An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of a thoughtful estate plan for residents of Moss Beach and San Mateo County. At the Law Offices of Robert P. Bergman in nearby San Jose, clients receive careful guidance about how an ILIT works, why people choose this tool, and how it interacts with other estate planning documents like wills, living trusts, powers of attorney, and health care directives. This introduction explains basic concepts, common objectives, and the potential benefits for preserving wealth, protecting beneficiaries, and coordinating with retirement and insurance strategies in a California context.
Choosing to discuss an ILIT is an important step for individuals and families who own significant life insurance policies or anticipate estate tax considerations. In the San Mateo County area, an ILIT can help keep life insurance proceeds outside of a taxable estate, provide controlled distributions to beneficiaries, and reduce the administrative burden after a death. This paragraph outlines how the firm approaches client conversations, focusing on customized planning that reflects family dynamics, asset types, and long-term goals while coordinating with related documents such as pour-over wills, trust certifications, and healthcare authorizations.
An Irrevocable Life Insurance Trust can offer distinct advantages including removing life insurance proceeds from probate, providing creditor protection for beneficiaries, and enabling precise distribution instructions. For Moss Beach residents, an ILIT may reduce the tax exposure of an estate and create a reliable funding source for settlement costs or legacy gifts. The trust structure also allows grantors to set terms for how proceeds are held and paid out, preserving support for dependents, charitable intentions, or long-term care needs. Careful drafting ensures the trust operates as intended and aligns with related documents such as advance health care directives and financial powers of attorney.
The Law Offices of Robert P. Bergman serves families across San Mateo County and greater California with practical, client-focused estate planning services. Our approach emphasizes clear communication, thorough analysis of financial and family circumstances, and drafting documents that reflect our clients’ intentions for managing assets and protecting loved ones. When discussing an ILIT, we review the life insurance policy details, coordinate trust funding and trustee selection, and integrate the trust with existing plans like revocable living trusts, pour-over wills, and retirement plan trusts. We aim to provide steady guidance and responsive service throughout the planning process.
An Irrevocable Life Insurance Trust is a legal entity that holds a life insurance policy and controls proceeds after the insured’s death. Once established and funded, the trust legally owns the policy and the grantor generally relinquishes direct control over it, which is why careful planning and timing are important. The trustee manages the policy and disburses proceeds according to the trust document. For people in Moss Beach and San Mateo County, an ILIT can be an effective way to separate insurance benefits from an individual’s taxable estate, but implementation must consider gifting rules, premium funding, and coordination with other estate planning instruments to achieve intended outcomes.
Setting up an ILIT involves decisions about the grantor, the trustee, the beneficiaries, and the terms governing distributions. Funding an ILIT usually requires transferring an existing policy into the trust or having the trust purchase a new policy, and there are timing and gift tax considerations to address. In California, homeowners and families need to evaluate how the ILIT fits with assets like property and retirement accounts. The firm helps clients review policy ownership options, create trustee instructions, and document premium payment methods, ensuring the trust functions as a reliable element of an overall estate plan.
At its core, an Irrevocable Life Insurance Trust is a written arrangement that holds life insurance for the benefit of named beneficiaries under the control of a trustee. The trust’s terms dictate how benefits are managed, invested, and distributed after the insured’s death. Common purposes include keeping insurance proceeds out of probate, offering protection from future creditors of beneficiaries, and providing for structured distributions over time. For Moss Beach residents, the ILIT is often used together with a revocable living trust and other planning tools like wills and powers of attorney to create a coordinated estate plan that addresses tax, succession, and family support objectives.
Creating an ILIT requires drafting a trust agreement that names a trustee, identifies beneficiaries, specifies distribution rules, and addresses trustee powers such as the ability to manage or surrender policies. The process includes transferring an existing policy or purchasing a new one in the name of the trust, documenting premium payments, and completing any necessary tax filings related to gifts. The firm guides clients through selecting the trustee, structuring distributions to meet family needs, and coordinating the ILIT with other estate planning documents including pour-over wills, trust modifications, and guardianship nominations when minors are involved.
Understanding common terms helps clients make informed decisions about ILITs. This section explains technical phrases frequently encountered during planning, such as grantor, trustee, beneficiary, funding, and gifting rules. Clarifying these concepts reduces uncertainty and helps families choose the right structures for wealth transfer, insurance ownership, and distribution. The firm provides accessible explanations tailored to California law and practical tips for avoiding common pitfalls when integrating life insurance trusts with retirement accounts, revocable trusts, and estate administration processes.
The grantor is the person who establishes the trust and typically contributes property such as a life insurance policy or funds for premiums. Once the grantor places the policy into an irrevocable trust, direct ownership and control over that policy change, which has important tax and legal consequences. In California planning, selecting appropriate timing and documenting transfers clearly are essential steps. The grantor should work with the trustee and legal counsel to implement the trust in a manner consistent with broader estate planning objectives, ensuring beneficiary designations and related documents support the desired outcomes.
A trustee administers the trust according to its terms, manages the life insurance policy if applicable, pays premiums when required, and distributes proceeds to beneficiaries as directed by the trust document. Trustees may be family members, trusted friends, financial institutions, or a combination. Their duties include maintaining records, filing taxes for the trust when necessary, and acting in good faith to carry out the grantor’s intent. Proper selection and clear instructions help trustees fulfill obligations and reduce the chance of disputes after the insured’s death.
Beneficiaries are the individuals or entities entitled to receive trust assets according to the trust’s terms. An ILIT allows the grantor to set distribution timing, contingency provisions, and conditions for payment, which can preserve funds for minor children, protect assets from creditors, or fund long-term care needs. Clear beneficiary designations and coordination with other estate planning documents prevent conflicting instructions and help ensure that life insurance proceeds are administered smoothly and in line with the grantor’s intentions.
Funding an ILIT involves transferring a policy into the trust or using the trust to acquire a new policy and arranging for premium payments. If third parties provide funds for premiums, gift tax issues may arise and planning can include annual exclusion gifts or other strategies to manage tax exposure. Documentation of gifts and timely premiums is important to preserve the intended tax benefits. For many clients in Moss Beach, careful coordination with financial accounts and retirement plan assets is necessary to ensure premium funding aligns with overall estate objectives.
When evaluating an ILIT, it helps to compare it with alternatives such as holding policies outside of a trust, naming beneficiaries directly, or using revocable trusts to manage assets. Each approach has tradeoffs in terms of control, tax treatment, creditor protection, and administrative complexity. An ILIT offers specific benefits for removing life insurance proceeds from an estate and controlling distributions, while other arrangements may provide greater flexibility during the grantor’s life. The firm assists clients in weighing these options based on family structure, asset types, and long-term goals to select the most appropriate combination of documents.
For individuals with modest assets and straightforward beneficiary arrangements, keeping a life insurance policy outside a trust and naming beneficiaries directly might be an adequate approach. This option can be quicker and less costly to implement, and it may still provide beneficiaries with immediate access to proceeds. However, direct designations offer limited control over distribution timing and less protection from creditors or family disputes. Families in Moss Beach with uncomplicated goals may prefer this streamlined path while still maintaining other estate documents like a will and powers of attorney to handle noninsurance assets and end-of-life decisions.
If the primary concern is immediate liquidity for survivors, a direct beneficiary designation can provide fast access to life insurance proceeds, avoiding the administrative layers that sometimes accompany trust administration. This approach is useful when policy proceeds are needed promptly for funeral expenses, mortgage payments, or short-term costs. The firm helps clients evaluate whether rapid access outweighs the benefits of using a trust to manage and protect funds, and whether complementary documents like a pour-over will or guardianship nominations are needed to address other estate planning priorities.
When families have blended members, business interests, minor children, or special needs beneficiaries, a comprehensive plan that includes an ILIT alongside trusts, wills, and healthcare directives is often advisable. These interconnected documents help address succession, asset protection, and support over time while minimizing conflicts. A coordinated approach ensures that life insurance proceeds, retirement plans, and real property convey in ways consistent with the client’s intentions. The firm works with clients to design plans that provide clarity and practical administration for complex personal and financial situations in Moss Beach and beyond.
For individuals who anticipate estate tax exposure or wish to shield assets from creditor claims against beneficiaries, incorporating an ILIT into a broader estate plan can provide targeted protections. Comprehensive planning reviews potential tax consequences, explores appropriate ownership structures, and designs distribution mechanisms tailored to meet long-term objectives. By coordinating the ILIT with other instruments like irrevocable life insurance trusts, retirement plan trusts, and trust modification petitions when circumstances change, clients in San Mateo County can pursue predictable outcomes and reduce the likelihood of costly disputes later.
An integrated strategy ties the ILIT to other documents such as pour-over wills, revocable living trusts, powers of attorney, and health care directives to create a unified plan for asset management and distribution. This reduces gaps that might otherwise lead to probate, disputes, or unintended tax consequences. For Moss Beach residents, a comprehensive plan clarifies roles, preserves family intentions, and ensures that life insurance proceeds are used in alignment with broader financial and caregiving objectives. Thorough documentation also improves the administrator’s ability to handle matters efficiently when a death occurs.
Additional benefits include smoother administration, stronger protections for vulnerable beneficiaries, and greater confidence that assets will serve their intended purposes over time. Coordinating an ILIT with retirement plan trusts and other mechanisms helps manage differing rules that govern various asset types. The result is a plan that balances quick access to needed funds with long-term stewardship of resources. The firm prioritizes clear drafting and actionable trustee instructions to achieve predictable and durable results for clients and their families in San Mateo County.
A comprehensive approach gives grantors meaningful ability to shape how and when beneficiaries receive insurance proceeds, including staggered distributions, educational reserves, or use-restricted payments. These provisions can address situations where beneficiaries may benefit from managed support rather than a lump sum, and they can include instructions for trustees to invest or safeguard assets. In the context of Moss Beach family planning, such controls promote the long-term financial well-being of heirs while reducing the risk of impulsive spending or loss of assets to creditors or divorce proceedings.
Integrating an ILIT with related documents like revocable living trusts, wills that pour assets into trusts, and financial powers of attorney ensures that all parts of a plan work together. This coordination avoids conflicting beneficiary designations, clarifies trustee duties, and supports seamless administration after death. For clients in San Mateo County, coordinated planning helps align the disposition of life insurance proceeds with broader goals such as legacy gifts, care for dependents, or providing for business succession, resulting in a smoother transition and fewer surprises for surviving family members.
Before creating an ILIT, review existing policy ownership and beneficiary designations to determine whether transferring a policy into a trust is appropriate. Ownership transfers can trigger gift tax or three-year inclusion rules if not timed carefully, so documenting the timing and method of transfer is important. Confirm that beneficiary designations on retirement accounts and other assets are coordinated with the trust plan to avoid contradictory instructions. The firm assists Moss Beach clients in auditing current documents and aligning designations to ensure the ILIT functions as intended within the broader estate plan.
Premium funding is a recurring planning detail that affects an ILIT’s success. Decide whether the grantor will make annual gifts to trust beneficiaries or provide funds directly to the trustee to pay premiums. Understanding annual gift tax exclusions and documenting gifts diligently helps preserve intended tax benefits and prevents inadvertent inclusions in the taxable estate. The firm helps Moss Beach clients design sustainable funding strategies that match financial capacity and long-term goals while ensuring that documentation and timing comply with applicable rules.
Clients often consider an ILIT when life insurance proceeds represent a large portion of an estate or when there is a desire to provide protected, nonprobate distributions to beneficiaries. Additional reasons include planning for estate tax exposure, protecting assets from creditor claims, supporting a trust-based distribution plan for minors, or preserving funds for charitable intentions. In Moss Beach and San Mateo County, situational factors such as business ownership, multiple marriages, or significant retirement savings prompt families to explore how an ILIT can serve alongside trusts, wills, and advanced directives.
Another common motivation is to reduce potential conflict among beneficiaries by clarifying distribution terms and appointing a trustee to manage proceeds impartially. An ILIT can create mechanisms for gradual distribution, educational funds, or restrictions tied to milestones that help ensure funds are used in alignment with the grantor’s wishes. Careful coordination with guardianship nominations for minor children and provisions for beneficiaries with special needs or substance issues can further tailor the plan to family circumstances and long-term protections.
An ILIT is often beneficial for individuals who own high-value life insurance policies, have complex family structures, anticipate estate tax liability, or desire controlled distributions to heirs. It can also be a useful tool for business owners seeking liquidity for succession planning or for individuals who wish to leave legacy gifts to charities while protecting the estate for family members. The trust can be customized to address factors like creditor protection, timing of payments, and coordination with retirement assets, guardianship plans, and other estate documents relevant to Moss Beach clients.
When life insurance proceeds are large relative to the rest of an estate, an ILIT can prevent those proceeds from increasing estate tax exposure and can keep benefits out of probate. This is particularly useful when property and retirement accounts already consume much of the estate tax exemption, or when a family seeks to maintain liquidity to pay taxes and debts without forcing the sale of real estate or business interests. The firm helps evaluate the size of policies, transfer options, and timing considerations to achieve intended tax and distribution outcomes.
Blended families often require tailored distribution plans to balance the needs of a surviving spouse, children from multiple relationships, and other beneficiaries. An ILIT allows grantors to provide for a spouse while preserving assets for children or legacy goals, and it can include conditions that reflect family dynamics. Proper drafting clarifies the grantor’s intentions and reduces the likelihood of disputes, while trustee powers ensure neutral administration in sensitive situations. The firm works with clients to craft provisions that reflect priorities while promoting fairness and stability.
An ILIT can offer a layer of protection for life insurance proceeds against certain creditor claims or divorce settlements affecting beneficiaries, depending on timing and the trust’s terms. Using a trust to hold insurance proceeds can separate those funds from a beneficiary’s personal assets and reduce the risk of immediate exposure. While no plan can guarantee absolute protection in all situations, well-drafted trust provisions and prudent trustee administration improve the chances that distributions will serve their intended purpose over time.
The Law Offices of Robert P. Bergman provides accessible estate planning services to residents of Moss Beach, San Mateo County, and surrounding California communities. We help clients assess whether an ILIT fits their goals, walk through the process of trust formation and funding, and coordinate the ILIT with other estate documents such as wills, trusts, and health care directives. Our office aims to offer clear guidance, responsive communication, and practical solutions tailored to the financial and family realities of each client living along the Peninsula and the Northern California coast.
Clients value a personalized approach that begins with listening to family goals and ends with carefully drafted documents that reflect those intentions. We work to demystify legal concepts and explain how an ILIT interacts with other estate planning tools like revocable living trusts, pour-over wills, and powers of attorney. For Moss Beach residents, this process includes practical recommendations about trusteeship, premium funding, and beneficiary protections so the plan is ready to function when it matters most.
Our firm emphasizes clarity in document language and actionable trustee instructions to reduce ambiguity and speed administration when necessary. We help clients anticipate common issues like premium payment logistics, tax reporting, and coordination with retirement accounts, making it easier for trustees to carry out their duties. By preparing a complete estate plan that integrates an ILIT with related instruments, we aim to make transitions smoother for families and to minimize the potential for disputes or unnecessary expenses during settlement.
Communication and ongoing accessibility are central to our service model. We encourage periodic review of trusts and related documents to address life changes such as births, marriages, divorces, or significant changes in asset value. When updates are needed, the firm assists with trust modification petitions, guardianship nominations, and other documents so the estate plan remains current with a family’s evolving circumstances and long-term intentions in San Mateo County and beyond.
Our process begins with a comprehensive review of existing estate planning documents, insurance policies, and family objectives. We then recommend whether an ILIT is appropriate, propose funding methods, and draft the trust document with clear trustee duties and distribution provisions. The firm coordinates transfers, prepares any required ancillary documents such as a certification of trust or general assignment of assets to trust, and provides guidance on premium funding methods. We focus on practical implementation steps so the ILIT operates as intended in concert with the client’s full estate plan.
The first step involves a detailed consultation to understand family circumstances, asset ownership, life insurance details, and planning goals. We gather existing documents including wills, revocable trusts, insurance policies, beneficiary designations, and powers of attorney. This review identifies potential conflicts, tax considerations, and funding needs so that recommendations are tailored and realistic. For Moss Beach residents, understanding local property issues and California-specific rules is an important part of ensuring the ILIT integrates effectively with the broader estate plan.
We examine the life insurance policy terms, current owner of the policy, premium schedules, and any existing beneficiaries named outside of a trust. Understanding whether a policy should be transferred to the trust or if a new trust-owned policy should be purchased is essential. We also consider timing concerns such as three-year rules that can affect taxation. Clear documentation of ownership changes and premium funding plans helps maintain the intended benefits of the ILIT and avoids unintended tax or estate inclusion issues.
During this stage we discuss how the grantor envisions distributions: immediate liquidity, structured payments, trust for minors, or legacy and charitable gifts. We explore potential scenarios involving beneficiaries’ creditor risks, marital status, and special needs considerations. This assessment guides drafting choices such as distribution timing, trustee powers, and contingency planning to ensure the ILIT aligns with the client’s long-term intentions and family dynamics in San Mateo County.
Once objectives are clear, we draft the ILIT document and any related instruments such as a certification of trust, pour-over will provisions, or general assignments to ensure proper funding. The trust document will specify trustee authority, distribution rules, and administrative procedures. We also prepare supporting documentation for transferring existing policies or setting up a trust-owned policy and outline the steps for premium funding. Our drafting emphasizes clarity to reduce friction during administration and to make trustee duties straightforward to follow.
Trust drafting focuses on clearly defined trustee powers to manage or invest proceeds, make discretionary distributions, and handle tax filings. Distribution provisions can address timing, purpose, and contingencies for beneficiaries who are minors, have special needs, or face creditor exposure. By including practical trustee authorities and procedural guidance, the document aims to streamline decision-making and reduce disputes, providing a dependable framework for managing insurance proceeds in line with the grantor’s intentions.
We prepare the necessary documents to transfer an existing policy into the trust or to have the trust acquire a new policy, as well as any assignment forms and written evidence of premium funding arrangements. Properly documenting gifts intended to pay premiums and coordinating with financial institutions or brokers prevents ambiguities that could undermine the ILIT’s benefits. Clear recordkeeping and communication with trustees and beneficiaries help ensure the trust functions smoothly when called upon to deliver proceeds.
After formation and funding, we confirm that all beneficiary designations, trustee instructions, and related estate documents align with the ILIT. Periodic reviews are recommended to account for changes in family circumstances, asset values, or law. If adjustments are needed, the firm assists with trust modification petitions, successor trustee appointments, or updates to complementary documents like advance health care directives and guardianship nominations. Ongoing maintenance ensures the plan continues to meet objectives and provides reliability for beneficiaries and trustees.
We verify that premiums are funded as planned, any assigned policies are properly titled in trust name, and trustees have access to necessary documents and instructions. Ensuring administrative readiness prevents delays or disputes when life insurance proceeds become payable. We also provide guidance for trustees about recordkeeping, claims procedures, and coordination with probate or trust administration if other estate matters arise, so that the settlement process proceeds efficiently and in accordance with the grantor’s wishes.
Life changes such as births, marriages, divorces, changes in asset values, or alterations in tax law can affect the suitability of an ILIT and related documents. The firm recommends periodic plan reviews to update trusteeship, beneficiary designations, and distribution provisions when appropriate. Keeping documents current reduces the risk of unintended consequences and ensures the estate plan remains aligned with the client’s priorities and family circumstances across the years.
An Irrevocable Life Insurance Trust is a trust that holds title to a life insurance policy and directs how proceeds are managed and distributed after the insured’s death. Unlike a revocable trust, an ILIT generally requires the grantor to relinquish direct ownership and control over the policy, which can produce tax and creditor outcomes that differ from other arrangements. The trust’s terms govern trustee powers, distribution schedules, and administrative duties. When structured and funded correctly, an ILIT can keep insurance proceeds out of probate and give the grantor greater assurance that proceeds are administered according to specific instructions. Comparisons with other trusts focus on control, flexibility, and tax considerations. A revocable living trust allows the grantor to retain control during life and typically does not remove assets from the taxable estate. An ILIT, by contrast, is designed to separate the policy from the grantor’s estate; however, this requires careful timing and compliance with tax rules. The firm helps clients evaluate which trust type best meets their goals, and how an ILIT can fit within a coordinated set of estate planning documents for residents of Moss Beach and San Mateo County.
Transferring an existing life insurance policy into an ILIT is possible, but timing and method matter. If a policy is transferred to the trust, there may be gift tax implications, and federal rules may include the policy in the grantor’s estate if the insured dies within a specified period after transfer. The firm reviews policy terms, performs a cost-benefit analysis, and recommends whether a transfer or purchasing a new trust-owned policy is preferable based on the client’s goals and tax considerations. Documentation and premium funding must be handled carefully during a transfer. Proper assignment forms, updated ownership records with the insurer, and clear records of any gifts used to fund premiums help preserve intended trust benefits. We work with Moss Beach clients to coordinate transfers, explain potential tax consequences, and implement funding plans that align with overall estate objectives.
An ILIT can help reduce estate tax exposure by keeping life insurance proceeds outside of the grantor’s taxable estate, subject to applicable federal and state rules. For individuals whose estates approach thresholds that trigger tax consequences, placing a policy in an ILIT may preserve more assets for beneficiaries. However, this depends on timing, ownership changes, and compliance with relevant inclusion rules, so careful planning is required to realize tax benefits. California does not currently impose a separate state-level estate tax, but federal estate considerations and potential future law changes should be considered when designing an ILIT. We assist clients in Moss Beach with modeling potential tax outcomes and determining whether an ILIT is an effective strategy given their specific financial situation and long-term goals.
Naming a trustee requires balancing trustworthiness, availability, and administrative capacity. Many clients choose a trusted family member, a close friend, a professional fiduciary, or a corporate trustee depending on the complexity of the trust and potential for conflicts. Successor trustee provisions are important to ensure continuity in administration if the primary trustee cannot serve. Clear instructions in the trust document help trustees fulfill duties with confidence and minimize disputes among beneficiaries. When selecting a trustee, consider the individual’s ability to manage investments, follow directions set in the trust, and communicate with beneficiaries. For families with more complex needs, naming co-trustees or a corporate trustee alongside a family member can add both impartiality and practical management skills. The firm can help outline trustee responsibilities and recommend arrangements suited to each client’s circumstances.
Once a policy is owned by an ILIT, premiums can be paid in several ways, including annual gifts from the grantor to the trust or direct payments by the grantor with documented gift reporting. Common approaches use the annual gift tax exclusion to transfer funds to the trust’s trustees, who then use those gifts to pay premiums. Proper documentation and compliance with gift tax rules are essential to maintain the intended separation of the policy from the grantor’s estate. Failure to document premium funding or to follow advised procedures can create unintended tax consequences or inclusion in the taxable estate. The firm assists Moss Beach clients in structuring premium payments, preparing necessary gift documentation, and coordinating with financial institutions or brokers to ensure smooth premium administration and to protect the trust’s intended benefits.
An ILIT can provide a degree of protection against certain creditor claims or divorce proceedings affecting beneficiaries, because trust-held proceeds are separated from a beneficiary’s directly owned assets. The level of protection depends on the trust terms, applicable state law, the timing of transfers, and the specific circumstances of a creditor claim or marital dissolution. While no arrangement guarantees absolute protection, carefully drafted trust provisions and prudent administration can reduce vulnerability for inherited funds. Because protection depends on many variables, it is important to consider the broader financial and legal context when designing an ILIT. The firm helps clients evaluate likely creditor or marital exposure scenarios and draft provisions that seek to preserve the intent of the grantor while complying with California law and practical enforceability standards.
An ILIT is focused on life insurance proceeds and may not directly control retirement account beneficiary designations, which are governed by the account terms and federal rules. Coordination is essential: retirement accounts often pass by beneficiary designation and may be subject to different tax rules, so aligning the ILIT with retirement planning ensures the overall estate plan operates cohesively. For clients who want retirement assets to fund premiums or bequeath proceeds to a trust, careful planning and appropriate beneficiary designations matter. We review retirement account naming and recommend whether a retirement plan trust or other mechanisms are needed to support the client’s objectives. This coordination helps prevent conflicting instructions and provides a clear roadmap for how life insurance, retirement accounts, and other assets will be handled for beneficiaries in Moss Beach and beyond.
Because an ILIT is generally irrevocable, changing it after creation can be difficult without the consent of beneficiaries or specific legal mechanisms. In some cases, plan modifications, trust decanting, or trustee actions can address changed circumstances, but these options depend on the trust language and applicable law. The firm evaluates whether modifications are feasible and advises on steps such as trust modification petitions or drafting complementary documents to reflect new intentions when possible. Given the limited flexibility inherent in irrevocable trusts, regular plan reviews before finalizing documents are important. We help clients anticipate possible future changes and draft provisions that provide contingencies, successor trustees, and guidance that reduce the need for later procedural or court-driven changes while preserving the intended protective benefits.
Yes. An ILIT is most effective when integrated with a complete estate plan that may include a revocable living trust, pour-over will, advance health care directive, financial power of attorney, and guardianship nominations for minor children. These documents address different aspects of an estate and ensure that assets not held in the ILIT are managed and distributed according to the client’s wishes. Coordination prevents gaps that could result in probate, conflicting beneficiary designations, or unclear fiduciary duties. The firm helps clients assemble and coordinate the full set of documents needed for a cohesive plan, including trustee instructions, trust certifications, and general assignments of assets to trusts when appropriate. Comprehensive planning guides families through practical steps so that insurance proceeds, retirement accounts, and property convey in a manner consistent with overall objectives.
Periodic review of an ILIT and the broader estate plan is recommended whenever significant life events occur, such as births, marriages, divorces, business sales, or major changes in asset values. Even absent a major event, a routine review every few years helps ensure documents remain aligned with current goals and law. Regular reviews allow for updates to trustee appointments, funding strategies, and coordination with new or changed financial accounts. We encourage Moss Beach clients to schedule reviews and to contact the firm when circumstances shift so adjustments can be discussed promptly. Maintaining current documentation helps preserve the intended benefits of the ILIT and reduces the likelihood of unintended consequences during administration.
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