An Irrevocable Life Insurance Trust (ILIT) can be an effective component of a well-constructed estate plan for individuals in Los Osos and throughout San Luis Obispo County. At the Law Offices of Robert P. Bergman, we focus on helping clients understand how an ILIT can manage life insurance proceeds outside of probate, protect beneficiaries from unnecessary taxes, and provide clear instructions for distribution. This introductory overview explains the basic purpose of an ILIT, typical situations where it is used, and the potential benefits for families, business owners, and those seeking to preserve assets for future generations while minimizing administrative burdens after a passing.
Choosing the right trust structure involves careful planning and precise legal documentation tailored to each client’s circumstances. An ILIT is irrevocable by design, which means once funding occurs the assets typically cannot be reclaimed by the grantor, so understanding the implications before moving forward is essential. Our approach balances clarity and practicality, giving clients in Los Osos clear options for funding life insurance, naming trustees and beneficiaries, and coordinating beneficiary distributions with other estate plan components like wills, powers of attorney, and healthcare directives to create a cohesive plan that meets goals and family needs.
An ILIT offers several benefits that can matter to families and asset holders in California. It can remove life insurance proceeds from an estate, which may reduce estate tax exposure and streamline administration for beneficiaries. For families with children or beneficiaries with special needs, an ILIT can provide structured distributions that protect inheritances. Business owners may use an ILIT for succession planning or to ensure liquidity for estate taxes without forcing a business sale. Additionally, an ILIT can maintain privacy and reduce probate delay. Each benefit depends on careful drafting and funding, so planning should consider current and projected assets, tax rules, and family dynamics before implementation.
The Law Offices of Robert P. Bergman provides estate planning services designed to meet the needs of clients in San Jose, Los Osos, and across California. We emphasize practical legal guidance that helps clients make informed choices about trusts, wills, powers of attorney, and healthcare directives. Our firm focuses on clear communication, careful drafting, and thorough coordination among all estate planning documents. When considering an ILIT, we discuss funding strategies, trustee responsibilities, and interaction with retirement plans and other assets so clients can move forward with a plan that reflects their intentions and protects their families.
An Irrevocable Life Insurance Trust is a legal entity that owns a life insurance policy and holds the policy proceeds for designated beneficiaries according to the trust terms. Because the trust owns the policy rather than the insured individual, proceeds generally pass outside probate and may avoid inclusion in the insured’s taxable estate, depending on timing and funding. Establishing an ILIT requires careful attention to funding mechanics, trust language, and trustee selection. It is also important to integrate the ILIT with other documents like pour-over wills, powers of attorney, and HIPAA authorizations to ensure a consistent plan that reflects the client’s wishes and complies with California law.
The decision to create an ILIT typically follows a review of a client’s broader financial picture, family circumstances, and legacy objectives. Considerations include whether the client has adequate life insurance, how premiums will be paid, and whether beneficiaries require structured distributions. Trustees must understand reporting and distribution duties, and grantors should be aware of the irrevocable nature of the trust once funding occurs. While an ILIT offers unique benefits, it is one component of a comprehensive estate plan that often includes revocable living trusts, wills, powers of attorney, and healthcare directives to ensure continuity and clarity for loved ones.
An ILIT is a trust instrument specifically designed to own and manage life insurance policies for the benefit of named beneficiaries. The trust terms govern how the proceeds are used, whether for immediate distribution, education, debt repayment, or long-term support. Once a policy is transferred into the ILIT or the ILIT purchases a new policy, the grantor typically no longer retains rights to the policy, which can have tax and legal significance. Properly structured ILITs consider the three-year rule under federal tax law, premium funding methods, trustee powers, and beneficiary instructions to ensure the trust achieves the intended outcome while complying with relevant rules.
Creating an ILIT involves several key steps including drafting the trust document, selecting a trustee, transferring or issuing the life insurance policy to the trust, and arranging premium payments. Typical provisions address trustee authority, distribution standards, successor trustees, and conditions on distributions to beneficiaries. The grantor must understand how premium payments are handled, often through annual gifts to the trust under the gift tax exclusion or other funding methods. Proper coordination with other estate planning documents and awareness of timing rules are essential to ensure the ILIT functions as intended and provides the anticipated benefits to heirs and beneficiaries.
Understanding common terms used in trust and estate planning helps clients make better decisions. This glossary highlights essential phrases you are likely to encounter when discussing ILITs, such as grantor, trustee, beneficiary, irrevocable, funding, probate, and pour-over will. It also addresses how those terms apply specifically to ILITs and how trust provisions can shape distribution, taxation, and administration. Familiarity with these words enables clear conversations about goals, responsibilities, and potential outcomes, and helps ensure that the trust document reflects client intentions and coordinates smoothly with other estate plan components.
The grantor is the person who creates and funds the trust. In the context of an ILIT, the grantor is typically the insured individual who establishes the trust and transfers a life insurance policy or arranges for the trust to purchase one. Once the trust is funded and ownership of the policy is vested in the trust, the grantor usually relinquishes control over the policy, which can affect estate inclusion and tax treatment. A clear understanding of the grantor’s role helps define expectations and legal consequences of setting up an ILIT.
The trustee is the person or entity responsible for managing the trust according to its terms and in the best interest of the beneficiaries. Trustee duties for an ILIT include maintaining the policy, handling premium payments if directed, filing required reports, and distributing proceeds according to the trust document. Trustees must follow fiduciary duties and may need to coordinate with estate professionals, financial institutions, or insurance companies. Selecting a trustee who understands trust administration responsibilities is important for smooth post-claim administration and adherence to the grantor’s wishes.
A beneficiary is an individual or entity designated to receive trust assets or policy proceeds when distributions occur. In an ILIT, the trust document can specify outright distributions, staggered distributions, or use of funds for specific purposes like education or care. Beneficiaries may include family members, trusts for minors or individuals with special needs, charitable organizations, or business entities. Clear beneficiary designations within the trust reduce ambiguity and help ensure proceeds are used in line with the grantor’s intentions.
Funding an ILIT refers to the act of transferring an existing life insurance policy into the trust or arranging for the trust to purchase a new policy and paying the premiums. Funding methods often involve annual exclusion gifts to the trust to cover premiums or other funding strategies agreed upon during planning. Properly documented funding and adherence to timing rules, such as the three-year rule for transfers prior to death, are essential to achieve the intended estate planning results and to avoid unexpected tax consequences that could arise from improper transfers.
When considering legal services for implementing an ILIT, clients typically weigh limited-scope assistance against comprehensive representation. Limited services may involve document review, drafting of an ILIT template, or guidance on transfer mechanics. Comprehensive services include detailed planning sessions, tailored drafting, coordination of funding, trustee training, integration with other estate instruments, and follow-up to confirm funding. Each approach has trade-offs in cost, depth of customization, and administrative handholding. For clients in Los Osos, choosing the approach that aligns with family complexity, asset size, and long-term estate goals will affect how smoothly the ILIT functions after implementation.
Limited-scope assistance can work well for clients whose financial and family situations are straightforward. If the grantor has a single life insurance policy, clearly identified beneficiaries, and uncomplicated estate needs, a focused document review and transfer checklist may be sufficient. This approach may also suit clients who are comfortable handling funding logistics themselves and who do not require ongoing trust administration support. Limited guidance should still ensure proper documentation of transfers and an understanding of timing rules to avoid unintended estate inclusion or tax issues.
For clients prioritizing cost control, limited representation focused on drafting and instructions for funding may make sense when the funding strategy is straightforward and the grantor can manage annual gift payments or premium transfers. This route allows individuals to obtain a correctly drafted ILIT document and then execute transfers themselves with a clear checklist. Even when electing limited services, clients should receive clear direction on gift tax rules, the three-year rule, and steps to confirm insurance ownership to avoid later complications or unintended tax consequences.
Comprehensive representation is recommended when clients face complex family situations, blended families, minor beneficiaries, or multiple life insurance policies and other significant assets. In such cases, the interplay of trusts, retirement accounts, and business interests calls for a coordinated plan to address liquidity needs, tax exposure, and long-term distributions. A full-service approach includes detailed drafting, trustee training, funding coordination, and periodic reviews to ensure the ILIT remains aligned with the client’s objectives and changing circumstances over time.
Business owners often require comprehensive planning because life insurance proceeds may be intended to provide liquidity for estate taxes, fund buy-sell agreements, or support business succession. Coordinating an ILIT with business entity documents, retirement plan distributions, and buyout provisions ensures that insurance proceeds are available when needed without jeopardizing business continuity. Comprehensive legal services include drafting tailored provisions, coordinating funding, and advising on trustee selection and beneficiary instructions to protect both the business and the family during transitions.
A comprehensive approach to ILIT planning provides clarity and reduces the risk of unintended consequences. Thorough planning aligns the trust with other estate planning tools such as revocable living trusts, pour-over wills, powers of attorney, and healthcare directives. It also ensures funding is properly executed and that the trustee understands administrative duties. This reduces delays for beneficiaries, prevents probate surprises, and helps maintain privacy. For individuals with significant assets or family complexities, an integrated strategy supports predictable outcomes and lessens the administrative burden on loved ones during an emotionally difficult time.
Comprehensive planning also allows for tailored distribution provisions to meet specific family needs, such as staged distributions for minors, provisions for beneficiaries with limited financial capacity, or charitable objectives. By coordinating life insurance ownership, beneficiary designations, and trust terms, clients can create a cohesive plan that addresses tax considerations, liquidity needs, and long-term stewardship of assets. Regular review and updates keep the plan aligned with changes in family circumstances, insurance policies, and tax law, providing confidence that the ILIT will function as intended when needed.
One of the main advantages of integrating an ILIT into a broader estate plan is improved tax and probate planning. When structured and funded correctly, proceeds held in an ILIT are typically excluded from gross taxable estate, which can reduce estate tax exposure for larger estates. Keeping life insurance proceeds out of probate also expedites distribution to beneficiaries and preserves privacy. A comprehensive plan ensures timing and transfer mechanics are handled correctly to realize these benefits rather than leaving the estate vulnerable to avoidable tax or administration issues.
An ILIT can provide structured distribution options that protect beneficiaries and meet particular needs, such as ongoing support for a surviving spouse, funding for children’s education, or protection for beneficiaries who may not be prepared to manage a large lump sum. Trust language can specify conditions, timing, or uses for proceeds, which helps avoid conflicts and safeguards assets over time. When the ILIT is part of a coordinated estate plan, these distribution mechanisms integrate with other provisions to support long-term financial security for beneficiaries and preserve the grantor’s intentions.
Before transferring a policy into an ILIT, confirm who currently owns the life insurance policy and whether the timing of the transfer could trigger inclusion in the estate. The three-year rule under federal regulations can affect whether proceeds are included in the taxable estate if the grantor transfers ownership shortly before passing. Making sure transfers are documented and that any premium funding mechanism is clearly established prevents unintended tax consequences. Reviewing policy terms with the insurer and documenting changes in ownership will make the funding process smoother for trustees and beneficiaries.
An ILIT should not stand alone; it must be coordinated with your revocable living trust, pour-over will, powers of attorney, and healthcare directive so all documents reflect consistent intentions. Ensure beneficiary designations on retirement accounts and insurance policies align with the estate plan to avoid conflicts or unintended distributions. A coordinated review also helps identify whether additional trusts, such as special needs trusts or pet trusts, should be used. Periodically reviewing this integrated plan maintains alignment with life changes, updates in asset ownership, and changes in family circumstances.
Consider establishing an ILIT when life insurance proceeds are intended to be managed outside of probate, when there is a desire to reduce estate tax exposure, or when beneficiaries require structured distributions. An ILIT can help ensure that the proceeds are used as intended for family support, education, business liquidity, or charitable goals. It is also appropriate when preserving privacy and minimizing administrative delays is a priority. Discussing these objectives in the context of total estate assets helps determine whether an ILIT is the right fit for your Los Osos or broader California estate plan.
Clients with business interests or significant assets may find an ILIT particularly valuable as part of a broader liquidity strategy. When life insurance proceeds are needed quickly to pay estate taxes or to buy out partners, having the proceeds held in a trust provides ready access without probate. Families with special circumstances such as minors, beneficiaries with limited financial capacity, or blended family arrangements often benefit from the controlled distribution mechanisms that an ILIT can provide. Each situation should be evaluated to match trust design with intended outcomes and legal considerations.
Typical circumstances prompting an ILIT include planning for estate tax mitigation, ensuring liquidity for business succession, protecting inheritances for minor children, and providing for beneficiaries with special needs while preserving eligibility for public benefits. Other reasons include preserving privacy, preventing proceeds from being subject to creditors or probate, and coordinating life insurance within a broader estate strategy. Each of these situations requires careful drafting and funding to ensure the trust achieves its intended purpose without creating unintended tax or administrative complications.
When large estates face potential estate tax exposure, an ILIT can help remove life insurance proceeds from the taxable estate and provide liquidity to cover tax obligations without forcing asset sales. Proper timing and documentation are crucial to avoid inclusion under applicable rules, and funding strategies should be tailored to the individual’s situation. Coordination with accountants and financial advisors ensures premium funding and gift strategies align with both tax considerations and the grantor’s overall financial plan, providing a workable path to protect assets for heirs.
An ILIT can provide structured distributions to protect inheritances for minors, beneficiaries with limited financial experience, or those requiring long-term care. The trust can set conditions, staggered distributions, or specific uses for funds such as education or healthcare, reducing the likelihood of mismanagement or premature depletion of assets. Well-crafted provisions also support continuity by naming successor trustees and specifying procedures if a trustee becomes unable or unwilling to serve, ensuring beneficiaries receive the intended support over time.
Business owners often use life insurance held in an ILIT to fund buy-sell agreements or to ensure smooth succession without disrupting operations. The trust can provide planned liquidity to buy out heirs or partners, help pay estate taxes, and preserve business continuity. Coordinating the ILIT with corporate documents and buy-sell agreements is essential so the trust aligns with succession plans and the timing of policy proceeds. This coordination prevents disputes and ensures business objectives are met while preserving family interests.
We offer practical legal services to Los Osos residents who are considering an ILIT as part of their estate plan. Our firm provides initial consultations to review your insurance policies, family circumstances, and estate goals, and to recommend whether an ILIT is an appropriate solution. If an ILIT is recommended, we assist with drafting tailored trust documents, coordinating funding and trusteeship, and ensuring integration with existing estate instruments like wills, powers of attorney, and advance health care directives. Our goal is to provide clear guidance so clients can make informed decisions.
The Law Offices of Robert P. Bergman provides focused estate planning representation for clients across California, including Los Osos and San Jose. We emphasize careful drafting and thorough planning to ensure an ILIT is properly funded and coordinated with other estate documents. Clients benefit from clear explanations of trustee roles, funding strategies, and distribution mechanisms. Our approach is designed to minimize surprises and create a durable plan that meets family goals and legal requirements while respecting the client’s circumstances and long-term intentions.
Our firm supports clients through each step of the ILIT process, including document preparation, coordination with insurers, instructions for funding, and trustee guidance. We work to ensure that transfers are properly recorded and that premium funding methods are documented so the trust functions as intended. When business interests, retirement accounts, or other complex assets are involved, we coordinate with financial and tax advisors to create an integrated plan aimed at preserving value for beneficiaries and facilitating smooth administration at the appropriate time.
We also emphasize ongoing review and maintenance of estate plans because life changes and financial shifts can affect the suitability of a trust structure. Periodic updates help address changes in family composition, insurance coverage, and legal developments, keeping the ILIT aligned with current objectives. Our goal is to provide responsive legal support that helps clients plan confidently and leave a clear legacy for their loved ones while avoiding unnecessary administrative burdens.
Our implementation process begins with a detailed review of current policies, financial assets, and family objectives. We then recommend a trust structure and draft a tailored ILIT document that addresses naming trustees, beneficiary instructions, and distribution rules. After drafting, we coordinate the funding steps, which may include transferring an existing policy to the trust or facilitating a trust purchase of a new policy. We provide documentation and instructions for premium funding, and assist trustees with administration responsibilities so the trust performs as intended when needed.
The initial review focuses on gathering information about the client’s current insurance policies, asset composition, family dynamics, and estate objectives. We discuss whether an ILIT aligns with goals and outline funding options, trustee considerations, and related documents that may require updates. This strategy phase clarifies the intended distribution plan and identifies potential legal or tax considerations that will guide drafting decisions. Clear planning at this stage reduces the likelihood of unintended consequences and sets the foundation for a properly executed trust.
We review existing life insurance policies to determine ownership, beneficiary designations, policy terms, and whether transferring ownership to an ILIT is feasible and advisable. This assessment includes checking policy values, premium schedules, and any restrictions or surrender charges. Understanding the current asset picture allows us to recommend whether to transfer an existing policy, have the ILIT acquire a new policy, or use alternative funding strategies. The goal is to ensure the ILIT will be effective and consistent with the broader estate plan.
We discuss the client’s goals for the insurance proceeds, whether immediate liquidity is preferred, or whether distributions should be controlled or staged. Identifying beneficiaries’ needs, ages, and financial situations helps shape trust distribution terms. We also consider special circumstances such as beneficiaries receiving public benefits, creditors, or blended family issues. This early dialogue ensures the ILIT document will reflect the client’s intentions and provide realistic directions for trustees and beneficiaries.
Following strategy confirmation, we draft the trust document with provisions tailored to the client’s instructions, name trustees and successors, and include administrative directives. We then coordinate funding, which involves transferring an existing policy to the trust or arranging for the trust to purchase a new policy. Proper documentation of the transfer and clear instructions for premium funding are recorded to avoid unintended inclusion in the taxable estate. We also provide guidance on gift documentation if annual exclusion gifts are used to cover premiums.
The draft outlines trustee powers, distribution standards, successor trustee succession, and administrative procedures for claiming policy proceeds. We include provisions to minimize disputes and provide clarity on how proceeds should be used, whether for immediate distribution, long-term support, or other specified purposes. The document also explains reporting requirements, how to handle disputes, and contingencies in the event a trustee cannot serve. Clear drafting helps trustees administer the trust efficiently and in accordance with the grantor’s wishes.
Coordination with the insurance company is essential to ensure ownership and beneficiary designations are correctly recorded in the name of the ILIT. We facilitate communications with insurers, complete transfer forms, and verify policy ownership changes. If premiums will be paid by annual gifts to the trust, we document the gifts and provide instructions for the trustee to accept and apply those funds to policy premiums. Proper documentation at this stage prevents later challenges related to ownership and tax treatment of proceeds.
After funding, we provide trustee guidance on managing the policy, maintaining records, and filing insurance claims when necessary. We recommend periodic plan reviews to confirm the ILIT remains aligned with financial changes, beneficiary needs, and legal developments. Trustees and grantors receive instructions on recordkeeping, reporting, and steps to follow when distributions are required. Regular maintenance ensures the trust continues to serve its intended role and that beneficiaries receive the support and protections designed by the grantor.
Trustees are provided with a clear checklist for administration, including maintaining policy premiums, keeping records of gifts used for premium payments, filing claims with insurers, and distributing proceeds in accordance with trust instructions. We explain how to handle documentation and timelines for claims, what records to retain for tax and accounting purposes, and steps to resolve disputes. This guidance helps reduce delay and ensures beneficiaries receive proceeds smoothly and respectfully, consistent with the grantor’s wishes.
Estate plans and insurance needs change over time, so periodic reviews are recommended to ensure the ILIT still meets the grantor’s objectives. Reviews may address changes in family composition, updated policy values, premium affordability, or changes in applicable law. Updating trust provisions, successor trustees, or funding strategies helps maintain the integrity of the plan and avoids surprises. We advise clients to schedule reviews after major life events or on a regular basis to confirm the ILIT and related documents remain effective.
An Irrevocable Life Insurance Trust is a trust that owns a life insurance policy and holds the proceeds for the benefit of named beneficiaries under the trust terms. Establishing an ILIT typically removes the policy proceeds from the grantor’s probate estate, allows for structured distributions, and can provide privacy for heirs. The trust document specifies trustee duties, distribution conditions, and successor trustees so the proceeds are used as intended when the time comes. Creating an ILIT is often recommended when the goal is to keep life insurance proceeds out of probate, provide liquidity for estate obligations, or support family members over time. Because the trust is irrevocable upon funding, it is important to understand the legal and tax implications and to plan funding methods carefully so the trust functions as intended without creating unintended consequences.
When properly structured and funded, an ILIT can keep life insurance proceeds out of the grantor’s probatable estate, which may reduce administrative delays and preserve privacy for beneficiaries. This structure may also reduce estate tax exposure for larger estates, although specific tax outcomes depend on the timing of transfers and current tax law. Proper documentation of ownership and premium funding is essential to realize these benefits. Probate avoidance and potential tax benefits depend on careful coordination of the trust, timing of transfers, and clear recordkeeping. Consulting with legal and tax advisors ensures the ILIT is integrated with the broader estate plan and that critical timing rules are respected to prevent unintended inclusion of proceeds in the taxable estate.
Yes, an existing policy can often be transferred into an ILIT, but the process requires coordination with the insurance company and attention to timing rules. The transfer process includes changing the policy owner to the trust, updating beneficiary designations if necessary, and documenting the change. It is important to confirm there are no surrender charges or policy restrictions that would make a transfer impractical. Transferring a policy shortly before the grantor’s death can affect whether proceeds are included in the estate, so careful planning around the three-year rule and funding arrangements is critical. Reviewing the policy terms and preparing proper documentation prevents disputes and helps ensure the trust will operate as intended for beneficiaries.
A trustee should be someone who can responsibly manage the trust according to its terms and who is willing to handle administrative duties such as maintaining policy premiums, filing claims, and distributing proceeds. Trustees can be trusted family members, a friend, a professional fiduciary, or a corporate trustee, depending on the complexity of the trust and comfort level with administration. The choice affects how smoothly the trust will operate, so it should be made with careful consideration. Providing clear guidance and successor trustee provisions in the trust document helps avoid confusion if the initial trustee cannot serve. Trustees must understand their duties, recordkeeping responsibilities, and the trust’s distribution instructions. We advise clients to name successors and provide written instructions to support a smooth administration process when the time comes.
Premiums for a policy owned by an ILIT are usually paid through gifts from the grantor to the trust, often using annual gift tax exclusions to avoid gift tax reporting requirements. The grantor makes gifts to the trust, which the trustee uses to pay the insurance premiums. Proper documentation of these gifts is important to establish the source of premium payments and maintain clear records for tax purposes. Alternative funding strategies may be appropriate depending on the client’s financial picture and goals. Coordination with financial and tax advisors helps determine the most suitable funding approach and documents the gift and premium payment process so the ILIT remains effective and properly administered.
The three-year rule refers to a federal tax provision that can include life insurance proceeds in the insured’s estate if the insured transferred ownership of the policy within three years of death. To avoid unintended estate inclusion, transfers should be planned with this timing in mind. If a transfer occurs within the three-year window, proceeds may still be subject to estate inclusion, which would undermine one of the main benefits of an ILIT. Because of this timing rule, clients often arrange for transfers well in advance or structure purchases so the ILIT owns the policy from inception. Careful planning and documentation are essential to ensure the trust achieves the desired estate planning outcomes without unexpected tax consequences.
An ILIT should be coordinated with retirement accounts, revocable living trusts, wills, and other assets to ensure beneficiary designations and distribution plans are consistent. Retirement accounts often pass outside of probate by beneficiary designation but may have tax implications for beneficiaries; integrating these with trust planning helps manage liquidity and tax considerations. Ensuring that beneficiary designations on accounts and policies align with trust objectives prevents conflicts and unintended distributions. Working with financial advisors and the legal team ensures that the ILIT complements other components of the estate plan. Coordination prevents gaps such as mismatched beneficiaries or unintended taxable events, and helps create a seamless plan that reflects the grantor’s overall goals and family needs.
An ILIT can be structured to provide for beneficiaries with special needs by directing distributions to a special needs trust or by specifying permitted uses that preserve eligibility for public benefits. Careful drafting is necessary to avoid direct disbursements that could jeopardize benefit eligibility. When addressing special needs, the trust terms should include precise language about how funds are to be used for supplemental care, housing, education, or other supports without replacing government benefits. Coordination with a special needs trustee or a specialized trust may be advisable, and working with professionals familiar with benefit rules helps tailor the ILIT so it bolsters a beneficiary’s quality of life while preserving necessary public assistance. Clear instructions reduce confusion and help trustees administer distributions appropriately.
If a trustee fails to administer the ILIT properly, beneficiaries may have legal remedies including petitioning the court to remove the trustee or seek accounting and recovery of mismanaged funds. The trust document should include successor trustee provisions and mechanisms to address potential disputes. Trustees have fiduciary duties to act in beneficiaries’ interest and to maintain accurate records; failure to do so may expose trustees to legal consequences and corrective actions by beneficiaries. Proactive measures like naming successor trustees, requiring periodic accountings, and including dispute resolution steps in the trust reduce the risk of administration failures. Clear guidance for trustees, combined with regular oversight and review, helps protect beneficiaries and supports effective trust management.
Reviewing your ILIT and overall estate plan periodically is important because family situations, financial circumstances, and legal rules can change. Major life events such as marriage, divorce, births, deaths, or changes in asset ownership should trigger a review to confirm that trustee choices, beneficiary designations, and funding strategies remain appropriate. Regular reviews help ensure the trust continues to accomplish the grantor’s intentions and that policy premiums remain affordable and funded. We recommend periodic reviews every few years or following significant life changes to address updates or necessary amendments to related documents. While the ILIT itself is irrevocable once funded, associated estate planning documents can and should be updated to maintain a consistent and effective plan across all instruments.
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