An Irrevocable Life Insurance Trust (ILIT) can be an effective estate planning tool for individuals who want to protect life insurance proceeds from estate tax exposure and ensure proceeds are distributed according to their wishes. At the Law Offices of Robert P. Bergman, we assist clients with planning, drafting, and administering ILITs tailored to family needs, assets, and beneficiary goals. This guide explains how ILITs function, common benefits and limitations, and the steps involved in creating and funding a trust while remaining mindful of California law and the practical concerns families face in Boyle Heights and throughout Los Angeles County.
An ILIT helps separate life insurance ownership from an insured’s estate by transferring policy ownership and death proceeds into a trust that is irrevocable, which can reduce potential estate tax exposure and simplify distribution. This approach can also protect proceeds from certain creditors and provide a structured method for supporting surviving family members, minors, or dependents with special needs. Understanding how contributions, premium payments, grantor trust rules, and trust terms interact with state and federal rules is essential for achieving your planning objectives and minimizing unintended tax or liquidity issues after a loved one passes.
An ILIT offers clear benefits when integrated into a comprehensive estate plan. By transferring a life insurance policy to an irrevocable trust, policy proceeds are generally kept outside of the insured’s taxable estate, potentially lowering estate tax obligations for large estates. ILITs also provide a controlled distribution mechanism, enabling trustees to manage funds for beneficiaries’ long-term needs, such as education, housing, or ongoing care. Additionally, thoughtful ILIT drafting can provide creditor protection, preserve public benefits for eligible beneficiaries, and afford a smoother transition at the time of the insured’s death, with the trust document specifying who receives what and when.
The Law Offices of Robert P. Bergman serves clients across California from a foundation built on thoughtful estate planning, clear communication, and practical legal solutions. Our team helps families design trust structures, prepare pour-over wills, and implement trusts such as ILITs, special needs trusts, and retirement plan trusts. We emphasize client-centered planning, working closely with you to understand personal goals, financial realities, and family dynamics. Our approach focuses on producing documents that are durable, easy to administer, and aligned with California law to reduce uncertainty and facilitate efficient administration when needed.
An Irrevocable Life Insurance Trust is a legal arrangement in which the grantor transfers ownership of a life insurance policy to a trust that cannot be revoked. The trust becomes the legal owner and beneficiary of the policy, and its trustee is responsible for managing the policy and any trust assets. Funding the trust and paying policy premiums commonly involves gifts to the trust or leveraging existing trust assets to cover premiums. Parties creating an ILIT must consider federal gift tax rules, three-year transfer rules, and the trust terms that determine how proceeds will be used and distributed after the insured’s death.
Setting up an ILIT requires attention to precise timing and paperwork because certain transfers or retained incidents of ownership can result in inclusion of the policy proceeds in the grantor’s estate. The trustee must have clear authority and a defined plan for premium payments and recordkeeping to avoid tax pitfalls. Additionally, ILITs can be tailored to provide liquidity for estate taxes, offer income for surviving family members, or preserve access to public benefits for vulnerable beneficiaries. Proper coordination with other estate documents, retirement accounts, and beneficiary designations is essential to achieve intended outcomes.
An ILIT is a trust that holds ownership of a life insurance policy and is generally irrevocable once established. The grantor transfers the policy into the trust, with a trustee appointed to manage the policy on behalf of the named beneficiaries. Upon the insured’s death, the policy proceeds are paid to the trust and distributed according to the trust’s terms. Because the insured gave up ownership and control, the proceeds are typically not included in the taxable estate, subject to certain timing rules. The trust document outlines how proceeds will be used, whether for lump sums, ongoing payments, or instructions for trusts for minors or other dependents.
Essential elements of an ILIT include a trustee with fiduciary responsibilities, clear beneficiary designations, instructions for premium funding, and terms for distribution of proceeds. Establishing the trust involves drafting the trust agreement, transferring the policy ownership to the trust, and ensuring premium payments are properly structured to avoid unintended tax consequences. Trustees must maintain accurate records of gifts into the trust, premium payments, and any Crummey notices if gifts qualify for the annual exclusion. The trust should also be coordinated with the insured’s overall estate plan, beneficiary forms, and any existing trusts to prevent conflicting provisions and ensure smooth administration.
Understanding common terms helps you make informed decisions about ILITs. This glossary covers important concepts such as ownership transfer, grantor trust rules, Crummey powers, and taxable estate inclusion. Familiarity with these terms reduces the risk of unintended results and helps you communicate effectively with the trustee, financial advisors, and family members. Clear definitions also make it easier to review trust drafts, confirm funding strategies, and coordinate beneficiary designations so the ILIT functions as intended when life insurance proceeds are paid out.
Ownership transfer refers to the process of changing the legal owner of a life insurance policy from the insured or grantor to the trust. This change must be documented with the insurance company and reflected in the policy records. After transfer, the trust is responsible for premium payments and policy administration. Proper transfer timing is important because transfers made within a specified period before death may be treated as retained ownership for estate tax purposes, potentially causing inclusion of the policy proceeds in the insured’s taxable estate. Clear records and coordination with the insurer are essential to confirm ownership.
A Crummey power is a trust provision that gives beneficiaries a limited-time right to withdraw a contribution to the trust, which can allow gifts to qualify for the annual gift tax exclusion. In practice, trustees send notice to beneficiaries informing them of the withdrawal right, and if not exercised, the funds remain in the trust for premium payments or other purposes. Properly drafted Crummey provisions are particularly useful when the grantor funds premium payments via annual gifts but wants to maintain the ultimate use of funds within the trust without triggering gift tax consequences.
Grantor trust rules determine whether the grantor is treated as the owner of trust income for income tax purposes. Certain ILIT funding or retained rights can cause the trust to be treated as a grantor trust, affecting how income and deductions are reported on tax returns. While grantor trust status does not necessarily result in inclusion of death proceeds in the estate if ownership is properly relinquished, the income tax consequences should be considered when structuring the trust. Consultation with tax advisors helps align ILIT design with the desired income and estate tax outcomes.
The three-year rule refers to a federal tax provision where life insurance proceeds may be included in an estate if the insured transferred the policy within three years of death and retained certain incidents of ownership. To avoid inclusion, transfers should generally be completed more than three years before death, and the grantor must avoid retaining control or rights that constitute ownership. This timing rule is a fundamental consideration when planning an ILIT, and it underscores the importance of timely transfers and careful drafting to ensure the intended tax treatment is achieved.
When evaluating ILITs alongside other options like payable-on-death designations, beneficiary designations on retirement accounts, or revocable living trusts, consider how each mechanism affects control, tax treatment, creditor access, and distribution timing. Payable-on-death designations may offer simplicity but provide less control and protection. Revocable trusts offer flexibility while the grantor is alive but do not remove assets from the taxable estate until the grantor relinquishes ownership. An ILIT specifically addresses life insurance ownership to achieve distinct tax and distribution objectives that may complement other planning tools.
For individuals with modest estates and straightforward beneficiary needs, a limited approach such as confirming beneficiary designations or using a revocable trust for basic planning can be sufficient. If taxable estate concerns are unlikely and liquidity needs are minimal, a full ILIT may not be necessary. In these situations, focusing on clear beneficiary designations, updating wills, and ensuring powers of attorney and health care directives are in place can provide meaningful protection and ease of administration while avoiding the complexity of irrevocable trust structures.
When life insurance is intended to cover short-term obligations like a mortgage or temporary income replacement, retaining the policy outside an ILIT while aligning beneficiaries and ensuring premium funding may be adequate. For short-term horizons or when the three-year timing rules make transfer less effective, simpler arrangements coupled with an overall estate plan can meet family needs without creating an irrevocable ownership structure. However, it is wise to revisit choices periodically as financial circumstances, health, or tax law change.
When a family has multiple assets, blended family considerations, business interests, or beneficiaries with special needs, a comprehensive approach helps coordinate life insurance, retirement accounts, and other estate documents to avoid conflicting outcomes. A tailored ILIT can function alongside special needs trusts, pour-over wills, and retirement plan trusts to fulfill long-term objectives and maintain eligibility for public benefits where needed. Coordinated planning reduces surprises at the time of administration and helps ensure that distributions align with the grantor’s intended support for spouses, children, or dependents.
High net worth individuals, business owners, or those concerned about potential estate taxes or creditor claims often benefit from a trust-focused strategy that considers multiple vehicles, such as ILITs, irrevocable trusts, and business succession planning. A coordinated plan helps provide liquidity at death to pay obligations, prevents unintended estate inclusion, and can implement protective measures for beneficiaries. While no approach eliminates all risk, careful drafting, timing, and funding mechanisms increase the likelihood that assets will pass according to your goals and with reduced administrative friction.
A comprehensive approach aligns the ILIT with other estate planning documents to protect assets, provide liquidity, and manage distribution timing. This coordination ensures that beneficiary designations, retirement plans, and wills do not contradict the trust terms, reducing the risk of probate complications and unintended tax consequences. Structured distributions through the trust can provide ongoing financial support for beneficiaries, protect funds from creditor claims to the extent permitted by law, and create contingency plans for guardianship or special needs care, thereby preserving the grantor’s intent over time.
Additionally, combining an ILIT with other tools can improve family clarity and reduce administration burdens after death. Trustees can implement instructions for managing proceeds, providing periodic payments, or funding other trusts such as education or special needs trusts. Coordination with financial advisors ensures premium payment strategies are practical and sustainable, and that tax and accounting considerations are addressed. The result is a more resilient plan that anticipates common challenges, supports beneficiaries, and minimizes the potential for disputes during settlement.
By removing life insurance proceeds from the taxable estate, an ILIT can reduce the estate tax burden for estates that approach or exceed exemption thresholds. The trust can also be structured to provide liquidity needed to pay estate taxes, debts, and administration costs without requiring the sale of other assets. This planning helps preserve family-owned businesses, real estate, or retirement holdings that might otherwise be sold to meet obligations. Ensuring premium funding is reliable and that ownership transfer occurs outside the three-year window strengthens the intended tax treatment and liquidity planning.
An ILIT enables grantors to set precise distribution terms, whether that means lump sums to adults, staggered payments to younger beneficiaries, or distributions conditioned on life events such as education or home purchases. This structure can protect proceeds from creditors or unwise spending while allowing the trustee to manage distributions in the beneficiaries’ best interest. When combined with other trusts or guardianship nominations, an ILIT helps implement a durable plan for dependents, including provisions for funds to supplement care for vulnerable beneficiaries without compromising eligibility for public benefits.
Consistent funding is essential to keep an ILIT policy in force and avoid lapses that would defeat planning goals. Maintain records of gifts to the trust, Crummey notices if used, and premium payments to demonstrate the intended tax treatment and to support accounting for gift tax exclusions. Coordinate with financial institutions and insurers so transfers are recorded correctly. Clear documentation reduces friction for trustees and heirs and helps ensure that policy benefits are secure when the time comes for distribution under the trust terms.
Beneficiary designations on life insurance policies and retirement accounts should reflect the existence and terms of your ILIT and other trusts to avoid conflicting outcomes. A mismatch between policy beneficiary designations and trust documents can undermine the plan. Review all beneficiary designations, wills, powers of attorney, and healthcare directives periodically, especially after major life events like marriage, divorce, or the birth of a child. Consistent documentation helps ensure your intentions are honored and simplifies administration for heirs.
People consider an ILIT when they want to manage how life insurance proceeds are treated for estate tax purposes and how proceeds will be distributed to beneficiaries. This tool can be particularly relevant for those close to or above potential estate tax thresholds, business owners who need liquidity to fund succession plans, and families seeking to protect inheritance for minors or vulnerable beneficiaries. An ILIT can also be part of a strategy to provide steady income for a spouse or other family members, while preserving long-term assets for future generations.
An ILIT is worth considering when the policy ownership and beneficiary designations would otherwise expose the proceeds to estate inclusion or creditor claims, or when the grantor wishes to impose conditions on distributions. The trust structure can manage timing, amounts, and purposes for which proceeds are used and help avoid immediate windfalls that might be harmful to some beneficiaries. As family circumstances evolve, an ILIT may be combined with other trusts and planning tools to address changing needs and preserve the grantor’s intentions effectively.
An ILIT is commonly used by individuals with significant life insurance policies, estate tax exposure, family business succession concerns, or beneficiaries who may need structured distributions. It is also frequently used to protect proceeds for minors, to help preserve access to public benefits for disabled beneficiaries, or to ensure that funds are available to pay estate taxes and administrative costs without forced liquidation of other assets. Life changes such as remarriage, blended families, or substantial increases in net worth can all prompt a review of whether an ILIT is appropriate.
Individuals with larger estates often use ILITs to remove life insurance proceeds from the taxable estate and to provide liquidity needed to satisfy estate obligations. When substantial assets may be subject to estate taxes, preserving the value of family businesses, real estate holdings, and retirement accounts becomes a priority. An ILIT can help ensure that life insurance proceeds are available in a structured manner to support heirs and maintain ongoing operations or property ownership rather than being consumed by taxes or forced sales to meet obligations.
When beneficiaries are minors or young adults, an ILIT allows a grantor to set terms for staged distributions, education funding, or supervised disbursements. This can prevent immature decision-making from depleting funds and provide trustees with the authority to manage disbursements for important needs. The trust terms can include contingencies for reaching certain ages, completing schooling, or milestone events, offering a balance between immediate support and long-term financial prudence on behalf of beneficiaries.
For beneficiaries who rely on means-tested public benefits, an ILIT paired with a special needs trust or other planning tools can be structured to provide supplemental support without disqualifying them for benefits. Ensuring that funds are used to supplement rather than replace public assistance requires careful drafting and clear instructions for trustees. Implementing these protections helps preserve eligibility while providing for quality of life improvements and long-term care planning for vulnerable family members.
The Law Offices of Robert P. Bergman provides legal assistance to individuals and families in Boyle Heights, across Los Angeles County, and throughout California. Whether you are considering creating an ILIT, coordinating an existing life insurance policy with your estate plan, or reviewing beneficiary and trustee designations, we offer thoughtful planning and clear guidance. We help clients assess whether an ILIT suits their needs, assist in drafting trust documents, and support trustees with administration and funding questions to help achieve orderly and reliable outcomes.
Choosing counsel to implement an ILIT involves selecting a firm that prioritizes careful drafting, clear communication, and practical administration. The Law Offices of Robert P. Bergman takes a client-first approach, listening to family goals and tailoring trust terms to reflect those priorities. We work collaboratively with financial advisors and accountants to ensure that premium funding strategies, tax implications, and long-term beneficiary needs are addressed in a unified plan that fits your circumstances within California law.
Our firm assists with all phases of ILIT planning, including drafting trust agreements, coordinating with insurers to transfer ownership, preparing documentation for premium funding and Crummey notices, and advising trustees on recordkeeping and distributions. We emphasize clarity in trust language to reduce potential disputes and ensure trustees have the authority they need to act prudently. Clients receive practical guidance aimed at making administration straightforward and consistent with the grantor’s intentions, while remaining attentive to tax and timing issues.
We also support clients during trust administration, helping trustees navigate claims, beneficiary requests, and distributions while maintaining compliance with trust terms and legal requirements. Whether you are updating an existing plan or creating an ILIT as part of a broader estate strategy, we help you consider alternatives, coordinate documents like pour-over wills and powers of attorney, and prepare the paperwork necessary to implement a durable plan that serves your family’s needs over time.
Our process begins with a thorough review of existing insurance policies, beneficiary designations, and overall estate documents to understand your objectives. We then discuss funding strategies, timing considerations related to the three-year rule, and the trust provisions that best reflect distribution preferences. After drafting and executing the trust, we assist with transferring policy ownership, notifying insurers, and implementing premium funding protocols. We remain available to advise trustees and beneficiaries through the trust’s administration to promote clarity and compliance.
During the initial meeting, we gather information about your policies, family situation, asset values, and estate planning goals. We review beneficiary designations, check for potential conflicts with existing documents, and explain the timing and tax implications of transferring a policy to an ILIT. This assessment helps determine whether an ILIT is appropriate and identifies any steps needed to align other elements of the estate plan. The goal is to develop a recommended approach tailored to your objectives and practical constraints.
We carefully review insurance contracts, current beneficiary designations, wills, trusts, and financial accounts to identify conflicts or gaps. This review informs the recommended trust terms, funding approach, and whether additional documents like a pour-over will or guardianship nominations are needed. By evaluating the interplay among these items, we can design an ILIT that integrates seamlessly with your broader plan and reduces the chance of unintended outcomes or administrative complications for beneficiaries.
We discuss important timing considerations, including the three-year rule that can affect estate inclusion, and evaluate options for funding premiums such as annual gifts, trust assets, or leveraging policy cash value before transfer. We also review the use of Crummey notices if annual gift exclusions are part of the funding strategy. This step ensures you understand how different funding choices influence tax results and the trust’s ability to keep the policy in force over time.
Once the plan is settled, we draft the trust document with clear provisions for ownership, trustee powers, distribution instructions, and funding mechanics. The document is reviewed with you and any advisors to confirm alignment with your goals. After signing, we prepare the formal transfer of the policy to the trust and assist with insurer forms and other administrative steps to ensure the change of ownership is recognized and recorded correctly, minimizing the risk of future disputes or tax inclusion.
Trust language is drafted to give the trustee the authorities needed to manage the policy and administer proceeds while restricting retained powers by the grantor that could affect tax treatment. We discuss trustee selection, successor trustee provisions, and instructions for payouts, including conditions or staggered distributions. Clear trustee roles and instructions reduce ambiguity and place fiduciary responsibilities on the trustee to act in beneficiaries’ best interests consistent with the trust terms.
After executing the trust, we coordinate with the insurance company to change policy ownership to the trust and confirm beneficiary designations point to the trust. If premium funding will rely on annual gifts, we prepare notice templates for Crummey rights and advise on recordkeeping practices. Proper execution and timely notifications help establish the intended transfer and support defense of the planning decisions if questions arise in future administration or tax examinations.
After the insured’s death, the trustee manages filing claims, receiving proceeds, and distributing funds according to the trust terms. We assist trustees with claims processing, tax filings, and interpreting trust language to carry out the grantor’s intentions. Our firm provides ongoing support during administration, helping resolve beneficiary questions, settle debts and obligations, and coordinate with accountants or financial advisors to ensure distributions and investments align with the trust’s objectives and legal duties.
The trustee files a claim with the insurer, receives proceeds into the trust, and accounts to beneficiaries for receipt and distribution. Trustees must balance prompt distributions with prudent administration, including paying debts, taxes, and administrative expenses. We help trustees prepare required notices, maintain transparent accounting, and follow the trust provisions for staggered or conditional distributions so beneficiaries receive the intended benefits while the trustee fulfills fiduciary obligations.
Trust administration can raise disputes among beneficiaries or questions about interpretation of trust terms. When issues arise, our firm advises trustees and beneficiaries on dispute resolution options, helps negotiate settlements, and represents parties when litigation is necessary. We also ensure that administration complies with tax reporting requirements and state trust law, aiming for efficient resolution that honors the grantor’s plan and reduces prolonged conflict or expense for the family.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy and cannot be revoked by the grantor after execution. The trust holds the policy and receives the death benefit, which it then distributes according to the trust terms. This differs from revocable trusts because a revocable trust does not remove assets from the taxable estate while the grantor is alive and can be modified or revoked. The ILIT specifically addresses ownership of life insurance to achieve tax and distribution objectives that other trusts may not accomplish. ILITs are tailored to manage insurance proceeds and can include provisions for trustee authority, distribution timing, and conditions for payments. While they offer potential estate tax benefits and controlled distributions, ILITs also require careful attention to transfer timing, retained ownership issues, and funding mechanisms. Because they are irrevocable, grantors should carefully consider the long-term implications and coordinate with the rest of their estate plan before transferring ownership of a policy.
Transferring a policy to an ILIT generally means the grantor gives up ownership rights, which can affect the ability to borrow against the policy or access its cash value. The trust will be the owner, and the trustee is responsible for managing the policy, including borrowing or surrendering the policy if the trust terms permit. If you anticipate needing to access cash value or maintain flexible control, those considerations should be discussed before transfer to ensure the plan aligns with liquidity needs. If access to cash value is important, alternative strategies may be considered, such as retaining the policy outside the trust while arranging for other planning tools. Coordination with your financial advisors is recommended to evaluate long-term implications of transferring ownership and to select the funding mechanism that supports both premium payments and anticipated cash flow needs without undermining the trust’s objectives.
The three-year rule is a federal provision that may cause life insurance proceeds to be included in the insured’s estate if the policy was transferred within three years of death and the grantor retained incidents of ownership. To avoid this inclusion, transfers are typically completed more than three years before death and structured so the grantor does not retain control. This timing concern is central to ILIT planning and influences when transfers should occur to achieve the desired estate tax treatment. When a transfer occurs close to the time of death, alternative strategies and possible exceptions should be reviewed with counsel and advisors. Even if the three-year rule applies, the ILIT may still provide benefits such as controlled distributions or creditor protections, but the tax results could differ from those intended, making early planning preferable whenever possible.
Crummey notices are notices sent to trust beneficiaries informing them of a temporary withdrawal right after a contribution to the trust, which allows that contribution to qualify for the annual gift tax exclusion. The notice gives beneficiaries a short window during which they can exercise the withdrawal right. If the beneficiary does not exercise the right, the funds remain in the trust for the intended use, such as premium payments. Properly implemented Crummey provisions help fund an ILIT efficiently using annual exclusions. Trustees must document Crummey notices and monitor whether beneficiaries exercise withdrawal rights. While notices help support the tax treatment of gifts, they should be drafted and administered carefully to avoid inadvertent consequences. Clear recordkeeping and consistent procedures for sending notices reduce uncertainty for trustees and strengthen the legal foundation for using annual exclusions to fund premium payments.
An ILIT can provide a degree of protection from creditors, because once the policy and proceeds are held by an irrevocable trust, they are generally not part of the beneficiaries’ personal assets until distributed. However, creditor protection depends on state law, trust terms, timing of transfers, and the nature of the creditor claim. Some creditors may be able to reach trust distributions depending on circumstances and the beneficiary’s legal rights at the time funds are paid. To maximize protections, trusts can include spendthrift provisions and structured distribution terms that limit direct access by beneficiaries. While these measures can reduce exposure to claims, they are not absolute, and careful drafting is required to balance protection with the need for beneficiary distributions and legal compliance under California law.
Choosing a trustee for an ILIT involves selecting someone with financial acumen, organizational skills, and the ability to act impartially among beneficiaries. A trustee may be a trusted family member, a trusted advisor, or a professional trustee, but the decision should consider the complexity of managing insurance policies, premium funding, tax notice requirements, and potential fiduciary responsibilities. Successor trustee provisions should be clear to ensure continuity in administration and to avoid disputes among beneficiaries. It is also important to discuss trustee compensation, reporting expectations, and decision-making authority before naming a trustee. Trustees should be given the resources and guidance necessary to perform their duties, including access to legal and accounting advice when appropriate, to fulfill obligations under the trust terms and California trust law.
An ILIT can be used in conjunction with a special needs trust or other planning to provide supplemental support for beneficiaries who receive public benefits. Because ILIT distributions can be directed and limited by trust terms, they can be structured to avoid disqualifying beneficiaries from means-tested programs when drafted correctly. Coordination with counsel and benefit planners is essential to craft language that supplements rather than replaces public assistance and to avoid jeopardizing eligibility. Properly designed, the ILIT and associated trusts provide additional resources for quality of life items like therapy, education, or medical equipment while preserving access to basic needs benefits. The planning should be revisited periodically to ensure changing rules and beneficiary circumstances are addressed and the trust remains effective in meeting long-term support goals.
If the insured dies shortly after transferring the policy to an ILIT, the three-year rule may apply and result in inclusion of the policy proceeds in the insured’s taxable estate, depending on retained incidents of ownership. This outcome can undermine the intended estate tax benefits of the ILIT. Timing and the nature of retained rights are therefore critical considerations when planning transfers to avoid unintended tax consequences that arise from transfers made too close to death. Even if the three-year rule causes inclusion, the trust may still serve to manage distributions, provide creditor protection in some circumstances, and document the grantor’s intentions for proceeds. Because of these possibilities, early planning and transfer well in advance of potential incapacity or death provide the most reliable path to achieving ILIT goals.
ILITs interact with retirement accounts and beneficiary designations because those beneficiary forms often govern the distribution of benefits outside the probate process. An ILIT is primarily intended for life insurance policies, so retirement accounts should be reviewed to ensure beneficiaries and payout instructions align with the overall estate plan. Naming an ILIT as a beneficiary of a retirement account may have tax and distribution implications that should be evaluated carefully with retirement and tax advisors. Coordination helps avoid conflicting beneficiary designations and ensures retirement plans are not unintentionally directed away from intended heirs or trusts. Updating all beneficiary forms after creating an ILIT and reviewing designations after major life events helps maintain consistency across accounts and supports the desired distribution strategy when assets pass to heirs.
ILITs and related estate planning documents should be reviewed periodically and after major life events, such as marriage, divorce, birth of a child, significant changes in wealth, or changes in tax law. Regular reviews ensure that trust provisions, trustee designations, and funding strategies still reflect current goals and family circumstances. Reviewing beneficiary designations and coordinating documents helps reduce the risk of unintended consequences during administration. A recommended practice is to schedule an estate planning review every few years or sooner if circumstances change materially. These reviews allow updates to trust language, funding arrangements, and coordination with retirement accounts, ensuring that the ILIT continues to function as intended and supports long-term family objectives under current legal frameworks.
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