An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of a thoughtful estate plan for individuals in Vineyard and throughout Sacramento County. At the Law Offices of Robert P. Bergman, our approach focuses on practical planning that preserves family wealth, reduces estate tax exposure where appropriate, and ensures life insurance proceeds transfer according to your wishes. This guide explains what an ILIT is, how it functions alongside wills, trusts, and related documents, and why many clients include it as part of a broader estate plan tailored to their property, beneficiary needs, and long-term goals in California.
Choosing to create an ILIT involves careful decisions about trustee selection, beneficiaries, funding sources, and interactions with retirement accounts and beneficiary designations. We discuss how an ILIT integrates with common estate planning instruments such as revocable living trusts, pour-over wills, powers of attorney, and advance health care directives. This page also outlines typical steps in the process from initial consultation through funding and ongoing trust administration. Our goal is to give Vineyard residents clear, practical information so they can make informed decisions about whether an ILIT fits their family and financial objectives.
An ILIT can remove life insurance proceeds from your taxable estate under the right circumstances and provide controlled distribution to beneficiaries after your passing. It offers a mechanism to manage how insurance proceeds are used, such as paying estate settlement costs, providing liquidity for taxes, protecting inheritances for beneficiaries, and supporting ongoing family needs. For people with significant assets or specific legacy goals, including minor or disabled beneficiaries, an ILIT provides predictability and can complement other trust arrangements. Careful drafting and administration help the trust meet legal requirements while aligning with your objectives for asset preservation and beneficiary protection.
The Law Offices of Robert P. Bergman serves clients across California with estate planning and trust administration services, including ILITs, revocable living trusts, and related documents. Our practice emphasizes clear communication, careful document drafting, and practical problem solving to help clients create plans that reflect their wishes and family circumstances. We assist with trust formation, funding, coordination with insurance carriers and financial institutions, and trustee guidance. Clients in Vineyard and nearby communities rely on our firm for attentive service, proactive planning, and steady support through the lifecycle of their estate plan and trust administration needs.
An Illicitly named but properly structured Irrevocable Life Insurance Trust is a separate legal entity that holds life insurance policies and receives proceeds at death according to the trust terms. Once established and funded, an ILIT is typically outside the insured’s taxable estate if transfers are completed properly and certain timing rules are met. The trust can specify how proceeds are invested and distributed, name successor trustees, protect funds from beneficiary creditors, and set conditions for distributions. Understanding these features helps trustees and grantors make informed decisions about funding, beneficiary designations, and long-term administration of the trust.
Creating an ILIT requires attention to the mechanics of policy ownership, premium funding, and gift tax considerations. If the insured transfers an existing policy or the trust purchases a new policy, federal and state rules affect timing and tax treatment. The trust document must be drafted with clear distribution standards, trustee powers, and coordination with beneficiary designations on retirement accounts and other assets. For many clients, the ILIT is one element of a larger plan that includes powers of attorney, advance health care directives, and a revocable living trust to address incapacity, probate avoidance, and lifetime asset management.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy on the grantor and receives the death benefit when the insured passes. Because the trust owns the policy and the grantor gives up control over it, the death benefit can be excluded from the grantor’s estate for estate tax purposes if the trust is set up and funded properly. The trust holds proceeds for the benefit of named beneficiaries and is managed by a trustee who follows the trust terms. An ILIT can be tailored to address liquidity needs, provide for dependents, and preserve assets for future generations in a controlled manner.
Establishing an ILIT involves drafting a trust instrument, appointing a trustee, transferring or issuing a life insurance policy to the trust, and arranging premium funding. The trust language should include clear distribution provisions, trustee powers, and instructions for dealing with claims and taxes. If the trust will own an existing policy, transfer timing and gift tax reporting are important. Many clients use annual gift exclusion contributions or allocations from other accounts to fund premiums. Ongoing administration includes recordkeeping, premium payments, communication with beneficiaries, and periodic reviews to ensure the arrangement still meets family goals.
The legal and financial terms associated with ILITs can be unfamiliar, so this glossary explains common phrases you are likely to encounter when planning an ILIT. Definitions cover trust, grantor, trustee, beneficiary, premium funding, gift tax, estate inclusion rules, pour-over wills, transfer of ownership, and coordination with retirement assets. Understanding these terms helps you make informed choices and communicate effectively with trustees, insurance carriers, and advisors. Clear definitions also reduce uncertainty during the drafting and funding stages and support smooth administration after a trust becomes operative.
The grantor is the person who creates the trust and transfers property into it. In the ILIT context, the grantor is often also the insured whose life is covered by the trust-owned policy. By transferring ownership of a policy to the trust, the grantor gives up certain ownership rights, which is necessary for the trust to operate outside the grantor’s taxable estate in many situations. The trust instrument should clearly identify the grantor, the date of establishment, and any terms that govern contributions and trustee powers to avoid unintended tax or ownership consequences.
A trustee is the individual or entity responsible for managing the trust according to its written terms. The trustee handles policy ownership, premium payments, recordkeeping, and distributions to beneficiaries. Trustee duties include fiduciary obligations to act in beneficiaries’ best interests, maintaining clear financial records, and complying with tax reporting requirements. Choosing a trustee who is comfortable with administrative tasks and understands the goals of the trust is important. The trust should name successor trustees and provide guidance on delegation, investment, and communications with beneficiaries to ensure continuity.
A beneficiary is a person or entity designated to receive benefits from the trust after the insured’s death. ILIT beneficiaries may include spouses, children, grandchildren, charities, or trusts for minors or disabled family members. The trust document can set conditions on distributions, such as age-based distribution schedules or health and education requirements. Properly naming beneficiaries in the trust and coordinating beneficiary designations on related accounts helps prevent conflicts and achieves the grantor’s intended outcomes for how proceeds are used and preserved for future generations.
Funding an ILIT typically means providing the trust with resources to pay policy premiums so the policy remains in force. Funding can be accomplished through annual gifts that use the federal gift tax annual exclusion, transfers of assets that generate income, or trusts that direct distributions for premium payments. Documentation of gifts and timely funding is important to meet tax rules and to ensure the trust can maintain the policy. Clear instructions in the trust about premium funding help trustees manage the policy effectively and preserve the intended benefits for beneficiaries.
An ILIT is one of several tools available within a comprehensive estate plan. Compared with a revocable living trust or a pour-over will, an ILIT is designed specifically around life insurance ownership and the distribution of insurance proceeds. Revocable trusts provide flexibility during life and probate avoidance, while ILITs focus on segregating insurance proceeds for particular purposes. For some clients, a combination of a revocable trust for assets and an ILIT for life insurance provides both lifetime management and post-death liquidity. Deciding among options involves considering tax implications, control preferences, and the needs of beneficiaries.
Households with modest estates and smaller life insurance policies may find a limited approach focused on beneficiary designations and a revocable living trust sufficient. In these situations, straightforward beneficiary naming and coordination with a pour-over will can provide clear instructions and avoid unnecessary complexity. If liquidity needs are modest and estate tax exposure is unlikely, clients often prioritize ease of administration and lower drafting costs. However, even modest estates can benefit from clear documentation to ensure proceeds are used as intended and to reduce family disputes after a death occurs.
Some individuals prefer a flexible revocable trust and simple beneficiary designations because these tools allow changes during their lifetime without the permanence an ILIT requires. A revocable trust lets the grantor retain control and adjust provisions as circumstances change, which can be attractive for those who expect evolving family or financial situations. Where estate tax considerations are minimal and the primary goal is straightforward asset distribution or incapacity planning, simplicity may be the best path. Even in these cases, careful coordination among documents prevents conflicting instructions and ensures beneficiaries receive clear guidance.
When an estate includes complex holdings such as business interests, significant retirement accounts, or multiple life insurance policies, a coordinated plan helps align ownership, beneficiary designations, and trust provisions to meet long-term goals and minimize unintended tax consequences. A comprehensive review ensures that transfers to an ILIT, retitling of assets, and beneficiary coordination work together to preserve value for heirs. Proper planning also anticipates liquidity needs and provides strategies to manage estate settlement costs without forcing sales of illiquid assets at inopportune times.
A comprehensive plan addresses not only tax and administrative matters but also the long-term support and protection of beneficiaries, such as minor children or family members with unique needs. An ILIT paired with other trust arrangements can create layered protections and targeted distribution rules that reflect family values. Coordination also helps prevent conflicts among heirs and ensures that trustees have the powers necessary to manage funds responsibly. Thoughtful planning supports continuity and reduces administrative burdens for surviving family members during a difficult time.
A comprehensive approach to ILIT planning integrates life insurance planning with wills, revocable trusts, powers of attorney, and health care directives to create cohesion among documents and reduce the risk of conflicting instructions. This coordination allows clients to address liquidity needs at death, provide for dependents, and manage potential estate tax exposure while preserving flexibility during life. Clear drafting and consistent beneficiary coordination also streamline administration for trustees and reduce the likelihood of disputes. A unified plan gives families a clear path for how assets should be managed and distributed over time.
Comprehensive planning also provides the opportunity to test multiple scenarios and make adjustments that fit changing family dynamics and financial circumstances. Regular reviews help ensure that premium funding strategies, trust terms, and beneficiary designations continue to reflect the client’s goals. Integrating an ILIT with other estate planning tools ensures that life insurance proceeds are available for intended uses such as estate taxes, business succession, charitable gifts, or continued support for family members. This deliberate alignment helps preserve value and deliver the grantor’s intentions efficiently.
An ILIT structured within a comprehensive estate plan can provide protections that shield life insurance proceeds from creditor claims, beneficiary divorce, or mismanagement when carefully drafted. The trust’s distribution provisions can set conditions and timelines that guide how and when beneficiaries receive funds, preserving capital for long-term needs and protecting inheritances. These protections are particularly valuable for families who want to ensure proceeds are used for education, health, or ongoing family support. Clear trustee duties and reporting requirements also help maintain oversight while balancing beneficiary access to resources.
Life insurance proceeds held in an ILIT often provide immediate liquidity to pay final expenses, settle debts, and cover estate administration costs without forcing the sale of other assets. This liquidity can be essential for businesses, farms, or real estate holdings that are illiquid but important to the estate’s long-term value. By coordinating an ILIT with other estate planning documents, clients can reduce probate delays and simplify trustee responsibilities, enabling smoother transitions for beneficiaries and preserving the overall estate value through efficient administration.
Make sure the life insurance policy is properly titled in the trust name and that all beneficiary designations are coordinated with the trust document to avoid conflicting claims. When a policy is transferred into an ILIT or newly issued to the trust, documentation should reflect the transaction and any gift tax reporting should be handled promptly. Clear coordination reduces administrative delays after death and helps ensure that proceeds are distributed in the manner you intend. Regular reviews of designations and trust language are recommended to reflect changes in family or financial circumstances.
Select a trustee who understands fiduciary responsibilities and is willing to administer the trust according to its terms, including managing premium payments and communicating with beneficiaries. Naming successor trustees ensures continuity if the initial trustee is unable to serve. Consider whether to appoint an individual, a trusted family member, or a professional trustee and identify any co-trustee arrangements that may provide balance and oversight. Providing clear trustee powers and reporting expectations in the trust document supports effective administration and helps protect the trust assets for beneficiaries.
Residents often consider an ILIT to manage and control how life insurance proceeds will be used after a death, especially when aims include providing for family members, covering estate settlement costs, or preserving assets for future generations. An ILIT can offer structure that benefits minor beneficiaries or family members with special needs by setting distribution rules and trustee oversight. It also provides the potential to keep life insurance proceeds outside the insured’s taxable estate in appropriate circumstances, which can preserve value to be used for legacy goals, business succession, charitable gifts, or family support.
Other reasons to consider an ILIT include ensuring liquidity for paying taxes and debts without selling key assets, protecting proceeds from creditor claims, and coordinating multiple life insurance policies into a single trust vehicle. The ILIT can be tailored so that proceeds are available immediately for pressing needs while also protected for longer-term purposes. Many clients find that combining an ILIT with a revocable trust, pour-over will, and powers of attorney creates a comprehensive plan that addresses both lifetime and post-death needs with clarity and predictability.
Typical circumstances that lead clients to establish an ILIT include owning substantial life insurance policies, having business interests that require liquidity at death, preparing for estate tax considerations, or seeking increased control over beneficiary distributions. Families with minor children, blended family dynamics, or beneficiaries who may need protection from creditors or divorce are also common candidates for ILIT planning. The trust structure provides a durable way to arrange how proceeds are handled and can be tailored to specific family needs while linking to other estate planning tools to achieve broader objectives.
When an individual owns significant life insurance that could affect estate tax exposure or when proceeds are needed to fund business succession or debt repayment, an ILIT can help segregate those funds for intended uses. Establishing the trust and transferring or issuing a policy to it preserves a structure for controlled distribution and reduces the risk that proceeds will be included in the estate under ownership rules. A properly managed ILIT provides confidence that proceeds will be available for obligations and planned legacy distributions without complicating the probate process.
Families with minor children or beneficiaries who may lack financial maturity often use an ILIT to set out a schedule of distributions or conditions tied to education, health care, or other needs. The trust can protect funds from mismanagement or external claims while allowing a trustee to manage investments and distributions prudently. For beneficiaries with disabilities or special circumstances, the ILIT can be coordinated with other trust vehicles to maintain eligibility for public benefits while still providing supplemental support and resources in a controlled manner.
Business owners frequently use ILIT proceeds to provide liquidity for estate taxes, buy-sell agreements, or transition costs that allow the business to continue operating after the owner’s death. By holding life insurance outside the taxable estate, an ILIT can create ready cash for successors without requiring the sale of business assets. Clear instructions in the trust about how proceeds should be used for succession, buyouts, or key person replacement protect the enterprise and help fulfill the owner’s succession planning objectives with less disruption to ongoing operations.
If you live in Vineyard or elsewhere in Sacramento County and are considering an ILIT, the Law Offices of Robert P. Bergman can help you evaluate whether this trust suits your needs, draft the trust document, coordinate funding, and advise trustees on administration. We work with clients to tailor documents that reflect family goals and to coordinate the ILIT with revocable trusts, wills, powers of attorney, and advance health care directives. Our firm helps ensure that documentation is clear and that funding and recordkeeping support the trust’s intended results while complying with applicable legal requirements.
Clients choose our firm for careful planning, clear communication, and thorough document preparation tailored to California law and local needs. We focus on practical solutions that align with family priorities while coordinating ILITs with other estate planning documents such as revocable living trusts, pour-over wills, and powers of attorney. Our office helps clients navigate policy transfers, premium funding strategies, and trustee selection, paying close attention to timing and documentation to meet tax and ownership requirements and help the trust fulfill its intended purpose.
We assist throughout the process from initial strategy discussions to trust drafting and funding. That includes preparing the trust instrument, advising on policy transfers or trust-owned policies, documenting gifts for premium payments, and guiding trustees on their administrative duties. Our goal is to provide clients with practical counsel and clear documents that simplify long-term administration for beneficiaries. We prioritize responsive service and aim to answer questions promptly so clients feel confident in their plan decisions and understand next steps for implementation.
For families and business owners in Vineyard and across Sacramento County, working with a law firm that understands local considerations and California law helps ensure that your ILIT and broader estate plan work together effectively. We provide ongoing support for trust administration issues, trustee transitions, and revisions when circumstances change. Regular plan reviews help keep documents aligned with evolving goals and law, and we assist clients in documenting funding and maintaining records so the trust functions as intended when it becomes operative.
Our process begins with a detailed consultation to understand your family, financial picture, and goals for insurance proceeds. From there we draft a trust tailored to those objectives, advise on policy ownership and funding, and coordinate with insurance carriers and financial institutions. After execution, we assist with funding steps, gift documentation, and trustee orientation. We also provide ongoing guidance for administration, beneficiary communication, and modification when warranted. Throughout the process, we emphasize clarity and recordkeeping to support smooth trust operation and to meet legal and tax reporting needs.
The first step is a confidential meeting to review your assets, current policies, family considerations, and overall estate plan. During this discussion we explore whether an ILIT is appropriate given your goals, explain the mechanics of trust ownership and funding, and outline potential tax and timing implications. We identify potential trustees and beneficiaries and discuss coordination with revocable trusts, wills, and beneficiary designations. This planning stage sets clear objectives and a roadmap for drafting the trust and implementing funding strategies tailored to your situation in California.
We review existing estate planning documents, life insurance policies, and beneficiary designations to identify areas requiring coordination or change. This review helps avoid conflicting instructions and ensures the ILIT will function as intended. We also evaluate funding options and gift strategies for premium payments. Based on this analysis, we recommend drafting language and practical steps to transfer ownership if needed or to issue a policy directly to the trust. Clear documentation at this stage is essential for smooth administration later.
Selecting an appropriate trustee and naming successor trustees are central planning tasks. We discuss the roles and responsibilities a trustee will have, considerations for family member trustees versus professional trustees, and the powers needed to manage proceeds. We also assist in defining beneficiary classes and distribution guidelines that reflect your intentions. Thoughtful trustee and beneficiary planning reduces potential conflicts and ensures the trust can operate securely and effectively for intended beneficiaries.
Once planning is complete we prepare the ILIT document with clear distribution provisions, trustee powers, and instructions for premium funding and recordkeeping. The draft will be reviewed with you to ensure it reflects your goals and addresses timing issues related to ownership transfers and gift reporting. After approval, the trust is executed according to California formalities. We also prepare ancillary documents and letters of instruction to guide trustees and beneficiaries on the trust’s purpose and administration expectations following execution.
If a policy is being transferred to the ILIT, we provide guidance on the mechanics of assignment and the timing implications for estate inclusion rules. When a new policy is issued to the trust, we coordinate with the insurance carrier to ensure proper ownership and beneficiary designations. Documentation of transfers and any gift tax filings is prepared as needed. Careful attention to these details at execution helps prevent unintended tax consequences and maintains the policy’s role within the trust structure.
We advise on sustainable premium funding strategies such as annual exclusion gifts and document these transfers to the trust. Proper gift documentation and bank records help meet tax reporting requirements and maintain clear evidence of funding. Establishing a routine for funding, such as periodic transfers or trustee-managed accounts, minimizes the risk of missed payments. This step ensures the policy remains in force and the trust fulfills its purpose when a claim arises.
After funding and execution, the trustee administers the trust according to its terms, maintains records, and communicates with beneficiaries. We provide guidance on trustee duties, tax reporting obligations, and procedures for making distributions. Periodic reviews of the trust and associated documents are recommended to adapt to changes in law, family circumstances, or financial conditions. Our firm remains available to advise trustees on investment decisions, beneficiary issues, and any amendments that are permissible and appropriate under the trust terms and applicable law.
Trustees must keep accurate records of premium payments, gifts to the trust, communications with beneficiaries, and transactions involving trust assets. We assist trustees in establishing recordkeeping practices and preparing required tax forms and statements. Clear records help preserve trustee accountability and facilitate efficient administration. We also advise trustees on documenting distributions and investment decisions so beneficiaries and courts, if necessary, can understand the rationale for trust actions over time.
Although an ILIT is irrevocable, surrounding documents and funding strategies may require adjustment over time to reflect changes in circumstances and law. We recommend periodic reviews to ensure the trust remains aligned with your overall estate plan and to address any coordination issues with retirement accounts, beneficiary designations, or family dynamics. When changes are needed, we advise on the available options for modification, trust funding adjustments, or complementary planning to preserve intended benefits for heirs while complying with applicable legal constraints.
An ILIT is a trust that owns a life insurance policy and holds the proceeds for named beneficiaries under the terms you set. It is created to control how insurance proceeds are used, provide liquidity at death, and potentially keep policy proceeds outside of the insured’s estate for tax purposes when certain rules are met. The trust is irrevocable once established, so the grantor gives up ownership and control over the policy, and the trustee administers distributions according to the trust language. Deciding whether to use an ILIT depends on your goals, such as paying estate administration costs, preserving assets for beneficiaries, or ensuring liquidity for a family business. We evaluate your circumstances, review existing policies and beneficiary designations, and recommend whether an ILIT aligns with your planning objectives. Proper funding and documentation are critical to achieving the desired results.
When an ILIT is set up correctly and the trust owns the policy for the required period, death proceeds may be excluded from the insured’s taxable estate, which can reduce estate tax exposure for larger estates. Timing rules, such as the transfer-of-ownership timing and any applicable lookback periods, affect whether proceeds are included. If a policy is transferred into the trust shortly before death, estate inclusion rules may still apply, so careful planning and timing are important. Because tax consequences can be complex, it is important to document transfers, make appropriate gift tax filings if necessary, and coordinate ILIT ownership with other estate planning measures. Reviewing the policy’s history, premium funding sources, and your overall estate makeup helps determine the likely tax treatment and optimal approach to minimize unintended tax burdens.
Yes, a spouse can be a beneficiary of an ILIT, and many clients include spouses among primary beneficiaries. The trust terms can provide for continuing support for a surviving spouse while also protecting assets for children or future generations. Drafting the trust to clearly state the distribution plan for a spouse helps avoid confusion and ensures that proceeds are used in the way you intend after your passing. However, naming a spouse requires attention to potential tax and control issues, and in some scenarios clients choose separate subtrusts or distribution rules to balance spousal needs with other family goals. Coordinating an ILIT with other estate documents ensures that naming a spouse as beneficiary works within your broader plan and reflects any community property or California family law considerations.
Premiums for a policy owned by an ILIT must be paid by the trust or provided to the trust for payment, and common methods include annual gifts to the trust using the federal gift tax annual exclusion. The grantor can make gifts directly to the trust or provide resources that the trustee uses to pay premiums. Proper documentation of gifts and consistent funding is important to maintain the policy and the trust’s objectives. Trust terms should include guidance for premium funding and trustees should maintain careful records of payments and gift documentation. If funding disruptions occur, trustees and grantors should address the situation promptly to avoid policy lapse and to keep the arrangements aligned with planning goals.
If the insured dies shortly after transferring a policy to an ILIT, special timing rules could cause the proceeds to be included in the insured’s estate for tax purposes. The IRS has lookback rules that examine transfers occurring within a certain timeframe before death, which can affect estate inclusion. Because of this, timing and planning before transfer are important to achieve the intended tax treatment and to avoid unintended inclusion of proceeds in the estate. When transfers occur close to the time of death, it is still possible for the ILIT to serve other planning purposes such as controlling distributions and providing trustee oversight, but the anticipated tax benefits may not apply. A careful review of timing, documentation, and alternative strategies can help clarify the best path forward for your circumstances.
A trustee should be someone who can manage financial responsibilities, communicate with beneficiaries, and follow the trust’s terms. Some clients name a trusted family member as trustee, while others appoint a professional or corporate trustee to provide continuity and objective administration. Choosing a trustee involves balancing personal knowledge of the family and values with administrative ability and availability to manage ongoing tasks and reporting. Naming successor trustees is also important to ensure continuity if the initial trustee cannot serve. Discussing responsibilities in advance with the chosen trustee helps clarify expectations and facilitates a smoother administration process when the trust becomes operative.
An ILIT can be structured to support a beneficiary with special needs while protecting access to public benefits, but careful coordination is required. The ILIT can make distributions to a supplemental needs trust or contain language that directs funds for a beneficiary’s supplemental needs without disrupting eligibility for governmental programs. Drafting thoughtful distribution provisions ensures funds enhance the beneficiary’s quality of life while preserving essential benefits. Coordination with estate planning instruments designed specifically for special needs planning is recommended. Working with counsel to integrate an ILIT with any supplemental needs trusts or guardianship planning helps secure a reliable source of support for a vulnerable beneficiary while maintaining eligibility for necessary public assistance.
An ILIT functions alongside a revocable living trust by focusing on life insurance ownership and the disposition of insurance proceeds, whereas a revocable trust typically manages lifetime assets and can help avoid probate. Coordination ensures that assets not placed in the revocable trust or insurance proceeds are distributed according to your overall plan. When both instruments are used, clear drafting prevents conflicts and helps trustees and executors implement your intentions efficiently. Part of the coordination involves beneficiary designations, pour-over mechanisms, and ensuring that trustee powers and successor trustee nominations align across documents. Regular reviews ensure that both trusts continue to reflect your goals and the practical needs of your beneficiaries in changing circumstances.
An ILIT by itself is not designed to avoid probate for assets that remain in your name at death, but because life insurance proceeds held by the trust pass outside your probate estate, they do not become part of the probate process. This can provide immediate liquidity without probate delay and ease the burden on beneficiaries who would otherwise need to wait for probate distributions to cover expenses or taxes. To maximize probate avoidance overall, an ILIT is often used in conjunction with a revocable living trust, which can hold other assets and reduce what passes through probate. Coordinating these tools helps streamline estate administration and minimizes delays and costs associated with the probate court process.
Periodic review of your ILIT and related estate documents is recommended whenever there are significant changes in family status, finances, tax law, or the structure of your assets. Life events such as births, deaths, marriage, divorce, or changes in business ownership warrant revisiting the trust provisions, funding strategies, and beneficiary designations to ensure they remain aligned with your objectives. Regular reviews also help confirm that premium funding remains sustainable and that trustees are prepared to administer the trust when necessary. We suggest scheduling a review at least every few years or after major life changes to confirm that your ILIT continues to serve your goals. These checkups help catch coordination issues early and allow timely adjustments to funding arrangements or supporting documents as circumstances evolve.
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