An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of a thoughtful estate plan for Woodside residents. This guide explains how an ILIT works, who benefits from one, and how it fits with other estate planning tools such as trusts, wills, and powers of attorney. Understanding the structure and purpose of an ILIT helps families preserve life insurance proceeds for intended beneficiaries while minimizing the potential for estate tax exposure and ensuring proper management of policy proceeds according to the grantor’s wishes.
Creating an ILIT requires careful planning to ensure the trust terms align with your financial goals and family needs. This page outlines common provisions and options such as funding a trust with an existing policy, purchasing a new policy within the trust, or coordinating an ILIT with retirement accounts and other trust arrangements. We also describe trustee responsibilities, beneficiary designations, and how to maintain tax and legal compliance under California law to protect the value of the policy proceeds for future generations.
An ILIT provides a structured way to keep life insurance proceeds out of a taxable estate while allowing precise control over how benefits are distributed and used by beneficiaries. Beyond tax considerations, an ILIT can shield proceeds from creditors, provide for young or vulnerable beneficiaries with structured distributions, and help ensure funds are available for specific purposes such as education or long-term care. When integrated with other estate planning documents, an ILIT can support family continuity and financial stability by designating trustees to manage distributions and by setting clear terms for the use of proceeds.
The Law Offices of Robert P. Bergman serves San Mateo County clients with a practical approach to estate planning and trust administration. Our team focuses on clear communication, careful drafting, and tailored plans that address each family’s priorities. We prepare documents such as revocable living trusts, wills, powers of attorney, and specialized trusts including ILITs, with attention to California law and local court practices. Our goal is to provide guidance that helps clients make informed decisions and implement plans that protect assets and provide for loved ones according to the client’s wishes.
An ILIT is a trust that holds one or more life insurance policies and is designed so that policy proceeds are not included in the insured’s taxable estate. Once assets are transferred into the trust or the trust purchases a policy, the grantor relinquishes control over the policy ownership and premium payments, which is essential for the trust to achieve its intended tax treatment. The trust document sets terms for how and when beneficiaries receive proceeds, who serves as trustee, and how proceeds can be used to cover expenses or be distributed over time, balancing liquidity needs with long-term protection objectives.
Key considerations when establishing an ILIT include selecting a trustee who will manage the policy, coordinating premium gifts to the trust, and ensuring the trust is properly funded and maintained to avoid adverse tax consequences. The grantor must understand gift tax rules, potential three-year inclusion rules for transfers of existing policies, and the administrative duties involved in maintaining the trust. Working proactively to align an ILIT with beneficiary needs and other estate planning instruments helps prevent unintended results and preserves the intended benefits of the life insurance policy.
An ILIT is a legal arrangement that owns a life insurance policy and specifies how the proceeds will be managed and distributed after the insured’s death. The grantor transfers ownership of a policy to the trust or the trust purchases a policy, and the trustee becomes responsible for premium payments, policy administration, and distribution decisions. Because the grantor gives up ownership and certain control, the proceeds generally are excluded from the grantor’s gross estate for estate tax purposes, subject to specific timing and gifting rules. The trust can also include provisions for appointing agents, directing investments, and outlining distribution timelines to meet family objectives.
Core elements of an ILIT include the trust agreement, trustee appointment, beneficiary designations, policy ownership transfer, and a plan for funding premiums. Administrative processes involve regular premium funding, recordkeeping of gifts to the trust, trustee actions on claims, and periodic review of trust terms to address changes in family structure or law. Trustees have fiduciary responsibilities to follow the trust terms, communicate with beneficiaries, and manage policy interactions with other estate planning documents. Proper setup and ongoing administration are essential to preserve the intended benefits and avoid unintended tax or legal outcomes.
Familiarity with common terms can help demystify ILITs and related estate planning concepts. This glossary highlights definitions you are likely to encounter when creating or administering an ILIT, including terms about ownership, gift taxation, trusteeship, and beneficiary rights. Clear definitions make it easier to follow document language and to discuss options during planning meetings. Reviewing these terms alongside your unique family circumstances will help you make decisions about trust drafting, trustee selection, and coordination with other estate planning elements like wills and powers of attorney.
The grantor is the person who creates the trust by signing the trust document and transferring assets into the trust. In the context of an ILIT, the grantor is typically the insured who funds the trust by transferring an existing life insurance policy or making gifts to the trust so the trustee can pay premiums. Once assets are transferred to an ILIT, the grantor surrenders ownership and certain controls over the policy, which helps the trust achieve its intended estate and tax outcomes. The trust document will reflect the grantor’s goals and instructions for the trustee and beneficiaries.
A trustee manages the assets held by the trust in accordance with the trust document and applicable law. For an ILIT, trustee responsibilities typically include receiving premium gifts, paying policy premiums, maintaining records, filing claims on death, and distributing proceeds according to the trust instructions. Trustees should communicate with beneficiaries about the trust’s administration and ensure compliance with taxation and legal requirements. Selecting a trustee who is willing and able to perform these duties reliably contributes to the trust’s long-term success and proper protection of insurance proceeds.
A beneficiary is an individual or entity designated to receive benefits from the trust, including life insurance proceeds held in an ILIT. The trust agreement specifies how and when beneficiaries will receive distributions, which can be immediate lump sums, staggered payments, or conditional disbursements for education, healthcare, or other uses. Beneficiary designations in the trust are separate from beneficiaries named directly on an insurance policy when ownership resides in a trust. Clear beneficiary provisions help prevent disputes and ensure that proceeds are used as the grantor intended.
Gift and estate tax rules affect how transfers to an ILIT are treated for tax purposes. Gifts of premium payments to an ILIT are often structured as annual exclusion gifts using Crummey powers or similar mechanisms, and transfers of existing policies may be subject to a three-year inclusion rule for estate tax purposes. Proper planning helps minimize unintended tax consequences by coordinating timing, trust terms, and funding strategies. Documenting premium gifts and following the trust document’s notice requirements are important to maintain favorable tax treatment under federal and state rules.
When evaluating an ILIT, it helps to compare it with other options such as keeping a policy in your individual name, using a revocable living trust, or leaving proceeds directly to beneficiaries under a will. Each approach has tradeoffs related to control, tax exposure, creditor protection, and administrative complexity. An ILIT offers unique protections for insurance proceeds but requires relinquishing ownership and adhering to gifting and notice formalities. Understanding differences in timing, costs, and administrative duties will help you choose the approach that best aligns with family priorities and long-term planning goals.
Keeping a life insurance policy in your own name or designating beneficiaries directly can be appropriate for individuals who prioritize simplicity and minimal administration. This approach reduces the need for trust administration, trustee duties, and ongoing gift accounting. For families with straightforward beneficiary needs and modest estate planning objectives, a direct designation may adequately meet liquidity needs at death without the complexity of trust ownership. However, this choice should be weighed against potential estate tax exposure and creditor claims, depending on your overall financial landscape and family circumstances.
If the goal is to ensure a policy payout to loved ones without concerns about estate taxes or creditor claims, maintaining the policy outside of a trust may be a cost-effective solution. Direct ownership avoids trust drafting fees, trustee administration, and the need for sustained recordkeeping. This route can be suitable for smaller estates or when beneficiaries are financially mature and require immediate access to proceeds. It remains important to review beneficiary designations regularly to account for life changes and to coordinate with a will or other estate planning documents.
A trust-based approach, such as an ILIT, can remove insurance proceeds from a taxable estate and provide a buffer against creditor claims, preserving value for intended beneficiaries. This structure is particularly valuable for families with substantial assets, complex beneficiary situations, or concerns about long-term care or creditor exposure. By documenting clear distribution rules, appointing a trustee to manage proceeds, and coordinating with other estate instruments, a trust-based approach helps secure funds for purposes like education, family support, or philanthropic goals without unintended depletion through taxes or claims.
Comprehensive planning allows precise control over how life insurance proceeds are used, protecting funds from mismanagement or rapid depletion. An ILIT can set conditions, stagger distributions over time, and allocate funds for specific needs such as education, special needs care, or family business continuation. This level of control can be particularly beneficial when beneficiaries are young, have special needs, or may encounter financial challenges. Thoughtful drafting of trust provisions and trustee powers helps ensure proceeds are preserved and applied consistent with the grantor’s intentions.
A comprehensive ILIT strategy can protect the intended value of life insurance proceeds while providing flexibility in distribution, governance, and tax planning. By removing the policy from the grantor’s estate, an ILIT can help reduce potential estate tax burdens and create a formal framework for managing proceeds after death. Trustees can be tasked with preserving capital, making discretionary distributions, and coordinating with other estate assets, supporting long-term financial goals such as legacy gifts or family wealth preservation. This approach also promotes clarity for beneficiaries about how funds should be used.
In addition to tax and creditor protection, a well-drafted ILIT supports efficient administration and minimizes the potential for disputes among beneficiaries. Because the trust sets clear rules and appoints a decision-maker to carry out the plan, families benefit from continuity and predictable outcomes. An ILIT can be structured to respond to evolving circumstances through provisions for successor trustees, amendment mechanisms where permitted, and coordination with related documents like pour-over wills or health care directives. This integrated approach helps preserve the grantor’s intentions over time.
One of the primary benefits of an ILIT is its potential to reduce the size of a taxable estate by excluding life insurance proceeds from estate calculations when structured correctly. This can conserve family wealth for beneficiaries and reduce potential estate settlement costs. Additionally, because the trust owns the policy, proceeds may be insulated from creditor claims against beneficiaries when the trust’s terms limit direct ownership. This combination of tax planning and asset protection helps ensure that the financial resources provided by a life insurance policy are available to support the grantor’s long-term objectives.
An ILIT empowers the grantor to set distribution parameters that match family needs and values, such as restricting large lump-sum payouts or creating phased distributions for younger beneficiaries. Trustees can manage proceeds in a fiduciary role, investing or disbursing funds under the trust’s rules to support education, care needs, or other defined objectives. This stewardship role helps maintain financial stability for beneficiaries while honoring the grantor’s intentions, promoting continuity across generations and reducing the likelihood of disputes over how proceeds should be used.
When placing a life insurance policy into an ILIT, carefully coordinate beneficiary designations and policy ownership to reflect the trust’s terms. Ensure that the trust is named owner and beneficiary where appropriate, and confirm that any prior beneficiary designations are updated to prevent conflicting claims. Maintain clear records of transfers and gift notices to support the trust’s tax treatment. Periodic review is important to account for family changes such as births, deaths, marriages, or divorces that could affect how proceeds should be distributed under the trust.
Selecting a trustee for an ILIT is a decision that affects long-term administration of the policy and proceeds. Choose individuals or institutions willing to serve, capable of fiduciary decision-making, and prepared to handle premium payments, recordkeeping, and beneficiary communication. Consider naming successor trustees and providing guidance in the trust document about investment, distribution, and reporting preferences. Thoughtful trustee selection and clear trustee powers help ensure continuity and reliable management of proceeds according to the grantor’s plan.
Consider an ILIT when life insurance proceeds are a significant component of your estate and you want to preserve the full value for beneficiaries while reducing potential estate tax exposure. This structure is also appropriate when you want to protect proceeds from creditor claims or to provide managed distributions for minors or beneficiaries who may need assistance with financial stewardship. An ILIT can be used to support specific legacy goals, fund trusts for family members, or coordinate with business succession plans to provide liquidity or support buy-sell arrangements.
Families with blended households, beneficiaries who have special needs, or those concerned about potential creditor claims may especially benefit from the protections and controls an ILIT provides. In addition, individuals who anticipate federal or state estate tax concerns might use an ILIT as part of an integrated tax mitigation plan to preserve wealth for future generations. Even when estate tax exposure is not an immediate concern, an ILIT can offer structure and clarity for how insurance proceeds will be handled, reducing the potential for family disputes after a death.
Typical circumstances that prompt consideration of an ILIT include wanting to exclude insurance proceeds from the taxable estate, providing for minor or vulnerable beneficiaries, managing business succession needs, or protecting proceeds from creditors and divorce settlements. An ILIT can also be useful for coordinating large life insurance holdings with broader wealth transfer objectives or for donors who wish to leave charitable gifts funded by life insurance. Each situation requires careful planning to ensure timing, funding, and trustee selection achieve the desired outcomes.
When beneficiaries are minors or young adults, directing proceeds through an ILIT can provide controlled distributions over time rather than a single immediate payout. The trust can set age milestones, educational requirements, or conditions for access to funds, ensuring that payouts align with long-term needs. This approach reduces the risk that a lump-sum distribution will be spent prematurely and gives families peace of mind that funds will be available for significant expenses such as education, housing, or medical care, with a trustee charged with prudent management.
An ILIT can help shield life insurance proceeds from creditor claims or marital property disputes when properly structured and maintained. By placing ownership in a trust and limiting beneficiaries’ direct ownership, proceeds may be less accessible to claimants in certain circumstances. This protection can be particularly important for business owners, professionals, and individuals who anticipate creditor exposure, as well as those in blended families seeking to preserve assets for certain heirs. Proper drafting and administration are essential to sustain these protective benefits.
An ILIT can be integrated into business succession planning to provide liquidity for buy-sell agreements or to support family members after an owner’s death. The trust proceeds can be designated to fund agreed-upon purchases of business interests or to provide capital while a business transitions to successors. Similarly, an ILIT can ensure there are liquid funds available to pay estate expenses such as taxes, administrative costs, or debts, preventing the need to sell illiquid assets at an inopportune time and preserving the overall estate plan.
The Law Offices of Robert P. Bergman serves Woodside and surrounding communities in San Mateo County with estate planning services tailored to local needs. We assist clients with ILITs, revocable living trusts, wills, powers of attorney, and ancillary documents such as HIPAA authorizations and guardianship nominations. Our approach emphasizes clear explanations, practical options, and coordination among documents to help ensure plans work together effectively. We understand regional considerations and aim to create plans that reflect each client’s values and goals while complying with California legal requirements.
Clients choose our firm for careful document drafting and a client-focused approach to estate planning. We work with families to create plans that are tailored and practical, addressing immediate needs and future contingencies. Our services include drafting trusts and wills, coordinating beneficiary designations, and advising on funding strategies to achieve intended results. Every plan is designed to be understandable, implementable, and aligned with the client’s priorities for protecting family assets and providing for loved ones.
We place emphasis on clear communication and thorough documentation to reduce ambiguity and potential disputes. Our process includes discussions about trustee selection, distribution timing, and coordination with other planning tools such as durable powers of attorney and advance health care directives. We provide step-by-step guidance for funding trusts, transferring policies, and maintaining necessary records. This methodical approach helps clients move forward with confidence, knowing their plan is comprehensive and integrated across relevant documents.
The firm also assists with administrative matters after a trust becomes active, including trustee guidance and claim administration to ensure that proceeds are managed and distributed in line with trust terms. We understand how important continuity and reliable management are during times of transition, and we support families through both planning and administration phases. Our goal is to reduce complexity for clients and their families when life events occur, enabling smoother transitions and clearer outcomes.
Our process for establishing an ILIT begins with a comprehensive review of your current policies, family circumstances, and planning objectives. We help determine whether transferring an existing policy or having the trust acquire a new policy best fits your goals. After drafting the trust document and coordinating ownership changes, we assist with funding arrangements and documentation for premium gifts. We also provide guidance for trustee duties, beneficiary notifications, and ongoing recordkeeping so the trust maintains the intended legal and tax treatment over time.
The first step involves an in-depth consultation to review life insurance policies, financial goals, and family considerations. During this meeting we discuss how an ILIT would function in your overall plan, potential tax implications, and funding options. We also evaluate alternative strategies and coordinate the ILIT with existing estate planning documents. The objective is to develop a clear plan that reflects your priorities and to identify any immediate tasks needed to prepare for trust creation and funding.
We analyze whether existing policies should be transferred into the trust or whether the trust should purchase a new policy, considering timing rules and tax consequences. This assessment includes reviewing policy provisions, surrender values, and any restrictions on assignment. We explain potential estate inclusion rules related to recent transfers and advise on steps to minimize adverse tax outcomes. The analysis helps you decide the most effective and practical route to achieve your financial and family objectives.
Selecting a trustee and specifying trustee powers are critical early decisions in drafting an ILIT. We help clients identify suitable trustees, define distribution standards, and establish procedures for premium funding and beneficiary notices. The trust document is drafted to reflect these choices and to provide for successor trustees and administrative processes. Clear drafting helps avoid future disputes and ensures trustees have the authority needed to manage policy administration and distribute proceeds according to your wishes.
After the trust is signed and ownership changes are made if necessary, the next step is funding and maintaining premium payments through documented gifts. We provide guidance on annual gift strategies, notice requirements to beneficiaries when applicable, and recordkeeping of transfers. Proper administration of premium funding helps secure the desired tax treatment and keeps the trust in good standing. The trustee should follow the trust’s provisions for handling funds and maintaining communication with beneficiaries and other advisors.
Premium payments are often funded through annual gifts that the trustee uses to pay insurance premiums. We advise on structuring these gifts within federal gift tax allowances and on providing required notices to beneficiaries when withdrawal rights are included. Consistent use of formal procedures helps protect the trust’s intended benefits and provides documentation for tax records. Attention to timing and clear communication are important to ensure premium gifts are handled correctly each year.
Trust administration requires diligent recordkeeping of premium gifts, payments, notices, and policy documentation. Trustees should maintain accurate records to support tax treatment and to inform beneficiaries about trust actions. We can assist trustees in establishing reporting practices and providing necessary documentation for tax filings or potential audits. Proper records also facilitate smooth claim submission and distribution when the policy pays out, reducing administrative friction and clarifying the trust’s history of funding.
When the insured dies and the policy pays out, the trustee must present the policy claim, manage proceeds, and distribute funds according to the trust terms. This involves filing claims with the insurer, obtaining death certificates, and performing trustee duties such as investing proceeds or making discretionary distributions. The trustee also handles tax-related tasks and coordinates with other estate documents to ensure the distributions align with the overall plan. Clear trust instructions help guide the trustee’s decisions during this sensitive phase.
The trustee initiates the claims process by submitting required forms, a certified death certificate, and any supporting documentation to the insurance company. Timely submission and accurate documentation help expedite payment and reduce disputes. Trustees should also review the policy terms for any contestability or beneficiary provisions that could affect processing. Effective coordination with insurers and benefit administrators ensures proceeds are received and properly placed in trust accounts for management and distribution.
Once proceeds are received, the trustee follows the trust’s directions for investment, preservation, and distribution. The trust may direct lump-sum payments, scheduled distributions, or payments for specific needs such as education or healthcare. Trustees should document decisions and keep beneficiaries informed about the trust’s activities. Proper management aims to balance current needs with long-term preservation, ensuring that funds are used as intended and that reporting obligations are met to maintain compliance with trust terms and applicable laws.
An Irrevocable Life Insurance Trust is a legal entity that owns one or more life insurance policies and specifies how proceeds are to be managed and distributed at the insured’s death. The grantor transfers ownership or funds the trust so the trustee holds the policy, pays premiums, and follows the trust’s distribution terms. Because the grantor gives up ownership, the proceeds may be excluded from the grantor’s taxable estate when certain timing and funding requirements are met. This structure provides greater control over proceeds and can support specific family goals while maintaining clear documentation of trustee actions. The trust document defines trustee duties, beneficiary rights, and distribution conditions, and it may include powers to invest, distribute for health or education, or create staggered payments over time. Trustees must follow the trust terms and maintain records of premium gifts, payments, and notices. Proper setup and consistent administration are essential to obtain the intended tax and protective benefits and to reduce administrative disputes after the insured’s death.
Funding an ILIT can reduce estate tax exposure because life insurance proceeds owned by the trust are generally not included in the grantor’s taxable estate when the trust is structured correctly and the grantor no longer owns or controls the policy. Funding is typically accomplished through annual gifts to the trust that the trustee uses to pay premiums, often using available gift tax exclusion amounts. The trust must be carefully drafted and funded with attention to timing rules, which determine whether proceeds are excluded from the estate. Tax considerations include potential inclusion rules for policies transferred shortly before death and the need to document premium gifts. Careful planning and recordkeeping help preserve favorable tax treatment. It is important to coordinate the ILIT with the overall estate plan and to review the funding strategy periodically to reflect changes in tax law and personal circumstances.
Transferring an existing life insurance policy into an ILIT is a common approach but requires attention to timing and tax consequences. If a policy is transferred into a trust, federal rules may include the policy in the transferor’s estate if the transfer occurs within three years of death. Reviewing policy terms, surrender values, and any assignment restrictions is part of the transfer analysis. Depending on the circumstances, the trust may instead purchase a new policy to avoid inclusion concerns and to align with long-term funding plans. When transferring a policy, proper documentation and clear notice of ownership change are important. The trustee must be prepared to manage premium payments and to maintain records of gifts that fund the trust. A considered approach helps preserve the intended estate and creditor protections and ensures the policy continues to serve family objectives without unintended tax exposure.
Naming a trustee requires balancing reliability, administrative ability, and impartiality. Trustees can be trusted family members, friends, or institutional trustees, each with advantages and tradeoffs. An individual trustee may provide personal attention and familiarity with family circumstances, while an institutional trustee brings continuity, administrative resources, and professional management. Successor trustees should be named in the trust to ensure a smooth transition if the initial trustee becomes unable or unwilling to serve. When choosing a trustee, consider their willingness to serve, comfort with financial recordkeeping, and ability to communicate with beneficiaries. Including clear trustee powers and reporting requirements in the trust document helps guide fiduciary decisions and reduces ambiguity, giving trustees confidence in how to manage premiums, claims, and distributions consistent with the grantor’s intentions.
Premium payments to an ILIT are commonly handled through annual gifts from the grantor to the trust, which the trustee then uses to pay premiums to the insurance company. These gifts can be structured to take advantage of annual gift tax exclusions, typically accompanied by notice to beneficiaries when withdrawal powers are provided. Consistent and documented premium funding is important to maintain the trust’s intended tax treatment and to avoid lapses in coverage that could undermine planning objectives. Trustees should keep detailed records of gift receipts, payments, and communications with beneficiaries and insurers. Establishing reliable procedures for annual funding, notifications, and bookkeeping reduces administrative friction and helps preserve the benefits of the ILIT. Clear instructions in the trust document regarding premium funding and trustee authority help ensure continuity and compliance over time.
Federal rules include a three-year lookback period for transfers of life insurance policies into trusts that may cause proceeds to be included in the grantor’s estate if the grantor dies within three years of the transfer. This means that transferring an existing policy into an ILIT shortly before death can negate the intended estate exclusion. For this reason, many clients either transfer policies well in advance of potential risk periods or have the ILIT purchase a new policy and use gifting strategies to maintain tax benefits. Planning around the three-year rule requires careful timing and documentation. Alternatives and contingencies can be considered to preserve benefits, such as acquiring a new policy in the trust or adjusting ownership and funding strategies. Regular review of the plan helps address any changing circumstances and reduces the likelihood of unintended tax inclusion.
An ILIT can help protect policy proceeds from certain creditor claims when the trust is structured to limit beneficiaries’ direct ownership interests. Because the trust owns the policy and controls distributions, beneficiaries may not have direct access to funds until the trustee makes distributions according to the trust terms. This separation can provide a measure of protection against creditors or from claims arising in divorce, although protections depend on trust drafting, timing of transfers, and applicable law in specific situations. The level of protection varies with jurisdictional law and the details of the trust arrangement. Proper drafting, clear limitations on beneficiary powers, and timely transfers help reinforce protective features. It is also important to coordinate an ILIT’s provisions with other protective strategies and to review potential exposure to claims to ensure the trust functions as intended.
An ILIT should be coordinated with other estate planning documents including a revocable living trust, pour-over will, powers of attorney, and advance health care directives to create a cohesive plan. Coordination ensures that beneficiary designations, ownership transfers, and distribution provisions work together and that unexpected conflicts are avoided. For example, a pour-over will can direct remaining assets into a revocable trust at death, while the ILIT handles life insurance proceeds under its own terms, creating clarity about which assets pass where. Regular reviews help confirm that beneficiary designations and trust terms remain aligned with the client’s family dynamics and financial circumstances. Effective coordination reduces administrative complexity, streamlines probate or trust administration where possible, and ensures that the overall estate plan reflects the client’s intentions across documents and accounts.
Trustees should keep organized records documenting premium gifts, gift notices, insurance policy ownership documents, premium payment receipts, and communications with beneficiaries and insurers. Maintaining copies of the trust document, insurance contracts, and proof of ownership transfers is important in supporting the intended tax treatment and in facilitating claims and distributions. Clear financial records also simplify tax reporting and provide transparency for beneficiaries and advisors when questions arise. Consistent recordkeeping reduces the risk of disputes and helps demonstrate compliance with gifting and notice requirements. Trustees should create a reliable filing system for yearly gift documentation and payment records, and consider working with advisors to ensure records meet legal and tax standards. Good documentation practices support the trust’s administration and help preserve its benefits over time.
Review an ILIT periodically and after major life events such as births, deaths, marriages, divorces, changes in asset values, or significant tax law changes. Periodic reviews help ensure that trust terms remain appropriate, named trustees are willing and able to serve, and funding strategies continue to meet objectives. Even though an ILIT is irrevocable, coordination with other flexible documents and updating related beneficiary designations can keep the overall estate plan current and effective. Regular check-ins with counsel allow you to address practical administration issues, confirm premium funding practices, and adapt to changes in family circumstances or financial goals. Staying proactive about review and recordkeeping helps maintain the ILIT’s intended protections and ease administration during times of transition.
Criminal Defense
Homicide Defense
Manslaughter
Assault and Battery
Assault with a Deadly Weapon
Battery Causing Great Bodily Injury
Domestic Violence
Domestic Violence Protection Orders
Domestic Violence Restraining Order
Arson Defense
Weapons Charges
Illegal Firearm Possessions
Civil Harassment
Civil Harassment Restraining Orders
School Violence Restraining Orders
Violent Crimes Defense
Estate Planning Practice Areas