An irrevocable life insurance trust, commonly known as an ILIT, can play a central role in thoughtful estate planning for individuals and families in Tiburon and the surrounding Marin County communities. This planning tool is designed to hold life insurance policies outside of a taxable estate, while also providing flexibility to control how proceeds are used for beneficiaries. At the Law Offices of Robert P. Bergman, we focus on clear, practical advice about whether an ILIT fits within your broader estate planning goals. This introduction outlines the basics and sets expectations for what decisions and documentation may be involved.
Choosing to establish an irrevocable life insurance trust involves long-term considerations about tax consequences, asset protection goals, and family support intentions. While an ILIT removes the life insurance policy value from the policyholder’s taxable estate in many situations, it also imposes restrictions on policy ownership and beneficiary control once the trust is funded. Our goal in this section is to help you understand those tradeoffs, explain how an ILIT coordinates with wills, trusts, powers of attorney and health care directives, and clarify the steps typically needed to put an ILIT in place and maintain it over time.
An ILIT can provide distinct benefits when incorporated correctly into a larger estate plan. By owning life insurance through a separately managed trust, the proceeds commonly avoid inclusion in the insured’s probate estate, which can reduce estate tax exposure and help ensure that liquidity is available to pay debts, taxes, and final expenses without disrupting other asset distributions. Additionally, an ILIT allows for precise distribution instructions, which can protect proceeds for beneficiaries who may need oversight or staged distributions. In certain family situations, this structure also helps preserve state benefit eligibility and protect proceeds from future creditors.
The Law Offices of Robert P. Bergman provide estate planning services for individuals and families in Tiburon and throughout Marin County. Our practice emphasizes clear communication, careful drafting, and thorough planning to ensure trust documents accomplish the intended goals while aligning with California law. We work closely with clients to review existing policies and financial arrangements, determine whether an ILIT is appropriate, and prepare the trust document and related transfer and funding steps. Clients benefit from a straightforward, client-focused process that addresses both the legal mechanics and the practical implications of an ILIT.
Establishing an irrevocable life insurance trust starts with drafting the trust document, selecting trustees and beneficiaries, and arranging for the trust to own and, if applicable, fund a life insurance policy. Because the policy is owned by the trust rather than the insured, the proceeds typically pass outside of probate, allowing faster access to funds for obligations such as estate taxes or final expenses. The trust document also sets out distribution rules and can require trustees to manage proceeds for beneficiaries’ needs, including providing for minors or individuals with special circumstances.
ILIT planning involves more than the initial trust document. There are timing and funding considerations that affect tax treatment and legal outcomes. For example, if an insured transfers an existing policy into an ILIT, transfer timing can trigger inclusion in the taxable estate under certain rules, so careful coordination is necessary. Regular trustee actions, proper notice to beneficiaries where required, and ongoing administration such as premium payments and record keeping are part of maintaining the trust. Our process ensures each step is handled to preserve the intended benefits of the trust.
An irrevocable life insurance trust is a legal entity created to own one or more life insurance policies and to receive the proceeds when the insured dies. Because the trust itself holds ownership of the policy, the proceeds are generally distributed according to the trust terms and usually avoid probate. This arrangement lets the settlor control how insurance proceeds are used while removing the death benefit from their personal taxable estate in many scenarios. The trust can include provisions for trustee powers, distribution timing, and other management instructions tailored to the settlor’s family and financial goals.
Key elements of an ILIT include the trust agreement, named trustees and successor trustees, beneficiaries and distribution terms, and clear instructions for managing insurance policies. The process typically begins with a detailed client interview to gather financial information and policy details, followed by drafting the trust and coordinating policy ownership changes or new policy issuance. Funding the trust and documenting gifts to cover premiums, where applicable, are important steps. Once established, trustees must follow ongoing administrative duties to preserve the trust’s intended tax and legal benefits.
Familiarity with common terms helps clients make informed decisions about ILITs. This glossary section defines words you will encounter during planning and administration, such as grantor, trustee, beneficiary, premium funding, and estate inclusion rules. Understanding these terms clarifies how ownership and control change when a trust is implemented and which actions impact estate tax treatment. Reviewing this vocabulary before moving forward helps ensure every party involved understands their roles and responsibilities under California law and the terms of the trust document.
The grantor is the person who creates the trust and typically transfers assets or the policy into the trust. In ILIT arrangements, the grantor may be the insured who arranges for the trust to own the life insurance policy. The grantor establishes terms for how the trust will be administered, designates trustees and beneficiaries, and may make initial gifts or provide instructions regarding premium funding. Understanding the grantor role clarifies the origin of authority and the intentions behind the trust document and helps frame subsequent trustee actions under the trust terms.
The trustee is the individual or entity responsible for administering the trust according to its terms. In an ILIT, trustees manage the life insurance policy, ensure premiums are paid if necessary, and distribute proceeds according to the trust instructions after the insured’s death. Trustees have fiduciary duties to act in beneficiaries’ interests, maintain accurate records, and comply with applicable legal and tax requirements. Proper trustee selection and guidance are essential to ensure the trust functions as intended and to minimize administrative issues after the insured’s death.
A beneficiary is a person or entity designated to receive trust benefits, including life insurance proceeds held in the ILIT. Beneficiaries can include family members, charitable organizations, or other entities, and the trust document defines how and when distributions are made. Beneficiary designations within the trust override individual policy beneficiary listings when the trust owns the policy. Clear beneficiary instructions help trustees follow the grantor’s wishes and can provide for staged distributions or conditions to support long-term family planning goals.
Estate inclusion rules determine when the value of a life insurance policy is counted as part of a deceased person’s taxable estate. Certain transfers of policies or retained incidents of ownership can cause the death benefit to be included in the estate for tax purposes. Proper ILIT structuring, timing of transfers, and avoidance of retained ownership incidents are methods used to reduce the likelihood of estate inclusion. Consulting about these rules ensures that trust funding and ownership changes are implemented in a way that aligns with the grantor’s objectives.
When considering an ILIT, clients often face a choice between limited, transactional actions such as transferring a single policy, and a comprehensive estate plan that integrates wills, living trusts, powers of attorney, and healthcare directives. A limited approach may address an immediate need quickly, but it can leave gaps in the broader plan. A comprehensive approach aligns insurance planning with overall objectives for asset protection, tax considerations, and family provision, helping to avoid unintended outcomes. Evaluating both paths helps determine which better supports long-term goals and reduces the risk of future complications.
A limited ILIT approach can be sufficient when the primary objective is to create liquidity outside probate to pay estate taxes or final expenses. For individuals who already have an otherwise up-to-date estate plan and simply need the life insurance proceeds to pass in a specific manner, transferring a policy into a trust or naming a trust as owner may resolve that immediate need. In these situations, careful review ensures the transfer will not unintentionally trigger estate inclusion under applicable rules and that premium funding arrangements are clearly documented to preserve the intended benefits.
When the distribution plan involves a small number of adult beneficiaries who share clear financial intentions, a focused ILIT may meet the goals without changing other estate documents. If there are no complicated trust coordination issues, creditor concerns, or government benefit considerations, a limited ILIT can provide the desired probate avoidance and controlled distribution of insurance proceeds. Even in these straightforward cases, proper drafting and trustee selection are necessary to ensure the arrangement functions smoothly and remains consistent with the rest of the estate plan.
A comprehensive planning approach ensures that an ILIT is integrated with wills, revocable trusts, powers of attorney, and healthcare directives so that all documents operate in harmony. This coordination helps prevent accidental inclusion of assets in the taxable estate, addresses beneficiary designation conflicts, and ensures liquidity is available to settle obligations without forcing the sale of other assets. Comprehensive planning anticipates future life changes and provides a cohesive framework for trustees and family members to follow, which can reduce disputes and administrative burdens when the trust becomes active.
For families with blended relationships, beneficiaries with special needs, or significant business or retirement assets, a comprehensive plan aligns the ILIT strategy with broader protections and distribution goals. Planning in isolation can produce conflicts between documents and unexpected tax or creditor exposure. A full review of all assets and legal documents allows for tailored provisions that safeguard inheritances, maintain eligibility for public benefits where needed, and define trustee discretion to manage diverse financial interests in a manner consistent with the grantor’s intentions.
A comprehensive approach can reduce uncertainty and administrative complexity for survivors. By aligning the ILIT with other estate planning documents, you can minimize conflicting beneficiary designations, ensure adequate liquidity to settle debts, and structure distributions to meet both short-term and long-term needs. This approach helps trustees follow a single plan and reduces the potential for disputes among family members. Thoughtful coordination also supports tax planning goals and helps maintain privacy by limiting assets that must pass through the public probate process.
Comprehensive planning also protects against future changes in circumstances by incorporating successor trustee provisions, funding strategies, and review mechanisms. Periodic review of the plan helps adapt the ILIT and related documents to changes in family dynamics, health, laws, and asset values. The resulting structure is more resilient and often less costly to administer over time because it anticipates common issues, reduces the need for court involvement, and clarifies the roles and responsibilities of decision makers when beneficiaries need support or when complex distributions are required.
When documents are drafted with overall planning in mind, trustees and beneficiaries have clearer guidance on how to manage and distribute assets. This clarity reduces the likelihood of disputes and provides a roadmap for executing the grantor’s intentions. Specific provisions can address contingency scenarios, management of proceeds for minors, and instructions for supporting dependents with special needs without disrupting eligibility for government programs. The result is a more orderly administration process that preserves family relationships and reduces stress during what can be an emotionally difficult time.
Comprehensive planning helps ensure that transfers, beneficiary designations, and ownership arrangements are coordinated to avoid unintended estate inclusion or probate delays. An ILIT that is properly funded and administered often keeps insurance proceeds separate from the taxable estate and out of probate, providing timely funds to meet obligations. Ensuring that the trust terms, funding methods, and related documents are consistent reduces the chance of costly court proceedings or unanticipated tax liabilities, preserving more value for intended beneficiaries.
Before transferring an existing life insurance policy into a trust, confirm the timing and ownership consequences. Transfer rules can affect whether the death benefit is included in the estate, so coordinating these steps with legal counsel and the insurer is important. If premium gifts are needed to cover future payments, documentation and annual gift tax planning may be required. Proper timing, notice to beneficiaries where appropriate, and careful record keeping help preserve the intended benefits and avoid unintended tax results.
An ILIT should not exist in isolation from other estate planning documents. Coordinating beneficiary designations, wills, powers of attorney and living trusts helps avoid conflicts and unintended outcomes. Regularly review all documents after major life events such as marriage, divorce, births or significant changes in asset composition. Integration of documents ensures the ILIT performs as intended and that trustees and family members have consistent guidance for administering assets and honoring the grantor’s wishes.
Individuals who wish to preserve life insurance proceeds for beneficiaries, provide liquidity for estate obligations, or specify controlled distributions may find an ILIT to be an appropriate tool. It can be especially relevant for those with sizable life insurance benefits that might otherwise increase taxable estate exposure or for those who want to protect proceeds from probate delays. Additionally, an ILIT can be useful when planning for beneficiaries who require oversight or staged distributions, ensuring proceeds are available for long-term needs rather than immediate dispersal.
Consider an ILIT when coordination with retirement accounts, business interests, or other estate planning vehicles is needed to achieve clear, efficient outcomes. Life changes such as remarriage, the birth of children, or a change in financial circumstances may prompt a review of insurance ownership and beneficiary plans. Establishing an ILIT with careful attention to funding, trustee duties, and compatibility with other documents helps secure the intended distribution of proceeds and reduce the administrative burden on family members during settlement.
Typical circumstances that lead clients to consider an ILIT include the desire to avoid probate for life insurance proceeds, the need to provide structured distributions to beneficiaries, concern about estate tax exposure, or the intention to protect proceeds from creditors. Other reasons include providing liquidity for business succession, preserving public benefit eligibility for a dependent, or ensuring that proceeds support long-term family objectives. Each situation requires careful review to determine whether an ILIT aligns with the individual goals and legal constraints.
When life insurance proceeds are substantial, they can create liquidity that is essential for settling debts, paying estate taxes, or preserving other assets for heirs. An ILIT helps ensure those proceeds are managed and distributed according to the grantor’s instructions rather than being subject to probate. Thoughtful drafting and administration provide a method to preserve value and facilitate a smoother settlement process while giving trustees the authority to use funds as necessary to meet obligations without disrupting family asset distributions.
If a beneficiary has special needs, limited financial management skills, or is a minor, an ILIT can provide structured distributions and trustee oversight to ensure proceeds support long-term well being. Trust provisions can be drafted to avoid interfering with public benefits eligibility by directing distributions in a manner that preserves program qualification. The trust also gives the grantor the ability to outline safeguards and instructions so that proceeds are used for care, education, and support while providing flexibility to respond to changing needs over time.
Owners of closely held businesses often use life insurance to provide liquidity for buyouts or succession expenses at the time of an owner’s death. An ILIT can hold the policy so proceeds are readily available to support a business transition without being subject to probate. Careful planning coordinates business continuity needs with estate tax strategies so that the business can transfer smoothly while preserving value for family members and other stakeholders who depend on the orderly settlement of the estate.
Serving Tiburon and the greater Marin County region, the Law Offices of Robert P. Bergman provide personal, accessible estate planning services. We work with clients to evaluate whether an ILIT aligns with their goals and to develop an integrated plan that includes wills, trusts, powers of attorney, and healthcare directives. Our process involves listening to family needs, reviewing financial and insurance arrangements, and drafting documents that reflect those needs while complying with California law. We also provide clear instructions for trustees and support for administration when the time comes.
Clients choose our firm for practical, local-focused estate planning that emphasizes clarity and responsiveness. In the Tiburon and Marin County community, we assist clients in translating financial and family goals into legally effective documents that meet state requirements. Our approach prioritizes clear drafting, thorough review of insurance and asset ownership, and attention to administrative details such as premium payment methods and trustee responsibilities. We aim to make the process manageable and to produce documents that are easy for trustees to follow when acting on behalf of beneficiaries.
Working with a local firm provides the advantage of familiarity with California law and common regional estate planning issues. We guide clients through decisions about trust ownership, funding strategies, and beneficiary arrangements, helping them avoid pitfalls and ensure documents work together. Our team communicates changes clearly and schedules timely reviews to keep plans current after major life changes. Emphasis on practical outcomes and careful documentation helps clients achieve greater peace of mind regarding the disposition of life insurance proceeds.
We also assist with trustee onboarding and provide guidance for trustees on administrative duties and record keeping to maintain the benefits of an ILIT. By anticipating common questions and preparing straightforward instructions, we reduce confusion and administrative delays when a trust is activated. Our goal is to ensure that when beneficiaries and trustees need to act, the trust documents and supporting records provide a smooth path for distributing proceeds and settling related obligations in accordance with the grantor’s wishes.
Our process begins with a detailed consultation to identify financial objectives, family dynamics, and existing insurance arrangements. We review current policies, determine whether a new policy or a transfer into a trust best meets the goals, and outline the tax and administrative implications. Next we draft a tailored trust agreement, coordinate with the insurance company for ownership changes or new policy issuance, and document any premium funding or gifting required. Finally, we provide guidance for trustees and schedule periodic reviews to ensure the trust remains aligned with changing circumstances.
The first step is an initial review of existing estate planning documents, life insurance policies, and family goals. During this phase, we gather details about beneficiaries, asset values, and any special circumstances such as dependents with disabilities or business interests. This information allows us to identify whether an ILIT is appropriate and to develop a funding and trustee selection strategy. Clear communication at this stage helps prevent surprises later and ensures the resulting trust aligns with the client’s overall estate plan and objectives.
We collect detailed information about financial accounts, insurance policies, family relationships, and existing estate documents. Understanding the client’s objectives, including desired distributions and potential tax or creditor concerns, guides the design of the trust and related documents. This phase also includes discussing trustee candidates and any specific distribution conditions. Thorough information gathering helps avoid conflicts between documents and ensures that the trust reflects both legal considerations and personal intentions for beneficiaries.
After gathering facts, we outline a preliminary strategy that addresses policy ownership, potential premium funding, and the timing of transfers to the trust. If transferring an existing policy, we assess whether the transfer triggers any inclusion rules and plan accordingly. We also consider whether a new policy issued directly to the trust is a better option. Discussing these timing sensitivities upfront helps preserve the intended tax and probate benefits and reduces the risk of unintended consequences.
Once the strategy is set, we draft the trust document with clear trustee powers, distribution instructions, and successor provisions. The funding step coordinates with the insurer to change ownership or issue a policy in the name of the trust as needed. If premiums will be paid with gifts to the trust, we prepare the necessary documentation and explain any gift tax considerations. We ensure that trust terms accommodate the client’s intentions and provide practical instructions for trustees to administer the policy and manage proceeds.
Trust drafting involves specifying trustee duties, beneficiary distribution rules, and contingencies for future changes. Clear instructions for premium payment methods, record keeping, and trustee communications help avoid administrative errors. The trust language can tailor distributions for minors or individuals with special needs, address creditor concerns, and provide guidance for business succession. Well drafted terms reduce ambiguity and provide trustees with a reliable framework for administering the trust in accordance with the grantor’s objectives and California law.
We work with the insurance company to change the policy ownership to the trust or to issue a new policy in the trust’s name. This coordination includes completing necessary forms, beneficiary designations and ensuring proper documentation is retained. If gifts are required to cover premiums, we prepare the supporting paperwork. Proper coordination minimizes administrative delays and helps ensure that the ownership change is recorded correctly so that the trust achieves its intended effect upon the insured’s death.
After the trust is funded, we provide guidance to trustees about their ongoing duties, including premium payments, record keeping, and distribution procedures. Periodic review of the trust and related estate planning documents is recommended after significant life events or changes in financial circumstances. These reviews ensure documents remain current and that the ILIT continues to align with the client’s goals. We also assist with trustee transitions and with answering questions that arise during the administration process.
We help trustees understand their responsibilities, access necessary accounts and records, and implement a system for maintaining clear documentation of premium payments and communications. Good record keeping is vital to preserve the trust’s benefits and to provide transparent accounting to beneficiaries. We also advise trustees on when to seek professional assistance such as tax advice or financial management services to ensure proceeds are handled prudently and in line with the trust terms.
Life events such as marriage, divorce, births, or changes in asset values may require updates to the ILIT or related documents. We recommend periodic reviews to ensure beneficiary designations remain aligned with the overall estate plan, to confirm funding strategies are working effectively, and to make any necessary adjustments. Regular review helps prevent mismatches between documents and preserves the intent of the plan, reducing the risk of disputes or unintended tax exposure for beneficiaries and trustees.
An irrevocable life insurance trust is a trust created to own life insurance policies and receive the death benefit payable at the insured’s passing. The trust document names trustees who will administer the policy and distribute the proceeds according to the grantor’s instructions. Because the trust holds ownership, the proceeds are typically distributed pursuant to the trust terms and often pass outside the probate process, providing faster access and privacy for beneficiaries. The trust can also include provisions to manage distributions for minors or individuals who need oversight. Establishing an ILIT involves drafting a trust agreement, transferring ownership of the policy or issuing a new policy to the trust, and arranging for premium funding if required. The trustee then takes on administration responsibilities including premium payments when applicable and record keeping. Careful attention to timing and retained ownership incidents is necessary to avoid unintended tax consequences, so coordinated steps and clear documentation are important to secure the intended benefits for beneficiaries.
Transferring a life insurance policy into an ILIT can, under certain circumstances, result in the death benefit being included in your taxable estate. Rules concerning retained incidents of ownership mean that if you retain certain powers or ownership rights after the transfer, the proceeds may still be considered part of the estate. To reduce the risk of estate inclusion, many clients time transfers appropriately and avoid retaining powers that could be construed as ownership, but each situation depends on specific facts and policy terms. If you plan to transfer an existing policy, it is important to review timing rules and coordinate with counsel and the insurer. In some cases, obtaining a new policy issued directly to the trust avoids transfer timing issues. Proper documentation, thoughtful trustee selection, and careful funding arrangements are all part of preserving the intended estate planning benefits and minimizing the chance of unintended tax consequences.
After a policy is owned by an ILIT, premiums must be paid by the trust or by gifts to the trust for that purpose. One common method is for the grantor to make annual gifts to the trust to cover premium payments, sometimes leveraging annual gift tax exclusions. When gifts are used, trustees should track payments and, where appropriate, notify beneficiaries about gift receipts to maintain transparency. Proper documentation of gifts and premium payments is essential for both administrative clarity and tax purposes. Trustees also have the option to use trust assets to pay premiums if funds are available or if the trust terms permit. It is important to plan for premium funding in advance so that the policy remains in force, or to consider alternative options such as policy exchanges or using a new policy issued directly to the trust. Discussing premium funding options during the planning stage reduces the risk of policy lapse and preserves the anticipated benefits for beneficiaries.
Because an irrevocable trust is generally not revocable by the grantor, changing beneficiaries or revoking the trust after creation is typically limited or not possible. Some trust structures allow for limited modification through trust amendment provisions or by utilizing available legal mechanisms such as decanting or trust modification petitions, but these options depend on the trust language and applicable law. Therefore, careful planning at the outset is critical to ensure the trust terms reflect the grantor’s long term intentions for distributions and control. If circumstances change, there may be paths to adjust the plan, such as establishing a new trust or making other estate planning changes that work alongside the existing ILIT. Consulting with counsel about available mechanisms for modification or alternative solutions helps determine which actions are feasible and prudent while avoiding unintended consequences related to tax treatment and trust administration.
An ILIT can be structured to protect proceeds while preserving eligibility for certain public benefits, but this depends on the specific benefit programs and the design of the trust distributions. For individuals seeking to preserve means-tested benefits for a dependent, careful drafting can provide for distributions in ways that do not count as personal assets for eligibility. Achieving this balance requires detailed planning and understanding of the applicable rules for programs such as Medi-Cal or Supplemental Security Income. Because public benefit rules are complex and can vary, it is important to coordinate ILIT planning with advice about program qualification. Trust terms and distribution mechanisms must be crafted to avoid creating countable assets that would jeopardize benefit eligibility. Regular review and coordination with benefit advisors can help maintain eligibility while ensuring the trust meets the grantor’s objectives for supporting the beneficiary.
Trustees are responsible for administering the trust according to its terms, safeguarding assets, paying premiums when necessary, maintaining accurate records, and making distributions as directed. They must act in good faith and in the best interests of beneficiaries, following the fiduciary duties set out in the trust document and under state law. Trustees also communicate with beneficiaries as appropriate and may need to coordinate with financial advisors or tax professionals to fulfill tax and reporting obligations associated with the trust and the insurance policy. Administrative duties include keeping records of premium payments and gifts, filing tax returns if required, and ensuring that the trust remains properly funded. If beneficiaries dispute distributions or if complex issues arise, trustees may need legal guidance to resolve questions and comply with court directives. Providing trustees with clear written instructions and documentation at the time the trust is created helps them perform these duties effectively and reduces the risk of errors during administration.
Whether to issue a new policy to the trust or transfer an existing policy depends on several factors including policy terms, medical underwriting, transfer timing, and tax considerations. A new policy issued directly to the trust avoids potential transfer timing rules that could cause estate inclusion, and it can simplify ownership records. Conversely, transferring an existing in force policy can be efficient when the policy’s terms are favorable, but transfer timing must be carefully managed to avoid unintended tax consequences related to retained incidents of ownership. Evaluating both options requires reviewing policy costs, insurability, and the client’s broader financial plan. We help clients weigh the pros and cons and coordinate with insurers and financial advisors to select the most appropriate path. Proper documentation and planning ensure the chosen approach supports the client’s objectives and maintains the intended benefits of holding the policy in trust.
After the insured’s death, the trustee files the necessary claims with the insurance company and receives the proceeds payable to the trust. Trustees then distribute proceeds according to the trust terms, which may call for lump sum payments, staged distributions, or continued trust management for beneficiary support. Trustees should provide beneficiaries with accounting information and follow the trust’s instructions precisely to avoid disputes and ensure distributions align with the grantor’s wishes and applicable legal requirements. Trustees must also manage any immediate needs such as paying estate liabilities, final expenses, or taxes as directed by the trust. Careful record keeping and transparent communication with beneficiaries help maintain trust and reduce the potential for contention. When complex tax or distribution questions arise, trustees should seek professional guidance to ensure compliance and proper administration of trust assets for the long term benefit of the beneficiaries.
Tax considerations with an ILIT often focus on whether the death benefit is included in the grantor’s taxable estate and on gift tax rules governing premium funding. Transfers that leave the grantor with certain ownership incidents can cause estate inclusion, so timing and retained powers should be reviewed. When the grantor makes gifts to the trust to cover premiums, annual gift tax exclusions may apply, and larger gifts may have additional reporting requirements. Understanding these rules helps preserve the trust’s intended advantages and prevents unintended tax consequences. Trustees and grantors should also consider income tax and trust tax reporting responsibilities. Although life insurance proceeds are generally received income tax free by the trust, trust investments and other assets may generate taxable income requiring filings. Consulting with tax counsel during planning and administration ensures compliance with reporting obligations and helps optimize the tax outcomes for the trust and its beneficiaries.
Plans should be reviewed periodically and after major life events such as marriage, divorce, births, deaths, or substantial changes in asset values. Review helps confirm that beneficiary designations remain consistent with the client’s intentions and that funding strategies continue to meet policy and premium needs. Laws affecting trusts and taxation can also change, making periodic review important to preserve intended benefits and to adapt to new regulations or personal circumstances. Regular reviews also allow the grantor to update trustee appointments, successor provisions, and distribution mechanisms if family dynamics shift. We recommend scheduling a review every few years or sooner after significant events to ensure the ILIT and the rest of the estate plan remain effective and aligned with current goals and financial realities.
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