An Irrevocable Life Insurance Trust (ILIT) can be an effective estate planning tool for individuals seeking to manage life insurance proceeds and reduce estate tax exposure while providing clear instructions for distribution to beneficiaries. At the Law Offices of Robert P. Bergman we help Huntington Park clients understand how an ILIT functions, how it interacts with other estate planning documents like revocable living trusts and wills, and what steps are required to establish and fund the trust properly. This introduction provides an overview of the ILIT, its purpose, and the ways it may fit into a comprehensive estate plan tailored to California law and local family circumstances.
This guide outlines the benefits and limitations of an ILIT, common situations where clients choose to use this planning technique, and the practical considerations involved in drafting and maintaining the trust. Topics include the trust’s effect on estate tax treatment, gifts of policy ownership, premium payment strategies, trustee responsibilities, and coordination with powers of attorney and health care directives. Readers will gain a clear sense of timing, documentation, and the types of life insurance arrangements that best align with an ILIT for families, business owners, and those with blended family concerns in Huntington Park and the surrounding Los Angeles County communities.
An ILIT can play a significant role in preserving insurance proceeds for intended beneficiaries while separating those assets from the grantor’s taxable estate. This separation may reduce potential estate tax liability and protect life insurance proceeds from being used to satisfy creditors or probate obligations. Additionally, the trust allows the grantor to set specific distribution terms, appoint a trusted trustee to manage proceeds, and preserve benefits for minors, adults with special needs, or family-owned businesses. For many households, the ILIT offers both financial clarity and a methodical way to provide liquidity after death, assisting with expenses that might otherwise burden surviving family members.
The Law Offices of Robert P. Bergman provides estate planning services for clients throughout Los Angeles County and California, including tailored solutions for Irrevocable Life Insurance Trusts. Our approach focuses on listening to each client’s goals, reviewing existing documents such as revocable living trusts, wills, and powers of attorney, and designing an ILIT that coordinates with those instruments. We place a strong emphasis on clarity, compliance with state and federal tax rules, and practical administration provisions to reduce confusion for beneficiaries and trustees. Clients receive clear guidance on funding, trustee selection, and how the ILIT integrates with a larger estate plan.
An ILIT is a legal entity created to own a life insurance policy on the grantor’s life, with the policy proceeds held outside the grantor’s taxable estate. To work properly the trust must be irrevocable, meaning the grantor typically cannot modify or revoke the trust after it is funded. The trust document specifies beneficiaries, distribution terms, and trustee powers, and often includes language addressing premium payments and loans against the policy. Establishing an ILIT requires careful timing and clear documentation to ensure gifts to the trust are completed and the trust meets applicable gift tax and estate tax rules under federal law and California practice.
Practical steps include drafting the trust document, naming trustees and beneficiaries, transferring ownership of an existing policy or purchasing a new policy within the trust structure, and setting up a method for paying premiums. The trustee must manage policy obligations and coordinate any distributions after the insured’s death according to the trust terms. Because the trust is irrevocable, grantors should consider how the ILIT interacts with other estate planning elements such as pour-over wills, financial powers of attorney, and advance health care directives. Ongoing administration and recordkeeping also ensure the trust functions as intended.
An ILIT is a trust that holds ownership of a life insurance policy separate from the grantor’s personal assets. When properly drafted and funded, life insurance proceeds payable to the trust are not included in the grantor’s estate for federal estate tax purposes, which can preserve more value for intended recipients. The trust document outlines who receives income or principal and when distributions are made, and it designates a trustee to manage the assets. The grantor typically makes gifts to the trust to pay policy premiums or the trustee uses other trust resources. Clear wording and compliance with gift tax rules are important to achieve the desired results.
Important elements include the trust instrument itself, trustee selection, beneficiary designations, funding mechanisms for premium payments, and provisions that address loans, withdrawals, and distribution timing. The process usually begins with a planning consultation to confirm goals and identify suitable insurance structures. Drafting the trust follows, including specific clauses that address gift tax treatment, Crummey withdrawal notices if gifts are used for premiums, and administrative powers for the trustee. After establishment, proper funding and consistent recordkeeping are necessary to preserve the trust’s intended tax and distribution benefits, and periodic reviews ensure alignment with changes in family circumstances or law.
This glossary highlights common terms encountered during ILIT planning so clients can navigate discussions and documents with confidence. Understanding the roles of the grantor, trustee, and beneficiaries, as well as concepts like ownership transfer, premium gifts, and tax treatment of proceeds, reduces confusion and supports informed decision making. The definitions below are intended as a starting point for discussion with your attorney and trustee rather than a substitute for legal advice tailored to your situation. Clear terminology helps ensure the trust is drafted and administered consistent with your objectives.
An Irrevocable Life Insurance Trust is a trust created to own one or more life insurance policies and receive policy proceeds. Because the trust is irrevocable and the grantor relinquishes ownership of the policy to the trust, the proceeds may be excluded from the grantor’s taxable estate if established and funded correctly. The document specifies trustees, beneficiaries, distribution rules, and administrative powers. Properly used an ILIT can provide controlled distributions, protect proceeds from probate, and support estate liquidity to cover expenses such as taxes, debts, or business continuation costs.
A trustee manages the ILIT in accordance with the trust document and applicable law, which typically includes maintaining the policy, paying premiums when funding is available, making distributions according to the grantor’s directions, and keeping accurate records. Trustees have fiduciary duties to act in the best interests of beneficiaries, to follow the trust terms, and to avoid conflicts of interest. Trustees may also coordinate with financial institutions, insurance carriers, and tax advisors to ensure compliance with reporting requirements and to carry out the grantor’s intentions as set forth in the trust document.
The grantor is the person who creates and funds the ILIT, typically by transferring ownership of a life insurance policy or by gifting amounts to the trust to pay premiums. Beneficiaries are the individuals or entities designated to receive distributions from the trust after the insured’s death or at other specified times. The trust document defines how and when beneficiaries receive funds and may include protections for minors or individuals who need managed distributions. Clear beneficiary designations within the trust prevent unintended outcomes and ensure proceeds are distributed as planned.
Funding an ILIT commonly involves transferring an existing policy into the trust or having the trust purchase a new policy. The grantor may make gifts to the trust to cover premium payments. In many ILIT arrangements, Crummey withdrawal powers are included to allow beneficiaries a short window to withdraw gifts, which can qualify the contributions for the annual gift tax exclusion. Properly structured funding and documentation help ensure gifts are completed and that premium payments are treated consistently for tax and trust administration purposes.
When considering ILIT planning, clients often weigh a limited approach that addresses only immediate ownership transfer against a comprehensive strategy that coordinates the ILIT with an entire estate plan. A limited approach can be faster and less costly to implement, useful when the primary goal is to remove a policy from the taxable estate. A more comprehensive plan integrates the ILIT with revocable living trusts, wills, powers of attorney, and healthcare directives, offering a unified strategy for asset distribution and tax planning. The right choice depends on family dynamics, asset complexity, and long-term goals for legacy and family protection.
A limited ILIT transfer can be adequate when the client already has comprehensive estate documents in place, such as a revocable living trust, a pour-over will, and appropriate powers of attorney. In that situation the primary objective may simply be to remove life insurance proceeds from the taxable estate while preserving the existing distribution framework. The transfer process is focused and can be completed with minimal adjustments to the broader plan. This option suits clients who want a targeted change without restructuring established estate provisions or revising beneficiary arrangements throughout their plan.
When family relationships and assets are straightforward, and there is little need for conditional or staggered distributions, a limited ILIT may deliver most desired benefits without the complexity of a full estate plan overhaul. This route is practical for individuals whose main concern is leaving insurance proceeds to a surviving spouse or adult children and who do not require complicated creditor protection or trust-based distributions. Fewer moving parts mean lower administrative burdens and clearer communication with the trustee and beneficiaries.
Comprehensive planning is generally advisable when clients have blended families, business interests, retirement plans, or multiple properties that require coordinated distribution strategies. An ILIT that stands alone may create inconsistencies with beneficiary designations on other accounts or cause unintended tax consequences if not aligned with the overall plan. Working comprehensively allows for consistent language across documents, tailored trustee powers to handle business continuity or minor beneficiaries, and strategies to preserve value across multiple asset types for future generations and charitable goals.
If the goal is not only tax efficiency but also long-term management of proceeds for purposes like education funding, care for a family member with special needs, or maintaining property and business operations, a comprehensive plan provides the flexibility and structure required. Integrated documents allow the grantor to set precise conditions, create trustee powers tailored to those conditions, and coordinate liquidity planning so proceeds support ongoing obligations without disrupting existing estate intentions. This approach supports durable, practical administration over time.
A comprehensive approach aligns the ILIT with revocable trusts, wills, powers of attorney, and healthcare directives so that all documents work together toward consistent outcomes. This reduces the risk of conflicting beneficiary designations and clarifies responsibilities for trustees and fiduciaries. Comprehensive coordination can also provide better protection for beneficiaries, ensure liquidity to cover taxes and debts, and support long-term stewardship of assets. The result is a more predictable administration process that honors the grantor’s intentions while addressing practical financial and family considerations.
Additionally, a unified plan helps identify opportunities to use various trust structures together, such as combining ILITs with special needs trusts or retirement plan trusts where appropriate. It allows careful handling of beneficiary income streams, staggered distributions, and contingency provisions. By anticipating potential future circumstances and documenting clear trustee authority, the comprehensive route can reduce disputes among heirs, enable smoother transitions of ownership for businesses or properties, and preserve more of the estate’s value for intended uses.
One notable benefit of a comprehensive plan is consistent direction across accounts, policies, and documents, which minimizes ambiguity at the time of a death. When an ILIT is coordinated with other estate documents, it prevents accidental conflicts between beneficiary designations on insurance policies and retirement accounts and the instructions of a will or revocable trust. This alignment supports a predictable distribution process, protects intended beneficiaries, and reduces the likelihood of costly disputes or delays in receiving proceeds that survivors may need for immediate expenses like funeral costs or ongoing household needs.
Integrating an ILIT with broader estate planning provides a more complete view of potential estate tax exposure and liquidity needs. The ILIT can help keep insurance proceeds out of the taxable estate, while complementary strategies can address other assets that may be subject to tax or creditor claims. Combining these tools enables better coordination of liquidity to satisfy taxes and debts without forcing the sale of family property or business interests. This holistic planning is intended to leave beneficiaries with greater net value and clearer mechanisms for how funds should be used.
Ensure the transfer of policy ownership to the ILIT is documented and recorded with the insurance carrier, and maintain copies of all related paperwork. Clear documentation prevents disputes about ownership and helps demonstrate that the gift was completed for tax purposes. Keep records of any gifts made to the trust for premium payments and any Crummey notices provided to beneficiaries. Consistent recordkeeping supports trustee actions and simplifies eventual administration after the insured’s death, reducing the administrative burden on family members at a difficult time.
Review beneficiary designations, revocable living trust provisions, wills, and retirement account beneficiaries to avoid conflicting instructions. Coordination prevents unintended outcomes where proceeds are directed inconsistently among documents and reduces the risk of costly litigation. Regularly revisit the overall estate plan when family situations, assets, or tax laws change, so that the ILIT continues to serve its intended purpose. Clear coordination also allows the trustee to execute distributions aligned with the grantor’s broader legacy and financial goals.
An ILIT is often considered by individuals seeking to preserve life insurance proceeds for beneficiaries without subjecting those proceeds to probate or inclusion in the taxable estate. It is also useful for ensuring that proceeds are distributed under controlled terms, such as staggered payments over time or conditional distributions for education or caregiver support. For business owners, an ILIT can provide liquidity to assist with succession planning. Those with creditor concerns may also find the trust structure offers an added layer of separation between personal liabilities and insurance proceeds.
Clients with blended families, minor children, or family members who may require managed distributions often choose an ILIT to provide focused stewardship and to specify how funds will be used. The trust may work alongside special needs planning to avoid disrupting eligibility for government benefits. In many scenarios the ILIT helps ensure that insurance proceeds support long-term family needs rather than becoming subject to immediate division or creditor claims. Discussing goals and family circumstances helps determine whether an ILIT is the right vehicle for your objectives.
Typical circumstances include the desire to remove a life insurance policy from the grantor’s taxable estate, protect proceeds from probate, provide structured distributions for heirs, support business succession planning, and coordinate benefits for a spouse or descendants. Other scenarios are funding a trust for the care of a family member with limited resources or preserving liquidity to cover estate-related expenses. Each situation benefits from careful drafting to ensure the trust’s terms align with tax rules and the grantor’s long-term intentions for the use of insurance proceeds.
Clients with sizable estates often seek ILITs as one part of an overall strategy to manage potential estate tax exposure. By placing a life insurance policy into an irrevocable trust, the proceeds can remain available to heirs while generally not being included in the grantor’s taxable estate. This outcome depends on proper drafting, timing of transfers, and compliance with federal gift and estate tax rules. An ILIT alone does not eliminate taxes on other estate assets, but it can provide liquidity to help satisfy obligations without forcing the sale of family property or business interests.
An ILIT is useful for managing distributions to minors or adults who need oversight of funds for their health and welfare. The trust permits the grantor to set distribution standards, designate a trustee to manage funds responsibly, and protect assets from irresponsible use or claims by creditors. When integrating with guardianship nominations or special needs arrangements the ILIT can be structured to preserve benefits while providing supplemental support. Clear instructions for trustee discretion and successor trustee appointments make administration smoother for the family.
Business owners may use an ILIT to hold policies that fund buy-sell agreements or provide liquidity for business succession. The trust structure can ensure that proceeds are available to buy out a departing owner’s interest, pay taxes, or support operations during a transition period. Trust language can be tailored to coordinate with corporate agreements and to provide guidance to trustees on priorities for distributions. Maintaining alignment between business documents and trust provisions reduces friction and supports an orderly transition when ownership changes occur.
The Law Offices of Robert P. Bergman serve clients in Huntington Park, Los Angeles County, and across California, assisting with Irrevocable Life Insurance Trust formation, funding, and administration. We provide practical guidance on integrating the ILIT with existing estate planning documents, assist with transfers of policy ownership, and explain steps to maintain the trust over time. Our goal is to deliver clear, actionable advice that reflects local probate practices and state law considerations so clients feel confident their plan is aligned with personal and family objectives in the Huntington Park area.
Clients work with our firm because we focus on tailored estate planning solutions that match each individual’s circumstances, from simple policy transfers to coordination with complex estate plans. We emphasize careful drafting, practical administration provisions, and thorough communication with trustees and beneficiaries. Our approach includes explaining tax implications, funding strategies, and trustee duties so clients can make informed decisions. We aim to craft ILITs that are clear, durable, and practical for the family and trustees who will manage the trust over time.
We assist with all stages of ILIT implementation, including policy ownership transfers, documenting gifts for premium funding, preparing Crummey notices where applicable, and advising on trustee selection and responsibilities. Our guidance also covers coordination with pour-over wills, revocable living trusts, powers of attorney, and health care directives to ensure consistent outcomes. Clients appreciate straightforward explanations of how the ILIT fits into their overall legacy plan and what actions are needed now to preserve intended benefits for beneficiaries.
Our practice places importance on ongoing review and communication. Life changes such as marriage, divorce, or the acquisition of significant assets can affect planning choices, so we recommend periodic plan reviews and updates to ensure the ILIT remains aligned with evolving needs. We also work to facilitate smooth transitions for trustees and executors by providing clear documentation and guidance for administration so families can focus on their priorities when the time comes to implement the grantor’s wishes.
Our process typically begins with an initial consultation to understand your goals, current insurance arrangements, and broader estate plan. From there we review existing documents and recommend whether an ILIT should be added or integrated. We draft the trust instrument with tailored provisions, assist with trustee selection, coordinate transfers of ownership with insurance carriers, and prepare any necessary notices for gift tax purposes. We also provide trustee guidance and can help with administration matters after the insured’s death to ensure proceeds are distributed according to the trust terms.
In the initial phase we gather information about your assets, beneficiaries, insurance policies, and existing estate planning documents. This review helps identify potential conflicts, funding needs, and the best structure for the ILIT within the overall plan. We discuss timing of transfers, the impact of gift and estate tax rules, and whether to transfer an existing policy or issue a new one within the trust. The planning stage is essential to define objectives and to craft a trust document that reflects those goals while complying with applicable law.
We start by asking targeted questions about family circumstances, intended beneficiaries, existing estate documents, and life insurance details such as policy types and ownership. Clarifying who should receive benefits and under what conditions allows us to draft tailored provisions. This stage also includes discussing premium funding methods, trustee preferences, and whether beneficiary protections such as spendthrift clauses or staggered distributions are desired. Accurate information at this stage reduces the need for later revisions and helps ensure the ILIT matches your broader planning objectives.
We examine revocable trusts, wills, beneficiary forms on retirement accounts and insurance policies, powers of attorney, and advance health care directives to identify inconsistencies or gaps. This review ensures that transferring a policy into an ILIT will produce the intended outcome and helps prevent conflicting instructions that could frustrate your wishes. Where changes are needed, we recommend coordinated updates so the ILIT and other estate planning instruments align and operate together effectively.
After planning, we prepare the ILIT document with provisions tailored to funding methods, trustee powers, and distribution rules. Funding can involve transferring an existing policy into the trust or having the trust purchase a new policy. We assist with completing ownership transfer forms and communicating with the insurance carrier about beneficiary and ownership designations. If gifts are used to pay premiums, we prepare documentation to support annual gift exclusion treatment and any required beneficiary notices to preserve tax benefits.
The trust language addresses trustee authority, distribution timing, successor trustee appointments, and administrative procedures such as how premium payments are handled. Clauses may include guidance on loans, use of policy cash values, and coordination with other estate plan elements. Clear administrative provisions ease the trustee’s duties and help protect beneficiaries. Drafting aims to balance flexibility for the trustee with the grantor’s desire for specific distribution terms and protections.
We coordinate the formal transfer of policy ownership with the insurance company, ensure beneficiary designations on the policy reflect the trust ownership, and document any gifts used to pay premiums. If applicable, we prepare Crummey notices so gifts qualify for the annual exclusion. Accurate execution and recordkeeping are essential to achieve the intended tax and estate planning outcomes and to provide clarity to trustees and beneficiaries about the source and purpose of funds used to maintain the policy.
Following establishment, the ILIT requires periodic attention to ensure premiums are paid, beneficiary needs are monitored, and trustee actions remain consistent with the trust terms. We offer trustee guidance on administration, advise on any necessary interactions with tax advisors, and recommend periodic plan reviews to reflect changes in family circumstances or law. When the insured passes away we assist with claim submission, trust administration, and distributions in accordance with the trust document to facilitate an orderly and compliant process for beneficiaries.
We provide trustees with clear checklists and instructions on maintaining accurate records, managing premium payments, and filing necessary tax forms. Good recordkeeping simplifies trust administration and supports transparent communication with beneficiaries. Guidance also covers decisions about using policy cash values, taking loans if permitted, and handling requests for distributions under the trust terms. These measures help trustees carry out their duties effectively and reduce the risk of disputes during administration.
When a death claim is submitted the trustee follows the trust’s distribution instructions and coordinates with the insurance company, tax professionals, and beneficiaries. Documents are reviewed, obligations such as debts and taxes are considered, and funds are distributed according to the spelled out priorities. Our role includes assisting with claim procedures, advising trustees about timing and documentation, and helping implement distributions that align with the grantor’s stated objectives while complying with legal requirements and any applicable tax considerations.
An Irrevocable Life Insurance Trust is a trust created to own one or more life insurance policies and receive the proceeds, typically keeping those proceeds outside the grantor’s taxable estate when established and funded correctly. Unlike a simple beneficiary designation that directs proceeds to named individuals, the ILIT holds the policy and controls how and when funds are distributed according to the trust terms. This structure provides distribution control and can avoid probate for the policy proceeds. A beneficiary designation names who gets the policy proceeds directly, which can lead to immediate distributions without trust safeguards. The ILIT allows the grantor to set conditions, appoint a trustee to manage funds, and coordinate distributions over time. Whether an ILIT or direct beneficiary designations are preferable depends on goals such as control, tax planning, and protection from creditors or poor decisions by heirs.
An ILIT is funded by transferring ownership of an existing policy into the trust or by having the trust purchase a new policy. The grantor typically makes gifts to the trust to cover premiums, and proper documentation is important to support the tax treatment of those gifts. Depending on the arrangement, the trustee may also use trust-owned funds or permitted loans against the policy cash value if the trust provisions allow. Premium payment methods should be discussed at the planning stage because they affect gift tax considerations and the trust’s maintenance. If gifts are used, Crummey withdrawal powers may be included so contributions qualify for the annual gift tax exclusion. Clear recordkeeping and timely notices to beneficiaries help preserve favorable tax treatment and ensure premiums are paid on schedule.
Yes, an existing life insurance policy can often be transferred into an ILIT, but the transfer must be carefully documented and the timing considered. Transfers made shortly before the insured’s death can cause the proceeds to be included in the estate under federal rules, so planners pay attention to the timing and any gift tax implications. The insurer’s procedures for changing ownership and beneficiary designations must be followed and copies retained for the trust file. Before transferring a policy it is also important to review policy features like cash value, loans, and premium schedules, as these factors influence whether a transfer or a purchase by the trust is more practical. Coordination with the insurance carrier and clear documentation of the transfer help ensure the trust will operate as intended when benefits are paid.
The trustee’s duties include maintaining the policy, making or arranging for premium payments when funding is available, keeping accurate trust records, and making distributions according to the trust document. Trustees must also coordinate with the insurance company, manage any cash values or loans permitted by the policy, and act in the beneficiaries’ best interests while following the trust instructions. Trustee powers in the trust document provide authority to perform administrative tasks and protect the trust assets. Because trustees have these responsibilities it is helpful to provide clear instructions and successor trustee designations in the trust. Trustees should know how and when to submit claims after the insured’s death, how to handle creditor or tax concerns, and how to communicate with beneficiaries to administer distributions in a timely and organized way.
An ILIT can be drafted to balance protection with reasonable access to funds for beneficiaries. While the trust structure allows for managed distributions rather than immediate direct access, the grantor may include provisions that permit distributions for health, education, maintenance, or support, or specific triggers for funds to be released. Trustee discretion and explicit distribution standards can provide for needed access while preserving protections against premature depletion or misuse of proceeds. The design of the trust determines how restrictive or flexible distributions are, so discussing beneficiary needs and likely scenarios during drafting is important. This approach ensures the trust will be practical for beneficiaries who need access to resources while maintaining safeguards for long-term financial stability.
An ILIT normally operates independently of a pour-over will and revocable living trust because it holds and controls policy proceeds directly. A pour-over will directs any assets not already in the revocable trust to be transferred into it at death, while an ILIT holds the insurance proceeds separate from probate. Coordination ensures that beneficiary designations on retirement plans, bank accounts, and policies do not conflict with the revocable trust or ILIT instructions. When planning, it is important to review the pour-over will, revocable trust, and beneficiary designations to ensure goals are consistent across documents. Doing so reduces the risk of unintended results and ensures the ILIT complements rather than conflicts with the rest of the estate plan.
Gifts to an ILIT used to pay premiums can trigger gift tax consequences if they exceed the annual exclusion amount, but properly structured gifts often qualify for the annual exclusion when beneficiaries receive a temporary right to withdraw contributions, commonly through Crummey powers. Crummey notices inform beneficiaries of their withdrawal right for a limited period and support treating contributions as present interest gifts eligible for the exclusion. Documentation and careful administration of notices are important to preserve this treatment. If annual exclusion limits are exceeded, the grantor may need to file a gift tax return and use part of the lifetime exemption. Planning that anticipates premium amounts and coordinates gifting strategies can minimize unexpected gift tax consequences, making it easier to maintain the policy and satisfy tax reporting requirements.
An ILIT can play a helpful role in special needs planning or in providing for minors by allowing controlled distributions that do not interfere with public benefits and by appointing a trustee to manage funds responsibly. When used alongside a properly drafted special needs trust, the ILIT can provide supplemental support without disqualifying the beneficiary from means-tested benefits. The trust language should be carefully written to preserve benefits while offering additional resources for quality of life improvements. For minors the ILIT can set staged distributions or direct payments for education and care, and name guardians or trustees who will manage funds until beneficiaries reach an age or milestone specified by the grantor. Clear coordination with guardianship nominations and other protective documents helps ensure a smooth transition for young or vulnerable beneficiaries.
Because an ILIT is irrevocable it is intentionally difficult to change, and the grantor generally cannot unilaterally revoke or alter the trust terms once it is properly executed and funded. If circumstances change, parties may explore limited options such as decanting the trust into a new trust where state law permits, obtaining consent from beneficiaries to modify terms, or using trustee powers to achieve certain administrative outcomes. Each option has legal and tax implications that require careful evaluation. Before creating an ILIT it is important to consider long-term intentions and potential life changes. Thorough advance planning and regular reviews of the estate plan help minimize the need for difficult modifications later. If changes are necessary after creation, legal counsel can evaluate the available remedies under California law to determine a lawful path forward.
Reviewing an ILIT and the broader estate plan periodically is recommended to ensure the plan remains aligned with family circumstances, policy performance, and changes in tax law. Life events such as marriage, divorce, births, death, significant asset changes, or changes to retirement accounts can all affect how an ILIT should operate. Routine reviews every few years or following major life events help confirm that trustee appointments, funding methods, and distribution provisions remain appropriate and effective. During reviews we check policy viability, premium funding sources, beneficiary needs, and the interplay with other estate planning documents. Timely updates help prevent surprises and ensure the ILIT continues to provide intended benefits, maintain tax advantages where possible, and reflect the grantor’s evolving priorities.
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