If you are considering an irrevocable life insurance trust (ILIT) in Murrieta Hot Springs, this guide explains how such a trust can support your estate planning goals. At the Law Offices of Robert P. Bergman, we help clients in Riverside County understand how an ILIT can remove life insurance proceeds from an estate, provide liquidity for beneficiaries, and help manage potential tax exposure. This overview covers what an ILIT does, how it operates, and practical considerations when transferring a policy into the trust. You will find clear explanations to help you decide if an ILIT should be part of your overall plan and next steps for moving forward.
Choosing the right approach to place a life insurance policy outside of your probate estate often involves careful planning and documentation. This section outlines common reasons people choose an ILIT, including protecting proceeds from creditor claims, providing for minor or vulnerable beneficiaries, and ensuring proceeds are used according to the grantor’s intentions. We also highlight coordination with other documents such as pour-over wills, powers of attorney, and health care directives. By reviewing practical scenarios and firm processes, you can get a clear sense of timing, costs, and how an ILIT fits into a wider estate plan in California.
An ILIT can play a meaningful role in preserving life insurance proceeds for intended beneficiaries while reducing the risk those proceeds will be subject to probate or estate taxes. Beyond tax considerations, an ILIT creates a trustee-managed framework that controls distribution timing and conditions, which is useful for protecting funds for minor children, beneficiaries with special needs, or those who may need help managing a sudden inheritance. For families in Murrieta Hot Springs, this structure provides predictability so that proceeds are used for housing, education, medical needs, or long-term care according to the grantor’s goals and instructions.
The Law Offices of Robert P. Bergman provides estate planning services to individuals and families across California, including Murrieta Hot Springs and Riverside County. Our team assists with creating and funding irrevocable trusts, drafting complementary documents such as wills and powers of attorney, and guiding clients through the administrative details of trust ownership and trustee duties. We focus on practical, client-centered solutions, helping you understand trade-offs, timelines, and how an ILIT will interact with retirement assets, beneficiary designations, and tax considerations to deliver an orderly transition of wealth according to your wishes.
An irrevocable life insurance trust is a legal arrangement where the grantor transfers ownership of one or more life insurance policies into a trust that cannot be easily revoked or altered. Once the policy is owned by the trust, the death benefit is payable to the trust rather than directly to the estate, which can reduce the likelihood that proceeds will be included in the grantor’s taxable estate. Establishing an ILIT requires careful timing and documentation, especially when moving existing policies, and often involves appointing a trustee who will receive and manage proceeds for the benefit of named beneficiaries under the trust’s terms.
Funding and administering an ILIT requires coordination between the grantor, trustee, insurance company, and sometimes financial institutions. The trust document outlines the trustee’s duties, distribution standards, and any conditions or schedules for payouts. Grantors may also use the trust to make ongoing gift payments to cover policy premiums through Crummey withdrawal powers or other gifting arrangements. Proper documentation helps the trust function smoothly and reduces the risk of unintentional tax consequences or creditor claims. Understanding these key operational elements helps ensure the ILIT meets both financial and family objectives.
An irrevocable life insurance trust is legally binding once established and typically cannot be changed without significant legal steps. Its primary function is to hold life insurance policies so that upon the insured’s death, proceeds are distributed by the trustee according to the trust terms instead of passing through probate. This arrangement can preserve privacy, provide immediate liquidity to pay estate expenses or debts, and protect proceeds from certain creditor claims. The trust document also sets out who will serve as trustee, how beneficiaries receive funds, and provisions for managing or investing trust assets after the death benefit is paid.
Creating an ILIT involves drafting the trust instrument, appointing a trustee, transferring policy ownership into the trust, and establishing a plan to fund policy premiums if needed. The trust should specify beneficiaries, distribution standards, and any limitations on distributions. For existing policies, the grantor must follow insurer procedures to change ownership and beneficiary designations to the trust. It is also important to consider gift tax filing requirements when making contributions to the trust and to coordinate the ILIT with other estate planning documents so all parts of the plan work together cohesively.
This glossary explains common terms you will encounter when discussing ILITs and related estate planning tools. Understanding these terms will make it easier to follow conversations about trust ownership, premium funding, trustee duties, and tax implications. Whether you are reviewing a trust draft or preparing to transfer a policy, clear definitions help you make informed decisions and ask the right questions. The items below provide concise definitions and practical notes relevant to creating and administering an ILIT in California.
The grantor is the person who creates the trust and transfers assets into it. In the context of an ILIT, the grantor typically establishes the trust, names a trustee, and transfers ownership of a life insurance policy into the trust. Once the transfer is complete, the grantor usually gives up direct control over the policy, so it is important to understand the legal and tax implications before completing the transfer. The trust document records the grantor’s intent and provides instructions for how trust assets should be managed and distributed to beneficiaries.
The trustee is the individual or entity appointed to administer the trust in accordance with the trust’s terms. For an ILIT, the trustee is responsible for managing the insurance proceeds, making distributions to beneficiaries, and maintaining records. The trustee may also handle premium payments if the trust holds the policy. Trustees owe fiduciary duties, which include acting prudently and in the beneficiaries’ best interests. Selecting a trustworthy and reliable trustee is a key decision when creating an ILIT because they will carry out the grantor’s instructions after the grantor’s death.
A beneficiary is a person or entity designated to receive benefits from the trust, including life insurance proceeds held by an ILIT. The trust document specifies how and when beneficiaries receive distributions, whether as a lump sum, in installments, or under certain conditions. Beneficiary designations in the trust should be coordinated with other estate documents and retirement plan beneficiaries to ensure intended recipients receive assets in the planned manner. Trustees must follow the trust’s distribution instructions and maintain records to document each payment or allocation to beneficiaries.
A Crummey withdrawal right is a temporary right given to trust beneficiaries to withdraw gifted amounts for a limited period, which allows contributions to qualify as present interest gifts for gift tax exclusion purposes. In an ILIT context, Crummey powers are often used so that the grantor’s premium contributions to the trust qualify for the annual gift tax exclusion. If beneficiaries do not exercise the withdrawal right within the specified period, the amounts remain in the trust for insurance premium payments or for eventual distribution according to the trust terms.
When deciding how to hold life insurance, you can compare options such as personal ownership, naming beneficiaries directly, or placing the policy in an ILIT. Personal ownership gives the insured control over the policy but may expose the death benefit to probate or estate taxation. Naming beneficiaries directly is straightforward but may not protect proceeds from creditors or allow control over timing of distributions. An ILIT can address many of those concerns by removing the policy from the taxable estate and providing trustee oversight, but it requires giving up ownership rights and following formal transfer and funding procedures.
A limited approach may make sense when life insurance policies are small in value or intended only to cover immediate debts or final expenses. If the proceeds are not expected to significantly affect estate tax calculations and beneficiaries are trusted to manage a straightforward payout, the administrative burden of creating a trust may outweigh the benefits. In these cases, keeping the policy in personal ownership or naming primary beneficiaries directly may be the most efficient path, allowing for simpler beneficiary updates and fewer formalities while still providing needed financial support to survivors.
If family relationships are straightforward and beneficiaries are adults capable of managing funds responsibly, a limited approach to life insurance ownership may be appropriate. Direct beneficiary designations can facilitate quick access to proceeds without trustee involvement or trust administration. This path reduces administrative complexity and legal costs. However, it is important to review beneficiary designations periodically and coordinate them with wills and other estate planning documents to ensure consistent distribution according to your wishes and to avoid unintended consequences such as ex-spouse designations or outdated beneficiary information.
A comprehensive approach including an ILIT is often recommended when the size of an estate or complex asset structure could expose life insurance proceeds to estate taxation or probate. An ILIT helps keep proceeds outside the taxable estate and provides structured distributions. For families with substantial life insurance holdings, business interests, or retirement accounts, integrating an ILIT with other planning tools can reduce administrative burdens and protect beneficiaries from immediate tax or creditor risks while preserving family intentions over time.
A comprehensive approach is also appropriate when the grantor wants more control over how and when beneficiaries receive life insurance proceeds. An ILIT provides trustee-directed distributions that can be tailored for education, healthcare, long-term support, or staggered distributions to guard against rapid depletion. This is particularly helpful when beneficiaries include minors, individuals with special needs, or those who may face creditor claims. Thoughtful drafting lets you define clear standards for distributions while ensuring trustee duties support your intentions for the funds.
Using an ILIT within a broader estate plan offers multiple advantages, including potential estate tax mitigation, protection of proceeds from probate, and structured management of distributions. An ILIT can provide immediate liquidity for estate obligations such as debts, taxes, and final expenses so that family members do not need to sell assets quickly. By designating a trustee and clear distribution rules, an ILIT can preserve the grantor’s intentions and help ensure that proceeds fund intended needs like education, housing, or medical care over time.
Another benefit of a comprehensive approach is improved privacy and continuity. Because proceeds payable to a trust avoid probate, distributions can be completed more quickly and with less public disclosure than assets processed through probate courts. The trustee can also serve as a steady administrator for complex assets and work with financial professionals and advisors to invest and manage trust funds responsibly. This continuity can reduce family stress during a difficult time and make it easier for beneficiaries to access resources according to the grantor’s plan.
Holding life insurance in an ILIT can help remove the death benefit from the grantor’s gross estate for estate tax purposes, depending on timing and the form of the transfer. By keeping proceeds out of the probate estate, the trust can provide more direct and private delivery of funds to beneficiaries. This approach is especially relevant for estates approaching thresholds where tax planning matters, and for families seeking to keep the transfer of wealth orderly and less subject to court oversight or public records.
An ILIT allows the grantor to specify how proceeds are used, giving the trustee authority to make distributions for specific purposes such as education or healthcare expenses. This structured distribution approach helps protect beneficiaries from sudden windfalls that might be mismanaged or targeted by creditors. Trustees can also be directed to invest conservatively or to make periodic payments, which supports long-term financial stability for recipients. The trust can therefore serve both protective and practical functions for families with diverse needs and circumstances.
Before transferring a life insurance policy into a trust, review the policy documents and beneficiary designations carefully to ensure the change is processed correctly. Mistakes in ownership transfers can unintentionally cause the proceeds to remain part of the taxable estate. Communicate with the insurance company to follow their procedures and obtain written confirmation of the transfer. Also coordinate with retirement account beneficiaries and wills so that all records align with your overall estate plan and avoid conflicting instructions that could create delays or disputes after your death.
Selecting a trustee is a critical decision because this person or entity will manage the proceeds and follow the distribution rules you set. Consider appointing a reliable individual or corporate trustee with experience handling fiduciary responsibilities and coordinating with financial advisors. Clearly define trustee powers and duties in the trust document so there is no ambiguity about investment authority, distribution standards, and recordkeeping. Well-defined trustee instructions reduce the risk of disputes and help ensure that trust assets are used in accordance with your intended purposes.
You might consider an ILIT if preserving privacy, reducing potential estate tax exposure, and ensuring controlled use of life insurance proceeds are priorities for your family. An ILIT can be a key component for those with significant life insurance holdings or complex estates, providing a formal mechanism for trustees to manage and distribute funds according to your instructions. When paired with other documents such as a pour-over will, trust certification, and powers of attorney, an ILIT helps create a coordinated framework for transferring assets and supporting beneficiaries according to long-term objectives.
An ILIT is also useful when beneficiaries include minors, individuals with limited financial capacity, or family members who may be subject to creditor or divorce claims. The trust allows distributions to be timed or conditioned to preserve resources for education, health care, or other essential needs. When structured properly, an ILIT provides both legal structure and practical administration that respects your intentions and reduces the administrative burden on loved ones during a difficult time. It is important to weigh the benefits against the formalities and transfer requirements involved.
People commonly consider an ILIT when they have high-value life insurance policies, wish to provide for minor children, want to protect proceeds from probate or creditors, or need to control the timing of distributions after death. Business owners, those with blended families, and individuals concerned about estate tax exposure often use ILITs to ensure proceeds support succession plans, education funding, or long-term financial support. An ILIT can also coordinate with retirement and trust planning to ensure a comprehensive approach to transferring wealth according to the grantor’s objectives.
When beneficiaries are minors or otherwise unable to manage a large sum, an ILIT creates a mechanism for controlled distributions overseen by a trustee. This helps prevent impulsive or mismanaged spending and ensures that funds are available for essential needs such as education, housing, and medical care. The trust can set specific milestones or conditions for distributions, providing structure and long-term financial protection for those who need stable support. It also avoids placing a large payout directly into a minor’s name, which can create legal complications and unnecessary exposure to third-party claims.
An ILIT can keep life insurance proceeds out of probate, which preserves privacy and can speed the distribution process. Probate proceedings are public, and for many families, avoiding that exposure is a major reason to use trust-based structures. By directing the insurer to pay proceeds to the trust, distributions can be made under the terms you set without court supervision, reducing administrative delay and public disclosure. This approach is helpful for clients who prioritize confidentiality and timely access to funds by beneficiaries or the estate for immediate expenses.
Clients concerned about potential future creditor claims, divorces, or estate tax implications often turn to ILITs for greater protection. Because the trust holds the insurance proceeds, those funds may be shielded from certain claims against beneficiaries and may not be counted in the grantor’s taxable estate under appropriate conditions. While no approach eliminates all risk, an ILIT combined with careful drafting and timing can significantly strengthen asset protection and provide clearer, legally grounded pathways for distributing life insurance benefits consistent with the grantor’s intentions.
The Law Offices of Robert P. Bergman offers local guidance for residents of Murrieta Hot Springs and the surrounding Riverside County communities who are exploring an irrevocable life insurance trust as part of their estate plan. We provide practical advice on drafting the trust document, transferring policy ownership, coordinating with beneficiary designations, and planning premium funding. Our goal is to help you understand how an ILIT would function within your specific family and financial context, answer your questions about timing and tax implications, and support you through implementation and trustee selection.
Our firm focuses on providing clear, practical estate planning services tailored to California residents, including those in Murrieta Hot Springs. We assist clients with drafting trusts, coordinating documents like pour-over wills and powers of attorney, and guiding transfers of life insurance ownership into trusts. We emphasize communication, thorough documentation, and compliance with legal requirements so that your plan will function as intended. Whether you are creating a new trust or adjusting an existing policy, we help map out steps and timelines to minimize unwanted tax or probate outcomes.
Clients receive assistance with key administrative tasks such as insurer ownership transfer forms, beneficiary coordination, and premium funding strategies. We also help identify trustee responsibilities and support the development of distribution provisions that reflect your goals. By aligning trust provisions with broader estate planning documents, we work to ensure consistency and clarity across your plan. Our process aims to reduce stress and confusion for your family members during transitions and to provide practical tools for carrying out your wishes.
We serve a variety of clients, including individuals with simple planning needs and families with more complex asset structures. From initial consultation through document preparation and funding, our approach is methodical and client-focused. We encourage regular reviews of your plan to accommodate life changes and financial shifts. For Murrieta Hot Springs residents, our services are designed to be accessible, responsive, and tailored to the legal environment in California so your trust-based planning performs reliably when it is needed most.
Our process begins with a focused consultation to review your estate goals, existing insurance policies, and family dynamics. We then propose a trust structure that aligns with those objectives and draft the trust document with clear distribution provisions and trustee duties. After you approve the document, we assist with funding steps such as transferring ownership of life insurance policies, coordinating with insurers, and setting up premium payment arrangements. We also review related documents like wills, powers of attorney, and health care directives to ensure cohesive planning across your estate plan.
During the initial meeting, we assess your current insurance arrangements, discuss estate planning priorities, and identify potential legal or tax issues relevant to an ILIT. This includes reviewing beneficiary designations and any existing trusts or wills. Based on that review, we recommend a draft trust framework and outline funding mechanisms for paying premiums, such as annual gifts or other transfers that comply with gifting rules. The goal of this step is to create a clear roadmap for drafting and funding the trust while identifying any immediate coordination needs.
We examine insurance policy terms, beneficiary designations, and any existing estate planning documents to identify conflicts or steps necessary to transfer ownership to the trust. This review ensures the insurer’s procedures are followed and that changes do not unintentionally trigger negative tax consequences. We document next steps for updating ownership and beneficiary forms and provide instructions on how to submit requests to the insurance company so the policy is properly titled in the trust’s name.
After clarifying objectives and reviewing documents, we draft the ILIT instrument to reflect your distribution goals, trustee powers, and procedures for premium funding. The trust will outline how proceeds are to be managed and disbursed and include provisions for successor trustees and contingencies. We present the draft for review, explain the legal language in plain terms, and refine the document until it accurately reflects your wishes, ensuring the trust is ready to be executed and funded according to your timeline.
Once the trust document is finalized, the next step is execution and funding. Execution typically involves signing the trust and, where applicable, having it witnessed or notarized according to state requirements. Funding the trust means transferring ownership of existing insurance policies to the trust or arranging for new policies to be owned by the trust from inception. We coordinate with insurance providers to ensure ownership changes are processed correctly and provide guidance on funding premium payments to maintain policy coverage without unintended tax consequences.
The trust is executed following California formalities, which may include notarization and signatures from the grantor and witnesses as required. We ensure that all signature requirements are met and provide you with properly formatted copies for your records. Clear execution steps reduce the risk of challenges later and establish a firm legal basis for the trust to receive and hold the insurance policy once ownership is transferred to the trustee.
Transferring policy ownership requires insurer forms and confirmation that the trust is an acceptable owner and beneficiary. We prepare the necessary documentation, liaise with the insurance company if questions arise, and request written confirmation when the transfer is complete. This helps ensure the policy is properly titled and the insurer recognizes the trust’s rights, minimizing the possibility of disputes or administrative delays when the death benefit becomes payable to the trust.
After the trust is funded, ongoing administration includes maintaining records of premium payments, monitoring policy status, and facilitating trustee actions when distributions are needed. Periodic plan reviews are recommended to address life changes, tax law shifts, or new financial circumstances. We can assist trustees with understanding their duties, preparing reports, and following distribution instructions. Regular reviews help ensure the ILIT continues to fulfill its intended purpose and that any changes to family or financial situations are addressed in a coordinated manner.
Proper administration requires meticulous recordkeeping of trust assets, premium payments, and communications with beneficiaries. Trustees should retain copies of insurance confirmations, account statements, and any distribution records. We provide guidance on practical steps for trustees to document decisions and provide transparent reporting to beneficiaries, which reduces misunderstandings and supports compliance with the trust terms and applicable law.
While the trust itself is irrevocable, related estate planning documents and beneficiary designations may need updates over time. We recommend periodic reviews to confirm the trust remains aligned with changes in family dynamics, financial circumstances, or tax law. During these reviews we can coordinate updates to wills, powers of attorney, and healthcare directives so that all aspects of your estate plan function together. Ongoing attention helps preserve the benefits of the ILIT over the long term.
An irrevocable life insurance trust is a trust designed to own and manage life insurance policies. Once the policy is transferred into the trust, the trust becomes the legal owner and the trustee administers the policy proceeds according to the trust terms. This differs from personal ownership because the policy is no longer part of the grantor’s probate estate, and the trustee controls distribution to beneficiaries. The arrangement can provide privacy, avoid probate delays for proceeds, and help align payouts with your intentions for beneficiaries. Owning a policy personally leaves you with control but can result in proceeds being included in your estate for tax and probate purposes. With an ILIT, the grantor typically relinquishes direct ownership and must follow formal transfer procedures. Because the trust is irrevocable, changes to ownership or beneficiary designations made outside the trust can create planning complications, so coordination with your overall estate plan and insurer is important to achieve intended results.
Transferring an existing life insurance policy into an ILIT involves executing the trust document and completing ownership transfer forms required by the insurance company. The insurer will typically request proof of the trust and a change of ownership form naming the trust as the new owner and beneficiary. After submission, obtain written confirmation from the insurer that the trust is the policy owner and that beneficiary designations reflect the trust’s interests. It is important to consider timing because certain transfers made shortly before death could cause the benefit to be included in the grantor’s estate under look-back rules. Additionally, if premiums are paid after the transfer, there must be a plan for funding those premiums to avoid lapses. Consulting about transfer timing and funding strategies helps ensure the transition achieves intended benefits without unintended tax or administrative consequences.
An ILIT may offer a level of protection for beneficiaries by placing proceeds under the trust’s control, which can limit direct access to funds and reduce exposure to certain creditor claims. Because the trust, not the beneficiary, holds the proceeds, creditors seeking to reach a beneficiary’s assets may face greater difficulty accessing trust-held funds, depending on trust terms and applicable law. The trust can also guide distributions so funds are managed over time rather than given as a lump sum that could be targeted. However, no arrangement can guarantee absolute protection in every circumstance. The effectiveness of asset protection depends on trust drafting, timing of transfers, and state law. Careful planning and coordination with broader estate and financial strategies improve the likelihood that trust proceeds are preserved for intended beneficiaries while minimizing risk of successful creditor or spouse claims.
After an ILIT is established, premium funding is typically handled by the grantor through gifts to the trust that are then used to pay policy premiums. Many trusts include withdrawal rights to beneficiaries for a short period so these gifts qualify as present interest gifts for annual gift tax exclusion purposes. If beneficiaries do not exercise their withdrawal rights, the funds remain in the trust to cover premiums and maintain the policy. Accurate recordkeeping and timely gift tax filings, if necessary, are important parts of premium funding. Some grantors choose to purchase a new policy owned by the trust to avoid transfer complications, while others transfer existing policies and plan gifts accordingly. Either approach should be coordinated with legal guidance to avoid unintended tax or coverage issues.
Because an ILIT is irrevocable, the grantor generally cannot freely change beneficiaries or revoke the trust after it is executed. This permanence is fundamental to the trust’s design and often necessary to achieve certain tax or creditor-protection goals. If circumstances change, options may be limited and may require legal mechanisms or court actions in rare cases. Therefore, careful drafting at the outset helps ensure the trust reflects long-term intentions. Although the trust itself is typically irrevocable, related planning tools like wills or powers of attorney can be updated to reflect changing needs. Periodic reviews are essential so that the ILIT and surrounding documents remain aligned with family dynamics and financial changes. In some situations, trustees may have limited discretion to adapt distributions within the framework of the trust’s terms.
A trustee does not necessarily need to reside in California, but choosing a trustee familiar with California law and the practical demands of administering an ILIT can be beneficial. Trustees must comply with fiduciary duties and may need to work with local counsel, financial institutions, or tax professionals to fulfill reporting and distribution responsibilities. If a nonresident trustee is chosen, consider whether additional administrative complexities or tax issues may arise and whether a co-trustee or local professional is appropriate to help manage state-specific requirements. Some families appoint a trusted individual, while others select a corporate fiduciary or professional trustee to handle ongoing administration. The key is selecting someone reliable who will follow the trust’s instructions, communicate effectively with beneficiaries, and coordinate with advisors. Clear trustee powers and guidance in the trust document make administration more predictable regardless of the trustee’s location.
Funding an ILIT often involves annual gifts from the grantor to the trust to cover premiums, and these gifts may qualify for the annual gift tax exclusion when structured properly. Using withdrawal rights for beneficiaries helps ensure the gifts are treated as present interest gifts. If gifts exceed the annual exclusion, gift tax returns may be required and lifetime exemption considerations may come into play, so recordkeeping and timely tax filings are important to maintain compliance with federal rules. Because gift and estate tax rules change over time, coordinating ILIT funding with broader tax planning is advisable. Working with legal and tax advisors helps you plan the size and timing of gifts, evaluate whether gift tax returns are necessary, and understand any potential implications for your overall estate plan. This coordination reduces the risk of unintended tax consequences from premium funding strategies.
When the insured dies, the insurance company pays the death benefit to the trust if the policy is owned by the ILIT. The trustee then administers the proceeds according to the trust’s distribution provisions, which may include paying debts, taxes, or making distributions to named beneficiaries over time. Because the trust holds the proceeds, distributions can be made privately and under the conditions the grantor set in the trust document. The trustee’s responsibilities include determining permissible uses of funds, investing remaining assets prudently, and keeping records of disbursements. Beneficiaries receive trust distributions according to the terms of the trust, which can be tailored for lump-sum payments, scheduled installments, or conditional distributions for specific needs such as education or medical care.
An ILIT often works together with other estate documents like a pour-over will, which directs any remaining assets into a revocable trust upon the grantor’s death. Coordination ensures that beneficiary designations, wills, and trusts do not conflict and that assets pass according to your overall plan. The ILIT specifically handles life insurance proceeds while other documents address different asset classes, so alignment is necessary to avoid unintended distributions or probate complexities. Regular reviews help ensure all documents reflect current wishes and legal requirements. When creating or updating an ILIT, include discussions about how it will fit with your pour-over will, powers of attorney, and health care directives so that all pieces of your estate plan operate together smoothly and consistently at the time of need.
Plan to review your ILIT and related estate planning documents periodically and after major life events such as marriage, divorce, births, deaths, or significant changes in financial circumstances. Although the trust itself is generally irrevocable, surrounding plans and funding arrangements may require adjustment over time to address changes in family situations or law. Regular check-ins help identify any required updates to beneficiary designations, premium funding plans, or administrative arrangements with trustees. It is also wise to review the trust when policies come up for renewal or conversion, or if there are changes in tax law that could affect estate planning goals. Periodic consultations with counsel ensure that the ILIT continues to meet your objectives and that trustees have current guidance for administration and distributions.
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