An Irrevocable Life Insurance Trust (ILIT) can play a vital role in a thoughtful estate plan for Wilmington residents seeking to manage life insurance proceeds outside of their probate estate. This page explains how an ILIT operates, when it can be beneficial, and what practical steps are involved in creating and funding one. The Law Offices of Robert P. Bergman can help you evaluate whether an ILIT fits your family’s goals, whether you have a modest or substantial life insurance policy, and how a trust might work together with other estate planning tools like a pour-over will and powers of attorney.
Deciding to establish an ILIT often involves consideration of tax exposure, legacy planning, and the needs of beneficiaries such as minor children, a surviving spouse, or a family member receiving government benefits. A well-structured ILIT addresses ownership and control of a life insurance policy, names trustees and beneficiaries, and includes provisions for trust administration after the policyholder’s death. The following sections outline definitions, benefits, common scenarios, and the legal process at our Wilmington office, providing a practical roadmap for families contemplating this type of trust.
An ILIT matters because it can keep life insurance proceeds out of a decedent’s taxable estate and provide a controlled way to distribute funds to beneficiaries. For people with life insurance policies intended to support heirs, pay estate taxes, or preserve business continuity, a properly drafted ILIT can minimize unexpected estate taxation and ensure that proceeds are managed according to the grantor’s instructions. It also offers flexibility in appointing a trustee to manage distributions and protections for beneficiaries who may be minors, have creditor exposure, or receive public benefits that require careful administration of assets.
The Law Offices of Robert P. Bergman serves San Jose, Wilmington, and clients across California in a wide range of estate planning matters, including trusts, wills, and health directives. Our approach emphasizes clear communication, thorough documentation, and a steady focus on each client’s personal goals. Whether you need an ILIT, a revocable living trust, or complementary instruments like a pour-over will and a HIPAA authorization, our office provides hands-on guidance through complex decisions, tailored drafting, and step-by-step trust funding support to help ensure your plan functions as intended for your family.
An ILIT is a trust designed specifically to own and hold life insurance policies so that proceeds pass to the trust beneficiaries according to the trust terms rather than through probate. Creating an ILIT typically involves naming trustees, determining beneficiaries, setting distribution rules, and transferring ownership of an existing policy or purchasing a new policy in the trust’s name. Because the trust is irrevocable, the grantor gives up ownership rights over the insurance policy, which affects tax treatment and control. It is important to follow formalities carefully to achieve the intended estate and tax outcomes and to ensure the trustee can manage premiums and claims after the grantor’s death.
Funding and administrating an ILIT require ongoing attention to payments and documentation. Grantors may make annual gifts to trust beneficiaries who then contribute to the trust to cover policy premiums, or the trust itself may be funded with assets to purchase a policy. Trustees must keep records, handle beneficiary communications, and follow payout instructions at the policyholder’s death. Understanding how an ILIT interacts with federal estate tax rules and state law is essential to avoid unintended tax inclusion, and the trust language should reflect contingency planning for changing family circumstances and policy performance.
An Irrevocable Life Insurance Trust is a legal arrangement in which a grantor transfers ownership of a life insurance policy into a trust that cannot be revoked. The trust becomes the legal owner and beneficiary of the policy, and upon the insured’s death the insurance proceeds are paid into the trust and distributed according to the trust terms. Because the grantor relinquishes ownership, the policy proceeds generally do not become part of the estate for tax purposes. The trust document includes trustee powers, successor trustees, distribution standards, and mechanisms to address premium payments, creditor protection, and beneficiary needs over time.
Creating an ILIT involves drafting clear trust provisions, naming trustees and beneficiaries, transferring policy ownership, and establishing funding methods for premiums. Important steps include drafting transfer documents or applications to change ownership and beneficiary designations, preparing the trust to accept the policy, and creating a plan for premium payments through gifts or trust assets. Trustees must maintain proper records and handle claims and distributions when the insured dies. Periodic reviews ensure the trust remains aligned with changing tax rules and family circumstances, and backup plans should address trustee incapacity and policy lapse prevention.
Understanding common terms helps demystify the ILIT process. Important glossary items include grantor, trustee, beneficiary, premium funding, gift tax considerations, three-year lookback rule, and pour-over will. These terms define roles and timing rules that affect whether life insurance proceeds escape inclusion in the taxable estate. A clear working knowledge of these concepts helps clients make informed choices about trust language, funding strategies, and coordination with other tools like powers of attorney, health care directives, and testamentary documents that work together in a comprehensive estate plan.
The grantor is the person who creates and funds the ILIT by transferring ownership of a life insurance policy or making gifts to the trust for premium payments. Once the grantor transfers the policy into an irrevocable trust, they typically surrender ownership and control over that policy. This transfer is a legal act that affects tax treatment and control rights. Understanding the grantor’s role and the timing of transfers is important because recent transfers may still be included in the grantor’s estate under certain rules, so careful timing and documentation of transfers are essential.
The trustee is the individual or institution charged with managing the ILIT’s assets and administering distributions according to the trust terms. Duties include paying premiums if the trust holds funds, filing claims after the insured’s death, and distributing proceeds to beneficiaries as directed. Trustees have fiduciary responsibilities to act in beneficiaries’ best interests and to maintain accurate records. The trust should name successor trustees to ensure continuity of administration in case a trustee is unable or unwilling to serve.
A beneficiary is any person, trust, or organization designated to receive distributions from the ILIT after the insured’s death. Beneficiaries may include family members, charitable organizations, or other trusts such as a special needs trust. The trust document can specify conditions for distributions, timing, and protections for beneficiaries who may need financial oversight. Careful drafting can prevent disputes and align the flow of funds with the grantor’s wishes while ensuring that beneficiaries receive the intended support without unnecessary delay.
The three-year lookback rule refers to a period during which transfers of a life insurance policy into an ILIT may still be included in the grantor’s estate for estate tax purposes if the insured dies within three years of the transfer. This timing rule requires thoughtful planning about when to move ownership into the trust and whether alternative strategies, such as gifting or changing beneficiary designations, better suit the client’s timeline. Proper planning often balances the benefits of removing proceeds from the taxable estate against the timing risks and administrative realities.
When comparing ILITs to other estate planning options such as revocable living trusts, wills, or payable-on-death designations, consider the goals of tax planning, control, and beneficiary protection. A revocable trust offers flexibility and control during a grantor’s lifetime but does not remove assets from the taxable estate. Wills direct probate distribution and may be simpler, but they lack the privacy and potential tax benefits of a trust. ILITs specifically address life insurance ownership and potential estate inclusion concerns, and they often complement broader plans where both tax and distribution control are priorities.
A limited approach may be sufficient when a family’s life insurance holdings are modest and the primary goal is a straightforward transfer of benefits to a surviving spouse or children. In such cases, a simpler beneficiary designation or a small trust integrated with a pour-over will might achieve the client’s objectives without the additional complexity of an irrevocable trust. A straightforward plan can reduce administrative costs and ongoing management while still ensuring that proceeds are directed to intended recipients in a timely manner after the insured’s death.
If there are no significant estate tax exposure concerns and the insured’s beneficiaries are not likely to face creditor claims or public benefit ineligibility, a limited planning approach can be appropriate. A basic will and beneficiary designations may suffice if the estate is small and family circumstances are straightforward. For many households, focusing on clear documentation of wishes, a power of attorney, and a health care directive provides substantial protection without the need for the irrevocable transfer of a life insurance policy into a trust.
When life insurance proceeds are large enough to create estate tax exposure or when the family’s financial profile is complex, a comprehensive ILIT can preserve value for beneficiaries and provide clear distribution mechanisms. By removing the policy from the taxable estate, an ILIT can help reduce estate administration burdens and potential tax liabilities. A comprehensive plan also coordinates multiple documents and trusts to ensure consistent outcomes, taking into account retirement plans, real property, and other assets that interact with life insurance distributions.
A comprehensive approach is often warranted when beneficiaries have special needs, are vulnerable to creditor claims, or require staged distributions to preserve long-term stability. An ILIT can be drafted to fund supplemental needs trusts or to support guardianship nominations for minor beneficiaries, ensuring that proceeds do not disqualify someone from public benefits and that funds are available under controlled terms. Layering an ILIT with other trusts and guardianship nominations creates a framework for long-term care of beneficiaries and helps prevent unintended financial harm.
A comprehensive approach considers the interaction of life insurance, trusts, retirement accounts, and estate taxes, allowing clients to plan proactively for transfer of wealth, preservation of assets, and continuity. Coordinated documents reduce the risk of conflicting beneficiary designations, ensure healthcare directives and powers of attorney work in tandem, and provide a central plan for successor decision-makers. This holistic view addresses not only immediate distribution goals but also long-term management of funds for beneficiaries who may need guidance or protection from creditors or inconsistent spending habits.
Comprehensive planning also provides peace of mind in knowing that contingency plans are in place for policy lapse, trustee incapacity, or changes in family structure. Drafting provisions for successor trustees, alternate beneficiaries, and mechanisms to replace or modify policies helps keep the plan resilient to life changes. These safeguards can prevent administrative delays and disputes after death and ensure that the insured’s intentions are honored precisely, which benefits both the family left behind and the individuals charged with carrying out the plan.
Placing a life insurance policy in an ILIT can remove the death benefit from the grantor’s taxable estate, which may reduce estate taxes and increase the value preserved for heirs. The trust’s distribution provisions allow the grantor to exercise control over how proceeds are used, whether for family support, paying estate taxes, funding education, or preserving a family business. This control helps ensure that insurance proceeds are applied in ways that reflect the grantor’s intentions while protecting assets from unnecessary taxation or misallocation.
An ILIT can include tailored distribution standards and trustee instructions that protect beneficiaries who are minors, have disabilities, or may face creditor claims. By naming a competent successor trustee and establishing clear administrative steps, the trust reduces the burden on family members and provides a predictable path for payouts. This planning supports continuity in family finances and helps trustees make consistent decisions aligned with the grantor’s priorities, promoting financial stability for beneficiaries over time.
Begin by clarifying what you want life insurance proceeds to achieve, such as replacing income, funding educational expenses, or paying estate taxes. Identify primary and contingent beneficiaries and consider whether any beneficiaries will need trust protections to preserve public benefit eligibility or guard against creditor claims. Clear objectives shape the trust provisions and the trustee’s instructions, and help determine whether funding the trust with an existing policy or purchasing a new policy in the trust’s name is the better path for your family circumstances.
Ensure beneficiary designations on retirement accounts and insurance policies align with your overall estate plan, and pair the ILIT with documents like a pour-over will, powers of attorney, and health care directives. Coordination minimizes conflicting instructions and provides a unified plan for asset distribution. Regularly review the plan after major life events such as marriage, divorce, births, or deaths to update trustees, beneficiaries, and funding arrangements so that the ILIT continues to reflect your intentions and practical needs.
Families and individuals often consider an ILIT to achieve specific planning goals such as protecting insurance proceeds from estate taxes, providing structured distributions to beneficiaries, and shielding funds from creditors or public benefit disqualification. An ILIT also supports continuity planning for business owners or those with blended family situations, offering a controlled mechanism to direct proceeds where they will be most useful. Professional drafting and careful funding are essential to ensure the trust accomplishes its intended outcomes without unintended tax inclusion or administrative difficulties.
Other motivating reasons include the desire for privacy, reducing probate complexity, and ensuring timely liquidity for estate expenses or final obligations. Because life insurance proceeds can be significant and may otherwise be subject to estate settlement delays, an ILIT provides an opportunity to manage the timing and manner of distributions. For many clients, pairing an ILIT with a durable power of attorney and advance health care directive provides a coordinated plan that supports decision-making and financial security during incapacity and after death.
Typical circumstances that lead clients to consider an ILIT include large life insurance policies that could increase estate tax liability, beneficiaries who need spending protections, families with minor children or a dependent adult, and owners of family businesses seeking liquidity for successors. Other scenarios include clients who want to ensure long-term financial support for a surviving spouse while protecting assets for descendants, or those with complex asset profiles who need clear instructions to avoid probate disputes and to maintain harmony among beneficiaries after death.
When life insurance proceeds are substantial relative to the estate, an ILIT can be an important tool to prevent the policy from increasing estate tax exposure. By removing ownership of the policy from the grantor’s estate, the trust can preserve proceeds for heirs and provide ready liquidity to pay any estate taxes or obligations. Clients in this situation typically need careful planning around timing, policy ownership changes, and coordination with other taxable assets to achieve the intended tax outcomes while maintaining family financial goals.
Families with beneficiaries who are minors, have limited financial experience, or receive public benefits may prefer an ILIT that sets distribution standards and appoints a trustee to manage funds. This structure prevents large lump-sum distributions that could undermine long-term needs and allows the grantor to direct how and when funds will be used. Tailored trust language can protect benefits eligibility, provide for education and medical needs, and supply a reliable source of support while limiting exposure to creditors or divorce proceedings.
Business owners often use life insurance held in an ILIT to provide liquidity for succession plans, buy-sell agreements, or to support surviving partners and family members during a transition. The structured distribution available through a trust ensures funds are available for debt repayment, buyout obligations, or to sustain operations during an ownership change. When incorporated into a broader succession plan, an ILIT can help preserve the business legacy and reduce the risk of forced asset sales to cover estate obligations.
At the Wilmington office of the Law Offices of Robert P. Bergman, we provide tailored guidance on the formation, funding, and administration of ILITs for clients across Los Angeles County. From initial planning conversations to trust drafting and coordination with insurers, we take a hands-on approach to make sure clients understand their options and the steps required to implement their plan. We also assist with related documents such as powers of attorney, HIPAA authorizations, and pour-over wills to create a cohesive estate plan that addresses immediate and long-term family needs.
Our practice focuses on thorough planning and clear communication to help Wilmington clients make informed decisions about trusts and life insurance. We prioritize understanding a client’s personal and financial goals, and then translate those objectives into practical trust provisions and administrative plans. Clients benefit from an attorney who guides policy transfers, trustee selection, and funding strategies, reducing the chance of procedural missteps and ensuring the ILIT serves its intended purpose within the larger estate plan.
We assist with the full lifecycle of ILIT creation, including drafting the trust instrument, coordinating ownership designation changes with insurers, and setting up payment structures to sustain the policy. Our process includes reviewing beneficiary needs, preparing pour-over wills and related trust documents, and advising on how an ILIT integrates with retirement accounts and other estate assets. Clear records and practical instructions are provided so trustees can fulfill their duties efficiently when the time comes to administer policy proceeds.
Clients working with our Wilmington practice also receive support for contingencies and future updates. Life events such as births, deaths, marriages, or changes in financial circumstances may necessitate amending complementary documents or adjusting funding arrangements. We provide periodic reviews and recommendations to keep your trust aligned with your objectives, and we assist with petitions or trust modifications when changes are needed to address evolving family or tax circumstances.
Our process begins with a detailed intake to identify your objectives, beneficiary needs, and the specifics of existing insurance policies and other assets. After an initial consultation, we prepare a draft ILIT tailored to your goals, coordinate any necessary ownership changes with insurers, and establish clear funding arrangements for premiums. We also draft or update complementary documents such as a pour-over will, powers of attorney, and health care directives. Finally, we provide trustees with a practical administration guide so the trust functions smoothly when benefits are paid.
The first phase focuses on gathering policy details, beneficiary designations, and family considerations. We discuss whether transferring an existing policy into a trust or purchasing a new policy in the trust’s name better meets your goals. From there, we draft the ILIT document, including trustee powers, distribution standards, and successor trustee appointments. Clear drafting at this stage helps prevent disputes and reduces the risk of unintended tax or administrative complications following the insured’s death.
During the information-gathering stage we document policy numbers, ownership designations, beneficiary names, and family circumstances that affect distribution decisions. We also review existing estate documents such as wills, revocable living trusts, powers of attorney, and health care directives to ensure alignment. Understanding these factors allows us to tailor trust provisions to address the grantor’s goals for asset protection, beneficiary support, and tax planning, and to anticipate potential issues such as creditor claims or benefit eligibility concerns.
Drafting the ILIT includes creating clear instructions for trustee authority, distribution standards, and contingency provisions. The document will specify how premiums are to be paid, how proceeds are to be held and distributed, and who will serve as successor trustees. We focus on language that preserves flexibility for reasonable future changes while maintaining the irrevocable nature required to achieve the intended tax and asset protections, and we explain the trust terms in plain language so clients can make informed decisions.
Once the trust is executed, the trust must be properly funded and ownership of the policy transferred or a new policy purchased in the trust’s name. This step includes submitting change-of-owner paperwork with the insurance carrier, confirming beneficiary designations, and documenting premium funding arrangements. Proper documentation and insurer confirmation are essential to ensure the trust is recognized as the policy owner and beneficiary, and to maintain the intended estate and tax treatment of policy proceeds.
Transferring ownership of an existing policy involves insurer forms and sometimes underwriting steps; we assist clients with completing and submitting all required paperwork and tracking confirmation from the insurer. The trust should be structured to accept digital or physical policy documents, and we confirm that beneficiary designations list the trust as the payee where appropriate. Careful attention to insurer procedures reduces the risk of administrative errors that could complicate the trust’s relationship to the policy.
Establishing a mechanism for premium payments is key to sustaining the policy. Options include annual gifts to beneficiaries to pass through to the trust for premiums, or transferring assets directly to the trust for ongoing payment. Trustees must keep accurate records of premium payments, gift transmittals, and trust expenses. Clear recordkeeping supports the trust’s administration and provides evidence of compliance with funding arrangements if questions arise about the policy’s ownership or the timing of transfers.
Ongoing administration involves periodic reviews of the trust terms, monitoring policy performance, and updating the plan after life changes such as births, deaths, or marital changes. Trustees should be prepared to file claims, manage distributions, and provide reports to beneficiaries when appropriate. Regular legal reviews ensure the ILIT continues to meet estate planning goals and remains consistent with changes in tax law or family circumstances, helping to reduce surprises and maintain alignment with the grantor’s intent.
Periodic reviews help identify whether premium funding remains adequate, whether trustee appointments need updating, and whether trust provisions should be modified through companion documents or new arrangements to reflect life changes. Although the ILIT is irrevocable, surrounding estate documents and funding strategies can be adjusted when circumstances change. We recommend scheduled reviews after major events like births, divorces, deaths, or significant changes in asset values to ensure the trust continues to meet your objectives and functions smoothly for beneficiaries.
When the insured dies, the trustee’s role is to file the insurance claim, collect proceeds, and administer distributions according to the trust terms. The trustee must coordinate with beneficiaries, handle creditors and estate obligations if applicable, and maintain records of disbursements. Clear trust language and prepared administrative steps reduce delays and disputes, enabling beneficiaries to receive timely support while ensuring the trustee follows a transparent process for use of funds in accordance with the grantor’s stated purposes.
An Irrevocable Life Insurance Trust is a trust that becomes the owner and beneficiary of a life insurance policy so that policy proceeds are paid to the trust and managed according to the trust’s terms rather than passing through probate. The grantor transfers ownership of the policy to the trust, names trustees and beneficiaries, and establishes instructions for how proceeds are distributed. Because the trust owns the policy, the proceeds are generally kept out of the grantor’s probate estate, which can streamline distribution and provide protective provisions for beneficiaries. The trust document should address trustee authority, premium payment methods, and contingency plans for trustee succession and policy lapse prevention. Proper coordination with insurers is necessary to confirm ownership and beneficiary designations. Timing matters, so transfers should be planned with consideration of lookback rules and funding mechanisms to avoid unintended tax consequences and to ensure the trust functions as intended when a claim is filed.
Transferring a life insurance policy into an ILIT can reduce estate tax exposure because proceeds owned by the ILIT generally are not counted as part of the grantor’s taxable estate, assuming the transfer is completed outside of timing rules that cause inclusion. The removal of the policy from the grantor’s estate can preserve more value for beneficiaries and provide liquidity to cover estate obligations. Tax treatment depends on the timing of transfers and other estate factors, so it is important to evaluate the broader estate picture before making changes. It is also important to consider gift tax implications when funding the trust and paying premiums. Some grantors use annual exclusion gifts to fund premiums, and proper documentation is necessary to substantiate these gifts. Careful planning balances tax benefits with practical funding needs and the family’s overall financial goals to achieve the desired estate outcomes.
After the trust owns the policy, premiums may be paid either by assets held in the trust or through gifts made by the grantor to trust beneficiaries who then transfer funds to the trust for premium payments. One common method is to make annual exclusion gifts to beneficiaries who are instructed to pass the funds to the trust for premium payment, which can help avoid gift tax liability while keeping the policy funded. The trust document should specify how premiums are handled to prevent policy lapse and to preserve the intended ownership structure. Accurate recordkeeping of gifts and premium payments is essential for demonstrating compliance with tax rules and for maintaining the integrity of the trust. Trustees should track all transactions and retain documentation from insurers confirming premium payments. Clear instructions reduce administrative confusion and ensure that trustees and beneficiaries understand their roles in sustaining the policy over time.
A spouse can be named as a beneficiary of an ILIT, but special considerations apply if the grantor seeks to remove the policy from their taxable estate while still providing for a surviving spouse. If the spouse has certain powers or control over the policy, those powers can cause inclusion in the grantor’s estate. Careful drafting can allow the trust to provide for a spouse while preserving the intended estate tax treatment, often by using a trust structure that limits the spouse’s ability to control or reclaim ownership of the policy. Trust language can specify that a spouse receives income or principal under defined conditions, and a trustee can be instructed to provide support or account for the spouse’s needs within the trust framework. Consulting about the structure and permissible benefits helps prevent unintended tax inclusion while still meeting the family’s goals for support and continuity.
The three-year lookback rule generally means that if an insured transfers a life insurance policy to an ILIT and then dies within three years of that transfer, the policy proceeds may still be included in the insured’s estate for tax purposes. This timing rule is intended to prevent last-minute transfers from avoiding estate inclusion. As a result, many planners recommend allowing sufficient time between a transfer and the insured’s expected life events or consider alternate strategies if timing does not permit a three-year window. When the three-year period is a concern, clients may explore other options such as purchasing a new policy in the trust’s name, which avoids transfer timing issues, or using gifting strategies that align with the client’s timeline. Each option carries trade-offs in cost, underwriting, and planning complexity, so selecting the right approach requires evaluating personal circumstances and the likely timing of any estate events.
An ILIT can be an effective tool in special needs planning by providing funds to support a beneficiary without disqualifying them from means-tested public benefits. Instead of making a direct inheritance that could impact eligibility for aid, the ILIT can coordinate distributions to a supplemental needs trust or include provisions that direct funds for specific needs such as medical or educational expenses. Drafted carefully, the trust ensures that support supplements rather than replaces government benefits, preserving the beneficiary’s eligibility and financial stability. Coordination with a qualified disability trust and clear trustee instructions is important to achieve the desired result. Trustees should be familiar with public benefit rules, distribution timing, and appropriate uses of funds to avoid inadvertently causing ineligibility. A thoughtful structure provides long-term support while maintaining the protections needed for vulnerable beneficiaries to retain public assistance.
If the named trustee is unable to serve when a claim arises, the trust should name successor trustees who can assume responsibilities without delay. The successor trustee will have authority to file the insurance claim, collect the proceeds, and administer distributions according to the trust’s terms. Naming backup trustees and providing clear instructions helps prevent administrative delays and ensures that beneficiaries receive timely benefits under the plan’s distribution provisions. It is also wise to provide the successor trustee with an administration checklist and documentation access so they can act promptly. These preparations reduce confusion during a difficult time and help ensure that the trust’s instructions are followed properly. Clear succession planning reduces the risk of disputes and supports efficient administration of assets after the insured’s death.
Yes, an ILIT can be used in business succession planning to provide liquidity for buy-sell agreements, to fund key person coverage, or to support surviving partners and family members in the transition of business ownership. When a business owner wants to ensure that funds are available to cover estate taxes or buyout obligations, placing the policy in a trust can prevent the proceeds from being subject to estate inclusion and can direct the use of funds for agreed-upon business continuity needs. Careful coordination with the company’s succession documents and buy-sell agreements is needed to align the trust distributions with business objectives. Timing, ownership structure, and funding mechanics must be carefully designed to support the business plan while preserving the intended estate and tax benefits, and trustees should understand the unique needs of administering proceeds for business purposes.
Changing ownership of a life insurance policy to an ILIT requires coordination with the insurer, completion of transfer forms, and documentation showing the trust’s ability to hold the policy. Some transfers may also require underwriting if the insurer needs to confirm insurability or adjust terms. Because administrative steps vary by carrier, assistance is often helpful to ensure forms are completed correctly and confirmation is received that the trust is now the owner and payee of the policy. Although the process involves paperwork, it is typically a manageable administrative step when properly coordinated. The trust should be executed and able to accept ownership before the transfer is initiated, and clear communication with the insurer reduces the risk of errors. Maintaining copies of confirmations and updated policy documents is important for the trust’s records and future administration.
It is advisable to review an ILIT and related estate documents regularly and after significant life events such as births, marriages, divorces, deaths, or substantial changes in asset values. Reviews ensure that trustees and beneficiaries remain appropriate, funding arrangements still meet premium obligations, and that trust provisions reflect current family needs. Periodic legal reviews also help identify whether changes to complementary estate documents are necessary to maintain consistency across the estate plan. Even though the ILIT itself is irrevocable, the surrounding documents and practical funding strategies can be adjusted as circumstances change. Regular check-ins provide an opportunity to confirm insurer records, update contact information, and prepare for expected transitions, helping to minimize surprises and keep the plan functioning smoothly for beneficiaries.
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