An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of a thoughtful estate plan for residents of Santa Fe Springs and greater Los Angeles County. This guide explains how an ILIT can hold life insurance outside of a taxable estate, help provide liquidity for heirs, and coordinate with wills, revocable living trusts, and retirement arrangements. The Law Offices of Robert P. Bergman helps clients understand whether an ILIT may be appropriate for their family and financial situation, reviewing options such as irrevocable life insurance trusts, pour-over wills, and related documents to promote orderly transfer of assets and minimize administrative burdens for successors.
Deciding to include an ILIT in an estate plan involves assessing family needs, tax considerations, and legacy goals. An ILIT requires careful drafting and administration to ensure the trust owns the policy and that transfers do not inadvertently trigger estate inclusion. This practice area intersects with health care directives, powers of attorney, and special needs or pet trusts for clients who want a full plan that protects beneficiaries and provides for specific intentions. We walk clients through steps like funding, trustee selection, beneficiary designations, and ongoing trust management to align the ILIT with broader estate planning objectives in California.
An Irrevocable Life Insurance Trust offers several potential benefits, including removing a life insurance policy from the grantor’s taxable estate, creating immediate liquidity for paying estate expenses, and providing a clear structure for distributing proceeds to beneficiaries. For families concerned about probate delays or estate tax exposure, an ILIT can be a planning tool that preserves value for heirs and helps avoid forced sales of other estate assets. Properly implemented, the trust can also establish protections for minor beneficiaries, individuals with special needs, or those with creditor concerns while enabling the grantor to set specific distribution terms and conditions tailored to family circumstances.
The Law Offices of Robert P. Bergman in San Jose and serving clients in Santa Fe Springs provides comprehensive estate planning services focused on practical solutions. The firm assists with documents such as revocable living trusts, wills, powers of attorney, advance health care directives, and various specialized trusts. Attorneys work closely with clients to draft documents that reflect personal wishes, family dynamics, and tax planning goals. The firm emphasizes clear communication, careful drafting, and strategic coordination of insurance policies and trust arrangements so clients can feel confident their plans protect loved ones and preserve assets for intended beneficiaries.
An Irrevocable Life Insurance Trust is a trust designed to own and control life insurance policies so that policy proceeds are managed and distributed according to the grantor’s instructions. Because the trust is irrevocable, the grantor typically gives up ownership rights to the policy and the policy is held by the trust for beneficiaries. The trust document outlines trustee powers, distribution rules, and administrative duties. Properly structured, the ILIT can prevent the policy proceeds from being counted as part of the grantor’s probate estate, which can simplify settlement and preserve more value for heirs while providing funds for expenses like taxes and debts.
Creating an ILIT requires careful attention to timing, funding, and policy ownership to avoid unintended estate inclusion. The grantor often transfers an existing policy to the trust or has the trust purchase a new policy. Transfers made shortly before the insured’s death may still be included in the estate under certain rules, so early planning is advised. Trust terms should address premium payments, trustee authorities, and distribution standards to align with family priorities. Coordination with beneficiary designations on retirement accounts and titles on other assets is essential to ensure the ILIT functions as intended within a comprehensive estate plan for a California resident.
An Irrevocable Life Insurance Trust is a legal arrangement where the trust owns a life insurance policy and the trustee manages proceeds for named beneficiaries when the insured dies. Because the trust is technically the owner, proceeds may be kept out of the grantor’s probate estate, subject to rules governing transfers and retention. The trust document defines who can receive benefits, how funds are used, and any restrictions or schedules for distribution. Trustees may be directed to pay debts, provide for minors, fund education, or create lifetime benefits for a spouse. This structure can preserve policy benefits and facilitate orderly distribution according to the grantor’s objectives.
Establishing an ILIT includes drafting the trust document, selecting a trustee, transferring or purchasing the insurance policy in the name of the trust, and funding premium payments to maintain coverage. The trust agreement should describe how proceeds are to be distributed, whether in lump sums or structured payments, and any conditions for access. Important steps include confirming ownership changes with the insurer, maintaining records of gift contributions used to pay premiums, and ensuring the trust meets the technical requirements to achieve the desired estate planning outcomes. Ongoing trustee administration and communication with beneficiaries are also part of successful trust management.
Understanding essential terms helps clients make informed decisions about ILITs and related estate planning. This glossary covers common phrases such as grantor, trustee, beneficiary, policy owner, and probate, explaining how each term relates to the life insurance trust. Familiarity with these terms supports clear conversations about drafting choices, funding methods, and distribution structures. Accurate definitions reduce confusion during the planning process and help ensure that documents align with the client’s intentions, family structure, and financial goals in a California legal setting.
The grantor is the person who creates the trust and transfers assets into it, typically the insured when dealing with an ILIT. The grantor sets the terms of the trust and selects the trustee and beneficiaries. Once assets are transferred into an irrevocable trust, the grantor generally relinquishes ownership and direct control over those assets, which is why careful planning and informed decisions are essential before creating an ILIT. Proper draftsmanship helps ensure the trust functions as intended and aligns with overall estate planning objectives for providing for family members or preserving wealth across generations.
The trustee is the person or entity responsible for managing the trust assets, administering the life insurance policy held by the trust, and carrying out distributions to beneficiaries according to the trust terms. Trustees must follow fiduciary duties, manage premium payments, and keep accurate records. They must also communicate with beneficiaries and coordinate with other advisers, such as tax counsel or financial professionals. Choosing a trustee who can handle financial matters and understand estate planning responsibilities is an important decision that affects how smoothly the trust functions after the grantor’s death.
A beneficiary is a person or entity designated to receive the benefits of a trust. In an ILIT, beneficiaries receive the proceeds of the life insurance policy when the insured dies, according to the distribution terms set out in the trust document. Beneficiaries can include spouses, children, grandchildren, charities, or other chosen recipients. The trust can specify how distributions are made, protect funds for minor beneficiaries, or set conditions for access to proceeds. Clear beneficiary designations and trust provisions help avoid disputes and ensure that funds are used as intended.
Estate inclusion rules govern whether life insurance proceeds are counted as part of a deceased person’s taxable estate. Transfers to a trust shortly before death may be subject to lookback periods or retained interest rules that cause inclusion. An ILIT must be structured to avoid retention of incidents of ownership and comply with timing rules, which vary by situation. Careful planning with a focus on transfer timing and the manner in which premiums are paid can help reduce the chance that proceeds become part of the grantor’s estate. Professional guidance is useful to navigate these technical requirements.
When evaluating an ILIT against alternatives such as beneficiary-designated policies, revocable living trusts, or payable-on-death accounts, consider factors like control, tax exposure, and asset protection. A revocable trust offers flexibility but may not remove insurance proceeds from the taxable estate. Naming beneficiaries directly is simple but may expose funds to creditor claims or lack structured distributions. An ILIT provides a formal mechanism to hold and manage policy proceeds outside the probate estate, but it requires giving up ownership and following specific rules. The right choice depends on family circumstances, tax considerations, and the desire for managed distributions versus direct payouts.
For individuals with modest estates and straightforward family arrangements, maintaining beneficiary designations on life insurance policies and retirement accounts may provide the necessary transfer mechanism without the complexity of an ILIT. Direct designations allow proceeds to pass to named recipients efficiently and avoid probate when accounts are properly titled. This approach can be appropriate when the primary goal is to ensure immediate liquidity for surviving family members and when creditor exposure or estate tax considerations are minimal. Periodic reviews of beneficiary forms and coordination with other planning documents help avoid unintended outcomes.
If life insurance coverage is intended primarily to address short-term obligations, such as a mortgage or a temporary income replacement need, a more limited planning approach may be practical. Simple ownership and beneficiary structures can provide necessary protection without the permanence of an irrevocable trust. When circumstances change, policy ownership and designations can be adjusted to reflect new priorities. That said, clients should confirm whether a simple approach aligns with long-term goals and understand the potential consequences for tax reporting, creditor claims, and estate settlement before deciding against a trust-based arrangement.
A comprehensive trust-based approach, including an ILIT, can address concerns about estate tax exposure and the need for liquidity to settle expenses. When estates include significant assets or retirement accounts, properly structured trusts can coordinate insurance proceeds to cover taxes, debts, or settlement costs without forcing the sale of illiquid property. The trust can also provide a predictable mechanism for distributing funds to beneficiaries while preserving the long-term goals of the grantor. This planning often involves integrating multiple documents so that the overall estate plan functions smoothly and reliably at the time of need.
When beneficiaries include minors, individuals with special needs, or those who might face creditor claims, a trust-based plan can create tailored protection and distribution terms. An ILIT allows the grantor to appoint a trustee who will manage proceeds responsibly, provide for ongoing needs, and control timing of distributions. This arrangement can reduce the risk of mismanagement and ensure funds are used for intended purposes, such as education, medical care, or supportive services. The trust framework lets the grantor balance immediate financial support with safeguards that preserve long-term benefits for beneficiaries.
A comprehensive approach that integrates an ILIT with other estate planning documents offers clarity, control, and potential tax advantages. Placing a life insurance policy in a trust can keep proceeds out of the grantor’s probate estate, create liquidity for settling obligations, and specify individualized distribution terms. When combined with revocable living trusts, wills, powers of attorney, and health care directives, an ILIT contributes to a coordinated plan that reduces complexity for surviving family members and supports the grantor’s intentions for asset distribution and wealth preservation across generations.
Beyond tax and probate considerations, a comprehensive plan can address unique family needs such as providing for a spouse while protecting assets for children, funding a special needs trust, or creating a pet trust for long-term care of animals. Trusts can also reduce the administrative burden on successors by establishing clear instructions for trustees and beneficiaries. By taking a holistic view that includes insurance planning, account titling, and beneficiary designations, clients can build a durable framework that responds to life changes and helps minimize disputes during a sensitive time.
One key benefit of a comprehensive ILIT approach is its potential to manage estate tax exposure and provide funds for estate settlement costs. When the life insurance policy is owned by the trust, proceeds can be used immediately to pay taxes, debts, or administrative expenses, avoiding forced sales of property. This arrangement gives heirs time to make considered decisions about asset distribution. While tax rules are complex and depend on individual circumstances, an ILIT can be part of a broader strategy to preserve estate value and ease the administrative process for surviving family members.
Another benefit is the ability to structure and protect distributions to beneficiaries according to the grantor’s wishes. An ILIT allows the grantor to specify whether proceeds are distributed outright or retained and managed by a trustee for education, health care, or long-term support. This control can prevent unanticipated outcomes, such as immediate disbursement to a beneficiary who may not be prepared to manage a lump sum. Trust terms can also provide creditor protection and preserve assets for future generations, aligning distributions with family objectives and preserving legacy goals.
Starting the planning process early helps ensure an ILIT is set up in a way that achieves intended outcomes and avoids unintended estate inclusion. Early preparation allows time to transfer existing policies or arrange for trust-owned coverage, coordinate premium funding, and confirm beneficiary designations on other accounts. Regular reviews are important as life changes, such as marriages, births, or changes in financial circumstances, may require updates. Periodic review also ensures that trustee selections, distribution terms, and funding strategies remain aligned with the grantor’s goals and the family’s evolving needs.
To make an ILIT effective, coordinate the trust with wills, revocable living trusts, powers of attorney, and advance healthcare directives so that all documents work together. Verify beneficiary designations on retirement accounts and life insurance policies to prevent conflicts or unintended distributions. If premiums will be paid from gifts to the trust, document those gifts properly and keep records. Coordination helps reduce the risk of estate inclusion and ensures that proceeds are distributed as intended. Good coordination also reduces administrative complexity and supports a smooth transition for beneficiaries.
Consider an ILIT if you want a formal mechanism to hold life insurance proceeds outside your probate estate, provide liquidity to cover taxes and debts, or create controlled distributions for heirs. An ILIT can be particularly helpful for families with significant assets, mixed family situations, or beneficiaries who may need oversight in managing funds. Including an ILIT in a broader estate plan allows you to align insurance proceeds with a clear distribution plan and make sure that policy benefits fund intended objectives such as education, spousal support, or long-term care for loved ones.
You might also consider an ILIT when you seek creditor protection for life insurance proceeds or wish to preserve wealth across generations while retaining control over how benefits are used. For clients with complex financial holdings, an ILIT can complement other trusts, pour-over wills, and retirement plan trusts to form a cohesive legacy strategy. Even for those with modest estates, structured planning can offer peace of mind and reduce administrative friction after death by providing a clear, trustee-managed source of funds for immediate family needs and estate settlement costs.
Typical scenarios that prompt planning for an ILIT include having a high net worth, owning a business, wanting to protect assets for beneficiaries from creditors, or needing a reliable source of liquidity to pay estate taxes or debts. Families with minor children, blended households, or dependents with special needs often use trust structures to set boundaries and ensure responsible distributions. Other circumstances include situations where an individual wants to preserve retirement assets for heirs while ensuring funds are available to cover expenses right away when the insured dies.
Clients with substantial assets or complex holdings may turn to an ILIT to help manage estate tax exposure and provide a ready source of funds for settlement costs. An ILIT can prevent life insurance proceeds from being subject to probate, and when combined with other planning tools it can help preserve value for intended beneficiaries. Proper planning involves coordinating the trust with retirement accounts, revocable trusts, and transfers of other property to create a cohesive plan that addresses liquidity needs and long-term wealth preservation goals for the family.
When beneficiaries include minors or individuals who require oversight, an ILIT provides a way to control distributions and appoint a trustee to manage funds responsibly. The trust document can define when and how beneficiaries receive support for education, medical care, housing, or other needs. This structure helps avoid outright distributions that could be squandered or exposed to claims, and it enables the grantor to create protective measures that address the long-term welfare of those beneficiaries while retaining clear direction over the use of proceeds.
Business owners frequently need liquidity to cover succession costs, buyouts, or estate taxes that could otherwise force a sale or disruption of operations. An ILIT can provide funding that allows family members or partners to maintain business continuity while meeting settlement obligations. Incorporating life insurance held by a trust into a business succession plan can give heirs breathing room to manage transitions without immediate pressure to liquidate assets. This planning should be integrated with buy-sell agreements and corporate documents for a seamless strategy.
The Law Offices of Robert P. Bergman serves clients in Santa Fe Springs and across Los Angeles County with practical estate planning solutions including ILITs, revocable living trusts, pour-over wills, powers of attorney, and health care directives. Our approach emphasizes clear communication and careful drafting to align documents with client goals. We work to ensure each plan reflects family priorities, asset structure, and long-term objectives, and provide guidance on trustee selection, beneficiary coordination, and compliance with California legal requirements to create a durable plan that helps families during transitions.
Clients choose the Law Offices of Robert P. Bergman for a practical, client-centered approach to estate planning. The firm assists in drafting thoughtful trust documents, coordinating insurance ownership, and developing funding strategies that align with family interests. Attention to detail in drafting and trust administration helps reduce the risk of disputes and ensures that the ILIT functions as intended. We aim to make the planning process straightforward and responsive to the client’s individual circumstances, addressing both immediate concerns and legacy objectives through clear documents and actionable recommendations.
Our team helps clients navigate the specific legal and administrative steps involved in setting up an ILIT, including interaction with insurers, proper documentation of gifts used to pay premiums, and trustee instruction. We work with financial and tax advisers as needed to ensure coordination across planning areas. Through regular reviews and updates, we help ensure that the plan continues to reflect changing family needs and financial circumstances so that the trust remains effective and consistent with the client’s objectives over time.
We place emphasis on client education and thorough documentation so families understand how the ILIT fits within the broader estate plan. This includes discussing alternatives, potential consequences of different ownership structures, and strategies to protect beneficiaries. The goal is to provide clear, practical guidance to help clients make informed decisions about life insurance trusts, trustee selection, and related planning elements that support long-term peace of mind for the family.
Our process begins with a detailed initial consultation to understand family dynamics, asset structure, and objectives for legacy planning. We review existing policies and documents, identify potential tax or probate concerns, and discuss whether an ILIT fits your goals. From there, we draft trust documents, coordinate policy transfers or purchases, and provide trustee guidance. We also assist in documenting premium funding and maintain clear records to support administration. Ongoing support includes reviews and amendments as life circumstances change, ensuring the plan remains current and effective.
The first step is a comprehensive assessment of assets, insurance policies, beneficiary designations, and existing estate planning documents. We gather information on family relationships, financial accounts, and business interests that could affect the ILIT design. This review helps identify whether an ILIT is advantageous and how it should be integrated with revocable trusts, wills, and retirement accounts. We also evaluate timing considerations to reduce the risk of estate inclusion and prepare a recommended plan that balances goals with practical legal requirements under California law.
Collecting detailed information about assets, insurance policies, and family structure allows us to tailor the trust to meet specific needs. We obtain policy statements, account titles, and information about potential creditors or special needs beneficiaries. Understanding these elements enables drafting of an ILIT that addresses distribution timing, trustee powers, and funding mechanics. Clear and thorough information at this stage reduces the likelihood of surprises and helps ensure the trust aligns with the client’s broader estate planning framework and intended legacy goals.
We take time to explain the differences between trust ownership, direct beneficiary designations, and other alternatives so clients can make informed choices. This includes discussing the potential for estate inclusion depending on timing and ownership, how gift funding for premiums works, and what trustee responsibilities entail. By outlining scenarios and likely outcomes, clients can select a strategy that balances control, protection, and administrative practicality, and we prepare the necessary documents to implement the chosen path.
Once the approach is decided, we draft the ILIT document tailored to the client’s instructions, including trustee powers, distribution standards, and instructions for premium payments. The trust language addresses potential contingencies, such as successor trustees and procedures for handling disputes or changes. We coordinate with the client to finalize terms and execute the trust. Execution includes any necessary notarizations and ensuring that the trust is properly funded by transferring or issuing the insurance policy in the trust’s name in accordance with insurer requirements.
If an existing policy is transferred to the trust, we coordinate with the insurer to update ownership records and confirm the transfer is documented correctly. For new policies purchased by the trust, we work with the client and the insurance provider to structure ownership and premium arrangements from the outset. Clear documentation of ownership and beneficiary designations is essential to achieving the anticipated planning results and reducing administrative issues at the time of claim.
When premiums are paid from gifts to the trust, consistent documentation is important. We help prepare gift letters, contributions records, and trustee acknowledgments that demonstrate the source of funds used to maintain coverage. Careful recordkeeping supports the trust’s administration and addresses potential challenges regarding transfers or estate inclusion rules. These practices protect the trust’s intended benefits and provide clarity for trustees and beneficiaries when the policy pays out.
After the trust is established and funded, proper administration is essential. Trustees must pay premiums, keep accurate records, and follow distribution instructions. Periodic reviews with our firm ensure the trust remains aligned with changing laws and family circumstances. We advise trustees on reporting responsibilities, interactions with insurers, and best practices for communication with beneficiaries. Regular check-ins allow adjustments if the client’s objectives or financial situation change, preserving the trust’s benefits and keeping the overall estate plan current.
Trustees are responsible for managing trust assets, maintaining records, and executing distribution instructions. They should document premium payments, keep copies of insurance correspondence, and be prepared to provide information to beneficiaries as required by the trust. Regular reporting practices help maintain transparency and can reduce disputes. Trustees who follow clear procedures for recordkeeping and communication will be better equipped to fulfill their duties and preserve the grantor’s intentions for the policy proceeds.
Life events such as births, deaths, marriages, or changes in financial circumstances may require updates to the trust or related estate documents. Periodic reviews help ensure the ILIT and other components of the estate plan remain effective and consistent with the client’s objectives. During reviews, we confirm beneficiary designations, trustee suitability, and coordinate any changes needed to reflect current law or family priorities. Proactive reviews help prevent unintended consequences and ensure the plan continues to meet the client’s long-term goals.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy and manages the proceeds for named beneficiaries according to the trust terms. Because the trust, rather than the individual, is the owner, proceeds may be kept out of the insured’s probate estate when the trust is properly structured. This arrangement can provide liquidity for estate settlement costs and allow for controlled distributions to heirs, helping to carry out the grantor’s intentions without relying solely on beneficiary designations. You might consider an ILIT when you want to protect life insurance proceeds from becoming part of your probate estate, provide structured support for beneficiaries, or coordinate insurance proceeds with a broader plan that includes trusts and wills. An attorney can help determine whether an ILIT is appropriate by reviewing your assets, family situation, and long-term goals, and by explaining timing or ownership considerations that affect the trust’s benefits.
Placing a life insurance policy in a properly structured ILIT can remove the death benefit from the insured’s taxable estate, though this outcome depends on timing and whether the insured retained any ownership rights. Transfers or retained incidents of ownership close to the date of death may cause inclusion, so early planning and careful drafting are important. The ILIT’s purpose is often to reduce estate tax exposure while providing liquidity to pay taxes and administration costs. Because tax rules are complex and change over time, coordination with a tax adviser is recommended when considering an ILIT. The trust should be drafted to avoid retained ownership and to document premium funding, which can help support the intended tax treatment and provide a clear record for trustees and beneficiaries when the policy pays out.
You can name a spouse as a beneficiary of an ILIT, but the way the trust is structured will affect how funds are treated and distributed. Some grantors provide for a spouse to receive income or use of trust assets while protecting the ultimate distribution to children or other beneficiaries. The trust terms can be tailored to balance spousal support with preservation of assets for future generations. When planning for a spouse, consider both immediate financial needs and long-term succession goals. It is also important to consider tax implications, community property considerations in California, and whether the design accomplishes the desired outcome for both the spouse and other beneficiaries in a fair and clear manner.
Common pitfalls in creating an ILIT include failing to transfer ownership correctly, retaining incidents of ownership that cause estate inclusion, not documenting premium contributions, and neglecting coordination with beneficiary designations on other accounts. Mistakes in paperwork or timing can undermine the intended benefits of the trust and create administrative complications for beneficiaries. Avoiding these pitfalls requires careful drafting, proper execution, and good recordkeeping. Working through the funding process with clear documentation of gifts used to pay premiums and confirming insurer records helps ensure the trust functions as intended. Regular review of the trust and associated accounts also reduces the risk of unintended outcomes.
Premium payments for a trust-owned policy can be handled in several ways, commonly through gifts to the trust that the trustee uses to pay premiums, or by structuring contributions as annual exclusion gifts. Documentation of gift transfers and trustee acknowledgments is important to maintain clear records. Consistency in funding ensures the policy remains in force and the trust can provide the planned benefits upon the insured’s death. Careful planning around premium funding also helps avoid estate inclusion issues. If premiums are paid by the grantor after transferring ownership, those actions should be documented and structured to comply with tax and transfer rules, and periodic reviews can ensure ongoing compliance with the trust’s terms and funding strategy.
Choosing a trustee involves considering someone who can manage administrative tasks, handle communication with insurers, and follow fiduciary responsibilities. Potential trustees include a trusted family member, friend, or a corporate trustee. The choice depends on the complexity of the trust, the availability and reliability of the person, and whether professional assistance is needed to manage ongoing duties. Many clients choose a combination of an individual trustee and professional support to balance trust administration needs and family relationships. Clear guidance in the trust document about trustee powers, compensation, and reporting expectations can help ensure smooth administration and reduce conflicts among beneficiaries.
If the insured dies shortly after transferring a policy to an ILIT, transfer timing rules might cause the proceeds to be included in the insured’s estate for tax purposes. There can be lookback periods or rules regarding retained incidents of ownership that affect whether the transfer achieves the intended estate planning benefit. Early planning helps reduce the risk that transfers performed close to death will be ineffective for tax exclusion purposes. Because timing is significant, clients should consult with counsel before transferring policies to an ILIT and consider alternative strategies if coverage is needed on short notice. Proper documentation and understanding of the relevant rules can reduce the potential for unintended inclusion and ensure beneficiaries receive the full benefit possible under the circumstances.
An ILIT is generally irrevocable, so modifications are limited. However, some trusts include provisions for trustee discretion or mechanisms for limited changes, and other estate planning techniques can achieve similar results when modification is necessary. In certain situations, legal tools or court intervention may permit trust amendments, but these options are fact-specific and require legal guidance. Reviewing the ILIT periodically during the grantor’s lifetime and when circumstances change allows the client to anticipate needed updates. If modification is a concern, alternative planning structures or flexible provisions can be considered at the drafting stage to provide some adaptability while preserving the trust’s primary benefits.
An ILIT should be coordinated with other estate planning documents such as a revocable living trust, pour-over will, powers of attorney, and advance healthcare directives. Coordination ensures beneficiary designations and asset titling do not conflict and that the ILIT’s role within the overall plan is clear. This alignment helps prevent unintended distributions and simplifies administration for trustees and heirs. It is also important to coordinate retirement account beneficiary designations and real property titling, as these assets may have different transfer rules. A comprehensive review of all documents during the planning process helps create a cohesive strategy that achieves the client’s objectives and reduces the potential for disputes or confusion after death.
Creating an ILIT does not necessarily require retitling all other assets, but coordination is often necessary to ensure the ILIT functions as intended. Certain assets may need to be retitled or beneficiary designations updated to reflect the broader estate plan. The specific actions depend on the client’s circumstances and objectives, such as whether other assets should remain in a revocable trust or be transferred into a different trust structure. A careful review of account titles, deeds, and beneficiary forms helps identify which changes are needed to align with the trust. Working with counsel ensures that retitling and beneficiary updates are completed correctly and in a way that supports the overall estate planning strategy.
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