The Irrevocable Life Insurance Trust (ILIT) is a powerful estate planning tool for people who want to manage life insurance proceeds outside of their probate estate. At the Law Offices of Robert P. Bergman serving Hesperia and San Bernardino County, we help clients assess whether an ILIT fits their broader estate plan including revocable living trusts, wills, powers of attorney and health care directives. An ILIT can provide liquidity to pay estate taxes, preserve wealth for beneficiaries, and impose distribution rules. This introduction explains what an ILIT is and why it may matter for your planning in California.
This page outlines how an ILIT works, what considerations affect whether it’s appropriate for your circumstances, and how it coordinates with other estate planning documents like pour-over wills and financial powers of attorney. We describe the roles of grantors, trustees and beneficiaries and practical steps for drafting, funding and administering an ILIT. If you have questions about a specific life insurance policy or your state and federal tax exposure, contact the Law Offices of Robert P. Bergman to discuss your situation and the options available in Hesperia and the surrounding communities.
An Irrevocable Life Insurance Trust can offer several benefits depending on your estate planning goals. It generally removes the insurance proceeds from the grantor’s taxable estate, which can help reduce estate tax exposure and ensure beneficiaries receive funds directly. An ILIT also provides clear instructions about how proceeds should be used, which can protect funds from probate delays and some creditor claims when properly structured. For families with liquidity needs at the time of death—for estate taxes, final expenses or business continuation—an ILIT can be a practical way to secure those funds and align them with the rest of your estate plan in California.
The Law Offices of Robert P. Bergman serves clients across California with a focus on thoughtful estate planning solutions tailored to each family’s needs. We assist with revocable living trusts, pour-over wills, financial powers of attorney, advance health care directives, and trust documents such as certification of trust and assignments to trust. For clients considering an ILIT, we review life insurance policies, discuss trustee selection and funding mechanics, and design trust terms that reflect client goals. Our approach emphasizes clear communication, practical drafting, and responsiveness to client concerns in Hesperia and beyond.
An Irrevocable Life Insurance Trust is a trust established to own and receive proceeds from a life insurance policy while removing the policy and its death benefit from the insured’s estate for estate tax purposes. The grantor transfers ownership of an existing policy or directs the purchase of a new policy to the trust, and the trustee manages the policy and proceeds according to the trust terms. Because the trust is irrevocable, the grantor gives up the power to change or reclaim the policy once the transfer is complete, which has important tax and administration consequences.
Key practical issues when forming an ILIT include selecting a trustee, determining how beneficiaries will receive proceeds, coordinating premium payments and ensuring the transfer timing avoids estate inclusion. Funding the trust may require gifts to cover premiums, and gift tax considerations can arise. Proper coordination with beneficiary designations, existing trusts, retirement accounts and pour-over wills is essential to avoid unintended outcomes. A careful review of policy terms, ownership assignments and the interaction with California law will help ensure the ILIT functions as intended for your family.
An ILIT is a specific type of trust created to hold life insurance policies and their proceeds. The trust document names a trustee to administer the policy owner’s obligations and distribute any proceeds to designated beneficiaries according to the trust terms. Because the trust is irrevocable, the policy and proceeds are typically treated as separate from the grantor’s estate for estate tax calculations, provided certain technical requirements and timing rules are met. The trust can also set conditions, timing and uses for distributions, which helps ensure that proceeds are preserved and used as intended for family members, business continuity or other planning objectives.
Typical elements of an ILIT include the grantor who creates the trust, the trustee who manages it, beneficiaries who receive proceeds, and trust terms that dictate distribution and administration. The process usually begins with discussing objectives, drafting the trust language, transferring ownership of the insurance policy to the trust or purchasing a new policy through the trust, and arranging premium payments. Administration tasks often include record-keeping, issuing Crummey notices when gifts are used for premiums, filing required tax forms, and preparing the trust for receipt and distribution of proceeds after the insured’s death.
Understanding common terms used with ILITs helps when reviewing documents and making decisions. This section offers concise explanations of foundational concepts like grantor, trustee, beneficiary, irrevocability, funding, and Crummey gifts. Knowing these terms will make it easier to evaluate trust language, funding strategies, and how an ILIT interacts with other estate planning instruments such as pour-over wills, powers of attorney, and health care directives. Clear definitions reduce surprises and support coordinated planning that reflects your intentions for beneficiaries and assets.
The grantor is the person who establishes the trust and transfers assets or ownership interests into it. In the context of an ILIT, the grantor typically transfers an existing life insurance policy or funds the purchase of a new policy for ownership by the trust. Once the transfer to an irrevocable trust is completed, the grantor generally cannot unilaterally revoke the trust or reclaim the transferred policy. The grantor’s decisions at creation, including naming the trustee and beneficiaries and setting distribution terms, determine how the proceeds are managed and ultimately paid out to beneficiaries under the trust terms.
A trustee is the person or entity charged with managing the trust assets, administering the policy, making premium payments if necessary, and distributing proceeds according to the trust terms. The trustee has fiduciary duties to act in the beneficiaries’ best interests, maintain accurate records, and follow the instructions in the trust instrument. Selecting a trustee who is trustworthy and capable of handling administrative duties is important because the trustee’s decisions affect premium funding, interactions with insurance carriers, and how and when beneficiaries receive distributions after the insured’s death.
A beneficiary is an individual or entity designated to receive the trust’s assets or insurance proceeds when they are distributed. In an ILIT, the trust document identifies primary and contingent beneficiaries and can include instructions for timing, purpose and conditions for distributions. Beneficiaries may be family members, charities, business partners, or other named parties. The trust can protect proceeds from immediate dissipation by setting distribution schedules or conditions, and it can provide for special needs, education expenses, or other specific uses consistent with the grantor’s objectives.
Irrevocability means the grantor gives up the power to alter, revoke, or reclaim the trust’s assets once the trust is executed and funded. That transfer of control is fundamental to removing the policy and proceeds from the grantor’s taxable estate for estate tax planning purposes. Irrevocability requires careful planning because the grantor loses direct control over the policy ownership and distribution decisions. The trust document can still provide detailed instructions for the trustee, leaving a structured plan for beneficiaries while preserving the estate and tax benefits that arise from irrevocable ownership.
When deciding how to hold life insurance, options include keeping the policy in your personal name, naming individual beneficiaries, using a revocable living trust, or creating an ILIT. Each approach has different implications for probate, estate tax inclusion, control over distributions, and creditor exposure. Keeping a policy in your own name is simple but may increase estate inclusion. A revocable trust gives flexibility but may not exclude proceeds from the taxable estate. An ILIT is designed specifically to remove proceeds from estate calculations, although it requires irrevocability and careful funding to achieve that goal.
For individuals with modest life insurance coverage and uncomplicated estates, keeping a policy in your personal name or naming beneficiaries directly may be sufficient. These simpler choices are often appropriate when estate tax exposure is minimal, family relationships are straightforward, and immediate liquidity needs are limited. A limited approach reduces administrative complexity and ongoing trust maintenance. However, even in simple situations it is important to review beneficiary designations and coordinate the policy with wills and powers of attorney to ensure benefits pass as intended without creating avoidable probate or tax issues.
If the primary concern is short-term liquidity or temporary protection—such as covering a mortgage or providing income during children’s upbringing—a straightforward life insurance policy with direct beneficiaries can be practical. Temporary coverage avoids the complexity of establishing a trust and may be preferable when long-term tax planning is not a priority. Still, policy ownership and beneficiary choices should be reviewed periodically to confirm they remain aligned with changing family circumstances and financial goals, particularly when significant assets accumulate over time that could affect estate planning decisions.
Clients with larger estates or significant life insurance proceeds often benefit from a coordinated estate plan that includes an ILIT. A broader approach helps integrate trusts, wills, retirement plans and beneficiary designations to reduce estate tax exposure and provide liquidity at death without subjecting proceeds to probate. For such clients, careful drafting and timing of transfers are necessary to ensure the trust achieves estate tax objectives. Coordination reduces the risk of unintended tax consequences and helps ensure that beneficiaries receive funds according to the grantor’s intentions while maintaining privacy and orderly transfer of assets.
Families with blended relationships, special needs beneficiaries, business interests, or specific distribution goals often require a more comprehensive estate plan. An ILIT can be drafted to control how life insurance proceeds are used, protecting funds for certain beneficiaries, supporting a trust for a minor or a person with disabilities, or ensuring business continuity. When multiple documents must work together—such as revocable trusts, pour-over wills, and guardianship nominations—careful planning helps avoid conflicts and supports the grantor’s long-term wishes for asset distribution and family support.
A comprehensive approach ensures that life insurance planning, trust arrangements and testamentary documents operate together to meet goals for tax mitigation, beneficiary protection and orderly administration. Coordination reduces the chance of conflicting beneficiary designations, duplicate provisions, or unintended estate inclusion. It also enables strategies such as funding trusts, preparing pour-over wills, and naming guardians for minors. Holistic planning provides clarity for family members and can minimize delays and disputes after a death, giving beneficiaries access to funds when they are needed while preserving the grantor’s intentions.
Another benefit of a coordinated plan is flexibility in addressing changing circumstances. While some elements like an ILIT are irrevocable, other components such as revocable trusts and powers of attorney can be updated over time. Regular reviews of the entire plan allow adjustments for life events, changes in tax law, or evolving family relationships. This ongoing attention helps ensure that the ILIT and related documents continue to serve their intended purpose and that beneficiaries receive the maximum intended benefit from the overall estate plan.
Coordinating an ILIT with other estate planning measures can protect assets while addressing potential estate tax exposure and liquidity needs. By placing life insurance within an irrevocable trust and aligning it with transfer strategies, grantors can reduce the likelihood that proceeds will be included in the taxable estate. At the same time, other trusts and beneficiary designations can be arranged to provide for heirs, businesses, and charitable wishes. A well-designed plan anticipates administrative tasks and tax filings, helping families receive timely distributions and preserving estate value for long-term objectives.
A comprehensive estate plan that includes an ILIT can provide clear rules for the timing and purposes of distributions, which helps reduce confusion and potential conflicts among beneficiaries. When trusts, wills and other documents work together, there is less room for ambiguity about the grantor’s intentions. This clarity is especially valuable in blended families, multi-generational plans, or when business interests are involved. Well-drafted trust provisions and coordinated beneficiary designations can mitigate disputes and ensure a smoother transition of assets according to the grantor’s wishes.
Choosing the right trustee is a foundational decision for an ILIT because the trustee will handle premium payments, interactions with the insurance company, record-keeping and the ultimate distribution of proceeds. Consider a trustee who is organized, trustworthy and capable of handling administrative duties, whether that is an individual you trust, a family member, or a corporate trustee. Discuss expectations with the chosen trustee in advance so they understand the responsibilities, timing and potential need for professional advisors to assist with tax filings and trust administration in California.
Ensure the ILIT works consistently with your revocable living trust, pour-over will, beneficiary designations, and any special needs or business succession plans. Inconsistencies can cause unintended consequences like estate inclusion or contested distributions. Regular reviews of all estate planning documents are advisable, particularly after major life or financial events. Coordination also includes naming successor trustees, updating contact information for policy carriers, and confirming that companion documents such as powers of attorney and HIPAA authorizations are current.
An ILIT may be appropriate if you want life insurance proceeds to be kept out of your probate estate, to provide liquidity for estate taxes or final expenses, or to control how beneficiaries receive funds over time. It is also useful when you want to protect proceeds from potential claims and ensure funds are used for specified purposes like education or support for a surviving spouse. The decision to use an ILIT depends on your overall estate size, family needs and planning goals, as well as how it fits with other estate planning tools.
Other reasons to consider forming an ILIT include business succession planning, protecting inheritances for younger beneficiaries, and integrating life insurance into a larger tax mitigation strategy. For clients with significant insurance proceeds relative to their estate, an ILIT can shift value away from estate inclusion, while distribution terms can preserve assets for long-term family benefit. A careful review of policy ownership, gift tax implications and coordination with trusts and wills will determine whether an ILIT achieves your intended outcomes while respecting California legal requirements.
Typical situations where clients consider an ILIT include having large life insurance policies, exposure to estate taxes, a desire to protect proceeds from certain creditors, or the need to control how and when beneficiaries receive funds. People with blended families, minor children, or beneficiaries with special needs may use an ILIT to provide structured distributions. Business owners who need to ensure liquidity for buy-sell arrangements or to provide continuity may also find an ILIT valuable. Each circumstance requires tailored drafting and funding strategies to meet intended goals without unintended tax consequences.
When life insurance benefits are substantial relative to an individual’s overall estate, an ILIT can move those proceeds outside the taxable estate and thereby reduce potential estate tax exposure. This is particularly relevant for clients whose combined assets and policy proceeds might trigger estate taxes at the federal level. The trust can be drafted to receive and distribute proceeds in a controlled manner, preserving value for beneficiaries and providing immediate liquidity to cover taxes or business obligations. Proper timing and documentation are essential to achieve estate tax objectives.
Clients facing potential estate tax implications often consider an ILIT as part of a broader tax planning approach. Removing life insurance proceeds from the estate can lower the estate tax base, and an ILIT can provide the liquidity needed to pay taxes without forcing the sale of estate assets. It is important to coordinate ILIT formation with other strategies such as lifetime gifting, revocable trusts, and retirement account planning. A careful plan protects beneficiaries by ensuring funds are available when taxes and final expenses arise.
In certain circumstances an ILIT can help protect proceeds from claims against the estate or beneficiaries, depending on how the trust is structured and state law. For individuals concerned about creditor exposure, divorce, or other potential claims against beneficiaries, an ILIT with well-drafted distribution provisions can limit direct access to funds while still providing for necessary support. Properly structured trust terms, combined with coordination of beneficiary designations and other estate documents, can offer a measure of protection for life insurance proceeds intended for family members.
The Law Offices of Robert P. Bergman is available to assist Hesperia residents with all aspects of Irrevocable Life Insurance Trust planning, from initial assessment to drafting, funding and administration. We help clients review policy ownership, select trustees, draft trust provisions and coordinate companion documents such as revocable living trusts, pour-over wills, powers of attorney and advance health care directives. If you are considering an ILIT to protect life insurance proceeds or to address estate tax concerns, we can explain the practical steps and paperwork needed to implement your plan in California.
Clients choose our office for clear communication, thoughtful planning and hands-on assistance throughout the ILIT process. We focus on listening to client goals, explaining the legal and tax implications in plain terms, and preparing documents that reflect those objectives. Our approach to estate planning seeks to reduce uncertainty and provide practical administration guidance for trustees and beneficiaries. We also help coordinate the ILIT with revocable living trusts, wills and other essential estate planning instruments to achieve cohesive results for families in Hesperia and San Bernardino County.
Our services include drafting and reviewing documents commonly used in estate plans such as revocable living trusts, last wills and testaments, financial powers of attorney, advance health care directives, general assignments of assets to trust, certifications of trust, pour-over wills, HIPAA authorizations and guardianship nominations. We help clients identify which documents should be updated when an ILIT is added to the plan and ensure beneficiary designations and policy ownership align with the intended trust structure so there are no conflicts at administration.
We work to make the process manageable by guiding clients through policy transfers, funding arrangements and administrative details while keeping lines of communication open. Our office serves clients across California with practical planning tailored to each family’s needs. If you would like to discuss whether an ILIT is appropriate for your situation, contact the Law Offices of Robert P. Bergman in Hesperia to schedule a conversation about options and next steps.
Our process for forming an ILIT begins with an initial consultation to understand your goals, review existing policies and identify funding needs. We then draft trust provisions tailored to your objectives, coordinate policy transfers or purchases, and provide instructions for premium funding. After execution, we assist trustees with administrative matters and prepare the trust for receipt and distribution of proceeds. Periodic reviews ensure the ILIT and related documents remain aligned with changes in your life, finances and applicable law so the plan continues to serve its intended purpose.
The initial review involves discussing your objectives for life insurance proceeds, identifying policies in force, and reviewing beneficiary designations and related estate planning documents. We assess whether an ILIT aligns with your goals and examine the timing of transfers to avoid unintended tax inclusion. This stage also considers the selection of a trustee and the logistics of funding premiums. Clear documentation and understanding at the outset help prevent mistakes that could undermine the ILIT’s intended benefits.
We collect copies of life insurance policies, statements, ownership records and beneficiary designations, along with information about other estate planning documents such as trusts, wills, and retirement accounts. Gathering accurate details about policy terms, cash values, riders and premium schedules allows us to determine whether the policy should be transferred into the trust or whether a new policy should be purchased by the trust. Accurate records also simplify coordination with insurance carriers and trustee responsibilities once the trust is in place.
We discuss how you want proceeds to be used, whether funds should be distributed outright or held in trust for specific purposes such as education, care for a surviving spouse, or support for dependents with special needs. These discussions inform the trust’s distribution provisions and the selection of beneficiaries and successor trustees. Clear planning at this stage helps tailor the trust to your family’s unique circumstances and reduces ambiguity that can arise during administration after the insured’s death.
Drafting the ILIT involves preparing the trust instrument with precise language on trustee powers, distribution rules, and conditions that reflect your intentions. We also draft any related documents needed to execute transfers, such as assignments of ownership and beneficiary designation updates. The trust should address premium payment methods, Crummey notice provisions if gifts are used to fund premiums, and successor trustee arrangements. Careful drafting ensures the trust accomplishes its planning goals and reduces the risk of unintended estate inclusion or administrative complications.
Clear drafting of trustee powers and distribution rules is essential for effective administration. The trust should specify how proceeds are held, when and to whom distributions are made, and what powers the trustee has to invest, insure, or manage trust assets. Well-defined provisions for successor trustees, compensation, and record-keeping reduce friction during administration. Explicit language regarding coordination with other estate planning documents and instructions for premium funding helps ensure the ILIT functions as intended when the policy pays out.
Coordination during drafting includes planning for premium funding, arranging any necessary gift transfers to the trust, preparing assignments of policy ownership, and advising on the appropriate use of notices such as Crummey letters. We also prepare supporting documents to ensure the insurance carrier recognizes the trust as owner and beneficiary if applicable. Proper coordination reduces the risk of operational errors that could affect the trust’s tax treatment or the availability of proceeds when they are needed by beneficiaries.
After execution and funding, the trustee administers the trust by maintaining records, ensuring premiums are paid, and following distribution instructions. When the insured passes, the trustee files the necessary paperwork with the insurance carrier, collects proceeds, and distributes them according to the trust terms. Periodic reviews ensure the trust continues to meet goals in light of changes in family circumstances, tax law or policy status. Ongoing communication between trustees and beneficiaries promotes smooth administration and reduces surprises.
Funding commonly involves either transferring ownership of an existing policy to the ILIT or directing the purchase of a new policy by the trust. When transferring an existing policy, proper documentation and timing are important to avoid estate inclusion. If the trust will pay premiums, the grantor may gift funds to the trust and send notices to beneficiaries when appropriate. Accurate record-keeping of transfers, gifts and premium payments is essential to preserve the trust’s intended benefits and to support any tax reporting obligations.
Periodic review meetings help confirm the ILIT remains aligned with your estate plan and current law. Reviews typically cover trustee performance, policy status and whether distribution terms still reflect family needs. Adjustments may be necessary if policies change, if beneficiaries’ circumstances evolve, or if tax laws shift. While the trust itself is irrevocable, surrounding plans such as powers of attorney and revocable trusts can be updated to maintain overall coordination and to ensure the ILIT continues to serve its intended purpose for beneficiaries.
An Irrevocable Life Insurance Trust is a trust designed to own life insurance policies and receive insurance proceeds outside of the grantor’s probate estate. The grantor transfers ownership of an existing policy or directs the purchase of a new policy by the trust. The trustee manages the policy, handles premium payments if arranged, and distributes proceeds to beneficiaries according to the trust terms. Because the trust is irrevocable, ownership changes are intended to keep proceeds separate from the grantor’s taxable estate when properly structured. Establishing an ILIT requires careful planning around timing and documentation. The grantor must relinquish ownership to the trust, and there are rules that govern whether the proceeds will be included in the estate, especially if transfers occur shortly before death. Proper coordination with other estate documents and funding strategies helps ensure the ILIT functions as intended and provides the expected planning benefits for beneficiaries.
Transferring a life insurance policy to an ILIT can remove the death benefit from your estate for estate tax purposes if certain requirements are met and sufficient time elapses between the transfer and death. Transfers made too close to the date of death may still be included in the grantor’s estate under look-back rules, so timing and documentation are important. The trust must be truly irrevocable and the grantor must not retain prohibited incidents of ownership that would cause estate inclusion. Because the rules can be technical, it is important to coordinate with counsel when transferring an existing policy or funding a policy through an ILIT. Properly structured transfers, premium funding arrangements and beneficiary designations help reduce the risk of estate inclusion and preserve the trust’s intended benefits for beneficiaries after the insured’s death.
The trustee of an ILIT should be someone or an entity you trust to manage the policy and administer the trust according to your wishes. Many clients select a trusted family member, a close friend, or a corporate fiduciary depending on the complexity of administration and the desired level of oversight. The trustee will be responsible for premium payments, record-keeping, coordinating with the insurance company, and distributing proceeds when directed by the trust terms. When choosing a trustee consider administrative ability, impartiality and willingness to serve. Naming successor trustees and clearly defining trustee powers in the trust document helps manage future transitions and ensures continuity of administration. Discuss expectations with potential trustees before finalizing the trust to confirm they understand the responsibilities involved.
Premiums for a policy owned by an ILIT can be funded in several ways, typically involving gifts from the grantor to the trust to cover premium payments. Those gifts are often structured using annual gift tax exclusions, and the trust may issue Crummey notices to beneficiaries to qualify the gifts for the exclusion. Alternatively, the trust itself may own a new policy and handle premiums from trust assets if funded accordingly. Careful planning of premium funding is important to avoid unintended tax consequences or policy lapses. Clear documentation of gifts, notices, and premium payments helps trustees fulfill their duties and preserves the trust’s intended benefits. Coordination with counsel during funding ensures the chosen method fits within your broader estate plan.
An ILIT can offer a degree of protection for insurance proceeds from certain creditor claims depending on how the trust is drafted, state law and the timing of transfers. Because the trust owns the policy, proceeds held and distributed by the trust are generally not directly accessible to claimants of the grantor after the policy is transferred, although outcomes can depend on the nature of the claim and when the transfer occurred. For beneficiaries concerned about creditor exposure, trust terms can include conditions on distributions or use spendthrift provisions where appropriate. However, asset protection results vary by jurisdiction and circumstance, so careful drafting and legal advice are recommended to address specific creditor or marital concerns.
An ILIT should be coordinated with your revocable living trust and pour-over will to ensure the entire estate plan operates smoothly. While a revocable trust can be changed during the grantor’s lifetime, an ILIT is irrevocable and should be aligned with distribution plans and beneficiary designations to avoid unintended conflicts. A pour-over will can help capture assets that were not transferred to a trust during the grantor’s lifetime, but beneficiary designations and policy ownership should reflect the intended trust structure first and foremost. Coordination also involves reviewing retirement accounts, property ownership and other designations that could affect estate tax calculations or who receives particular assets. Regular reviews and updates across all documents are essential to maintain coherence and prevent surprises for beneficiaries and trustees.
Crummey notices are communications sent to beneficiaries of a trust informing them of their right to withdraw a portion of a gift for a limited time. They are commonly used when a grantor makes gifts to an ILIT to pay insurance premiums and seeks to qualify those gifts for the annual gift tax exclusion. By giving beneficiaries a temporary withdrawal right and documenting the notice, the gifts are more likely to meet the IRS requirements for exclusion from gift tax. Proper use of Crummey notices requires careful timing and record-keeping. Notices should be documented and beneficiaries should be given a genuine opportunity to exercise their withdrawal rights, even if they typically decline. Counsel can help draft appropriate notices and procedures to support gift tax exclusion claims.
If you already own a life insurance policy and want it held by an ILIT, the typical steps involve transferring policy ownership to the trust through a formal assignment and updating the policy owner and beneficiary designations. Timing matters: transfers made shortly before the insured’s death may be included in the estate under certain rules, so early planning is often advisable. Reviewing any policy features such as cash value, loans or riders is also important to determine the best funding and transfer strategy. When transferring an existing policy, coordination with the insurance company and precise documentation of the assignment, premium payments and Crummey notices when used is necessary. We recommend reviewing all related estate documents and confirming the transfer aligns with your overall planning objectives to avoid unintended consequences.
An ILIT can play a role in business succession planning by providing liquidity to cover buy-sell agreements, fund estate taxes or support a surviving owner. Life insurance held in an ILIT can pay out proceeds that are used to purchase a deceased owner’s interests or to maintain business operations while transition plans are implemented. The trust structure can also help ensure funds are distributed according to the grantor’s wishes rather than becoming entangled in probate or subject to direct claims against the estate. When using an ILIT for business purposes, it is important to coordinate trust terms with business agreements, buy-sell provisions and tax planning strategies. Clear documentation and timing help ensure the ILIT will provide reliable funds when needed and that distributions are consistent with succession objectives.
Regular reviews of your ILIT and related estate planning documents are advisable whenever there are major life changes, such as marriage, divorce, births, deaths, significant changes in asset values, or changes in tax law. Even without major events, periodic reviews every few years help confirm policies remain in force, trustees are willing to serve, and distribution provisions continue to match your intentions. These reviews also allow updates to companion documents like powers of attorney, health care directives and revocable trusts. Because an ILIT is irrevocable, the focus of reviews is often on coordination with other parts of the estate plan and confirming administrative arrangements. Ensuring accurate records and confirming premium funding and trustee readiness helps avoid problems and keeps the plan functioning as intended for beneficiaries.
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