committed to responsive client service, timely document preparation, and thorough follow-up, helping families move from planning to implementation with confidence and clarity throughout the process.
In addition to forming ILITs, we provide ongoing administration support and coordination with other estate planning instruments such as pour-over wills, advance health care directives, and powers of attorney. Whether you are setting up a new trust, transferring an existing policy, or reviewing an older plan to ensure it still meets your needs, we provide practical guidance tailored to California law and the realities of family circumstances, helping you protect your legacy and provide for those you care about.
Our process begins with a detailed intake to understand assets, family dynamics, and goals for distribution and protection. We then recommend a trust structure tailored to your needs, prepare the trust documents, and coordinate with insurance providers to transfer or issue policies in the trust’s name. After funding, we provide clear instructions for premium payments and recordkeeping, and we support trustees with administrative guidance. Periodic reviews ensure the trust remains aligned with laws and your family’s changing circumstances.
We start by reviewing your assets, beneficiary designations, existing policies, and family considerations to determine whether an ILIT fits your overall estate plan. This assessment includes identifying any potential tax implications, the nature of your life insurance policies, and how beneficiaries should receive funds. We discuss funding strategies, trustee selection, and coordination with other estate planning documents. The goal of this stage is to design a trust and plan that align with your objectives and anticipate foreseeable changes.
Collecting accurate information about existing insurance policies, retirement accounts, real property, and family relationships is essential for effective ILIT planning. We review beneficiary designations to identify conflicts, assess whether an existing policy should be transferred or a new policy purchased by the trust, and evaluate potential gift tax consequences. Clear documentation at this stage sets the foundation for a trust that operates smoothly and accomplishes the intended estate planning objectives without unexpected complications.
During the design phase, we draft trust provisions that set out trustee duties, distribution rules, and procedures for dealing with contingencies like beneficiary death or incapacity. The trust must provide for premium payment mechanisms, recordkeeping responsibilities, and successor trustee selection to avoid administrative gaps. We also include language to address specific goals such as education funding, protections for vulnerable beneficiaries, and coordination with pour-over wills or other trusts to create a comprehensive estate plan.
After the trust terms are finalized, we prepare the necessary trust documents and coordinate the steps required to fund the ILIT. Funding may involve transferring an existing policy into the trust or arranging for the trust to purchase a new policy. We work with the insurance carrier and any contributing family members to establish premium payment methods and to ensure ownership and beneficiary designations are correctly recorded to achieve the intended tax and administrative outcomes.
If transferring an existing policy, careful attention is given to assignment forms, carrier requirements, and timing rules that may affect estate inclusion. If the trust purchases a new policy, we coordinate policy issuance in the trust’s name and ensure premium funding arrangements are in place. We document the transfer and maintain detailed records so the trust’s ownership is clear and the administrative trail supports the intended estate planning results, including potential gift tax filings where applicable.
Setting up reliable premium payment mechanisms prevents policy lapse and preserves the trust’s intended benefits. The trust document should permit contributions, loans, or gifts for premium payments and set out how trustees should handle missed payments. We provide trustees with clear recordkeeping templates and guidance for liaising with the insurance carrier. Good documentation helps prevent disputes and supports administration, ensuring that premiums are paid consistently and the trust remains in good standing over time.
Once the ILIT is funded, ongoing administration includes premium payments, recordkeeping, beneficiary communications, and responding to changes in family circumstances or law. Trustees should review the trust periodically and coordinate with advisors to adjust funding strategies as needed. We offer periodic reviews to confirm that the ILIT continues to meet objectives, that successor trustee provisions remain appropriate, and that any necessary amendments to related estate planning documents are made to keep the overall plan aligned with current wishes.
After funding, the trustee manages policy matters, ensures premiums are paid, communicates with beneficiaries as required, and follows the trust’s distribution instructions. Trustees should keep accurate records of contributions and payments and maintain contact with the insurer regarding policy status. When the insured passes, the trustee files claims and administers proceeds according to the trust’s terms. Clear guidance and documentation reduce the risk of disputes and make administration more efficient during a difficult period for the family.
Regular review ensures the ILIT remains aligned with changes in assets, family circumstances, and applicable laws. Trustees and grantors should coordinate reviews with their financial advisors and update related documents such as wills, powers of attorney, and beneficiary designations when appropriate. These reviews can identify funding gaps, misaligned beneficiary designations, or administrative practices that need improvement. Ongoing attention helps maintain the ILIT as a functioning element of a comprehensive estate plan over many years.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy and is designed so the policy proceeds are paid to the trust and distributed to listed beneficiaries according to the trust terms. Because the trust, rather than the insured, owns the policy, proceeds can be kept out of the insured’s taxable estate if the transfer and ownership rules are properly followed. The trustee manages the policy, pays premiums from trust funds, and distributes proceeds based on the instructions in the trust document, providing a structured way to deliver benefits to heirs. To work effectively, the ILIT must be drafted to avoid incidents of ownership by the insured and properly funded by transferring an existing policy or having the trust purchase a new policy. Timing, clear trustee duties, and coordination with the insurance carrier matter a great deal. The trust also needs provisions to address premium funding and successor trustees so it functions smoothly over time and aligns with the grantor’s broader estate planning goals.
Transferring an existing life insurance policy into an ILIT is generally treated as a gift to the trust beneficiaries and may require a gift tax return if the transfer exceeds annual exclusion amounts. In many cases, families use annual exclusion gifts from multiple family members to cover premium payments so that gifts remain within exclusion limits. Alternatively, the grantor may make gifts to the trust for premium payments; proper documentation and trust language are important to track these contributions and maintain compliance with tax rules. Gift tax considerations can be managed through careful planning, timely filings when necessary, and using available exclusions or exemptions. Working with legal counsel and a tax advisor helps determine whether a gift tax return is required and how to structure funding to minimize tax impact. Proper design ensures the ILIT accomplishes its estate planning goals without unintended tax consequences.
When a policy is placed in an ILIT, the insured generally cannot retain rights that would allow them to control the policy, such as changing beneficiaries or borrowing against the policy; retaining such rights can cause the policy proceeds to be included in the insured’s estate. This surrender of control is a key aspect of why the trust is effective for estate planning purposes. However, the trust document can grant the trustee authority to manage the policy and make distributions to beneficiaries within the grantor’s stated objectives. Although the insured gives up direct control, careful drafting allows the insured’s intentions to be honored through detailed trust provisions. Grantors can set specific distribution instructions, name trusted individuals as trustees or co-trustees, and include mechanisms for communication so their wishes are implemented without retaining disqualifying incidents of ownership.
An ILIT can help mitigate estate taxes by excluding life insurance proceeds from the insured’s taxable estate, provided the policy is owned by the trust and the transfer timing rules are satisfied. This exclusion can preserve assets for beneficiaries and reduce the need to sell property to meet estate tax obligations. In addition to tax considerations, an ILIT provides immediate liquidity at death, ensuring funds are available to pay taxes, debts, and administrative costs without disrupting the family’s ownership of other assets. To achieve both tax mitigation and liquidity benefits, it is important to fund the ILIT properly and adhere to ownership and timing rules. Coordination with insurance providers and clear instructions for premium payments ensure the policy remains in force. Thoughtful trust design balances the need for available cash at death with control and protection for beneficiaries as part of a broader estate plan.
If the trustee fails to pay premiums, the policy could lapse and the intended benefits of the ILIT would be lost, leaving beneficiaries without the planned liquidity or protection. To prevent this, the trust document should include clear funding mechanisms and allow contributions from family members for premium payments. Trustees should maintain accurate records of premium payments and have instructions for remedial steps in the event of missed payments, including options for paying arrears or substituting other funding sources. Regular oversight and practical procedures reduce the risk of lapse. Grantors should name trustees who understand their duties and consider successor trustees or co-trustees to provide redundancy. Periodic communication among trustees, beneficiaries, and the insurance carrier helps flag payment issues early and protect the policy’s intended benefits for beneficiaries.
An ILIT can support a beneficiary with special needs if coordinated properly with other planning tools so benefits eligibility is not jeopardized. Rather than providing direct cash distributions that might affect means-tested programs, the ILIT’s terms can empower the trustee to make discretionary or purpose-specific distributions for medical care, housing, or therapy without impairing the beneficiary’s access to needed public assistance. Working with counsel ensures trust language and administration practices preserve applicable benefits while delivering support. Coordination with a special needs trust or other tailored provisions often provides the best protection for benefits and long-term care needs. The ILIT can be drafted to complement those structures and supply funds in a manner that addresses both immediate and ongoing support needs, protecting the beneficiary’s financial security while maintaining program eligibility as required.
Choosing a trustee for an ILIT should balance reliability, administrative ability, and impartiality. A trustee may be a trusted family member with the capacity to manage duties, a professional trustee at a bank or trust company, or a combination of both through co-trustee arrangements. The trustee will handle premium payments, recordkeeping, beneficiary communication, and claims filings, so selecting someone who will perform those tasks consistently and in accordance with the trust terms is important. The trust should name successor trustees and outline clear duties to minimize disputes and ensure continuity. If family members serve as trustees, consider whether they have the time, objectivity, and organizational skills to manage the trust long-term. Professional trustees can provide administrative continuity, though they may involve additional cost. The choice should match the family’s needs and the complexity of the trust administration.
Timing matters because transfers of a life insurance policy into an ILIT within three years of the insured’s death may still be included in the estate under federal rules, which could negate the intended tax benefits. For this reason, it is advisable to plan and fund the ILIT well before expected health declines to avoid timing pitfalls. If you are considering transferring an existing policy, review the policy’s age and any potential three-year inclusion rule implications to determine the best approach. In addition to the three-year rule, consider the timing of premium funding and the grantor’s overall estate planning timeline. Early planning supports smoother administration and helps establish reliable premium payment arrangements. If a short timeline exists, alternative strategies or careful documentation may be necessary to address potential inclusion and achieve the client’s objectives as fully as possible.
An ILIT should be coordinated with your will and any pour-over provisions so that the overall estate plan functions cohesively. A pour-over will directs assets that are not titled in a trust at death to a trust for administration, ensuring that assets intended for the trust are ultimately governed by the trust terms. For life insurance proceeds, pairing an ILIT with a pour-over will can help capture assets that were inadvertently left out of trust arrangements and ensure consistent distribution instructions across documents. Coordination prevents conflicting beneficiary designations and reduces the risk of unintended probate. Regular reviews ensure that beneficiary designations, trust ownership, and will provisions remain aligned as assets change or family circumstances evolve. This holistic approach keeps the estate plan consistent and reduces administrative complexity for trustees and executors.
Review your ILIT and related estate documents periodically and after major life events such as marriage, divorce, births, deaths, significant changes in assets, or relocation. These milestones may affect beneficiary designations, the adequacy of premium funding arrangements, or the suitability of named trustees. Regular reviews ensure that the ILIT continues to match your intentions and that related documents like wills, powers of attorney, and advance health care directives remain coordinated with the trust structure. At a minimum, conduct a review every few years to confirm that policies are in force, premium payment mechanisms are effective, and trustee contact information is current. These periodic check-ins allow for timely adjustments to funding strategies or administrative procedures and help maintain the trust’s long-term functionality and alignment with your overall estate planning objectives.
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