An Irrevocable Life Insurance Trust (ILIT) can play an important role in comprehensive estate planning for homeowners and business owners in Milpitas and surrounding areas. At the Law Offices of Robert P. Bergman, we help clients understand how an ILIT works, how it interacts with other estate planning documents, and what to expect during the setup and administration process. This overview introduces the key features and typical uses of an ILIT, and outlines how placing life insurance into a properly drafted trust can support long term goals such as providing liquidity for estate administration and protecting proceeds from unintended claims.
Many families consider an ILIT to preserve life insurance benefits for intended beneficiaries while managing tax considerations and avoiding potential probate delays. In Milpitas and Santa Clara County, local asset structures and retirement accounts often require careful coordination to align with trust objectives. This page explains how an ILIT interacts with assets like retirement plan trusts, revocable living trusts, and pour-over wills. We emphasize clear communication during planning, including identifying trustees, beneficiaries, and funding mechanisms so clients can make informed decisions tailored to their family dynamics and long term financial security.
An ILIT provides a structured vehicle to hold life insurance outside of an individual’s taxable estate, which can be beneficial for preserving value for beneficiaries and covering estate expenses without triggering probate. In California, where estate administration and tax considerations are frequently intertwined with real estate and retirement assets, an ILIT can provide clarity and liquidity at the time life insurance proceeds are payable. By naming the trust as the policy owner and beneficiary, the arrangement can offer creditor protection for proceeds and more predictable distribution terms, assisting families to carry out their wishes with reduced administrative burdens and greater privacy than public probate proceedings.
The Law Offices of Robert P. Bergman provides estate planning services to clients across San Jose, Milpitas, and the broader California Bay Area. Our approach focuses on practical, legally sound documents that reflect each client’s priorities, whether that includes revocable living trusts, wills, advanced directives, or specialized trust instruments such as ILITs and irrevocable life insurance arrangements. We emphasize clear explanation, thoughtful drafting, and coordination among related documents like powers of attorney and HIPAA authorizations, helping clients create a cohesive plan that addresses asset management, care decisions, and distributions for beneficiaries.
An Irrevocable Life Insurance Trust is a trust designed to own and manage life insurance policies for the benefit of named beneficiaries. Once established, the trust typically becomes the owner of the policy, removing the policy proceeds from the insured’s personal estate for certain estate planning purposes. This structure can influence estate tax treatment and provide a managed distribution mechanism for life insurance benefits. Trust terms can outline distribution timing, conditions for access, and trustee powers, making an ILIT a flexible tool for families who want to control how proceeds are used and distributed after the insured’s death.
Setting up an ILIT often requires careful attention to timing, funding, and the relationship to existing policies. Grantors must consider whether to transfer an existing policy into the trust or to have the trust purchase a new policy. If an existing policy is transferred into an ILIT, there may be a three year lookback rule for estate inclusion, so timing is important. Additionally, trustees will need guidance on premium payments, policy loans, and beneficiary designations to ensure the trust functions as intended. Coordination with retirement plan trust terms and pour-over wills helps avoid conflicting instructions and preserves the client’s overall estate plan integrity.
An ILIT is a trust instrument created to own life insurance policies and manage their proceeds on behalf of designated beneficiaries. By making the trust the legal owner and beneficiary of the policy, the proceeds typically bypass the insured’s probate estate and can be administered under the trust’s terms. The trust document sets out trustee authority, distribution rules, and any limitations or conditions. It is important to determine how premiums will be paid, who will serve as trustee, and whether gifts will be made to the trust to cover future premium obligations, all of which affect the ongoing administration and effectiveness of the trust.
Key elements of an ILIT include a clear identification of the grantor, trustee, and beneficiaries, the ownership and beneficiary designation for the life insurance policy, instructions for premium funding, and trust distribution provisions. Practical processes include drafting the trust instrument, transferring or issuing the life insurance policy, establishing a funding mechanism for premiums, and recording trustee acceptance and bank arrangements for handling payments. Trustees may be required to make annual reports or follow notice requirements to beneficiaries. Proper attention to these components helps ensure the trust achieves intended benefits while remaining administrable over time.
Understanding common terms used in ILITs and estate planning documents helps clients make informed decisions. Terms such as grantor, trustee, beneficiary, and policy ownership each carry distinct legal implications. Other associated documents like certification of trust, pour-over wills, and HIPAA authorizations interact with an ILIT and influence how assets are managed and distributed. Clear definitions and explanations reduce confusion and support coordination between documents, which is especially important when dealing with retirement plan trusts, irrevocable trust structures, and nominations for guardianship or care decisions.
An Irrevocable Life Insurance Trust is a trust established to own life insurance policies and manage the distribution of death benefit proceeds. Because the trust is irrevocable, the grantor generally cannot revoke the trust or reclaim ownership of the policy once the transfer is complete. The ILIT’s terms govern how proceeds are used and distributed, which can include paying estate expenses, providing for beneficiaries over time, or funding other trust provisions. It is important to consider the timing of transfers and any tax or gifting consequences that may apply under state and federal law.
A trustee is the individual or entity responsible for managing the trust’s assets according to the trust document and applicable law. Trustees accept fiduciary responsibilities to administer the trust, manage policy ownership, ensure premium payments when required, and make distributions to beneficiaries as directed. Good trustee selection balances objectivity, availability, and financial management capability while considering family dynamics. Trustees must keep accurate records, communicate with beneficiaries as appropriate, and act prudently to preserve trust assets and follow the grantor’s stated intentions.
The grantor is the person who creates the ILIT and transfers the life insurance policy into the trust. The grantor establishes the trust’s terms and designates beneficiaries and trustee powers. After transferring policy ownership to an irrevocable trust, the grantor typically no longer retains control over the policy or trust assets, which is why these arrangements have distinct tax and legal effects. The grantor’s choices in drafting the trust, selecting beneficiaries, and funding premium payments determine how successful the trust will be in achieving the intended estate planning objectives.
A beneficiary is the person or entity entitled to receive benefits from the trust according to its terms. Beneficiaries may receive proceeds outright, in installments, or under specific conditions set by the trust. The trust document can include contingent beneficiaries to address changes in family circumstances. Naming beneficiaries clearly and anticipating future changes—such as births, deaths, and divorces—helps reduce disputes and ensures the grantor’s intentions are followed. Beneficiaries may also receive reporting from the trustee about trust administration and distributions.
When considering how to incorporate life insurance into an overall estate plan, clients often weigh options such as keeping policies in their personal name, naming beneficiaries directly, or placing policies in a trust like an ILIT. Direct beneficiary designations are straightforward but may expose proceeds to creditors or probate in some circumstances, whereas trust ownership adds structure, conditions, and potential estate planning advantages. Coordination with revocable living trusts, pour-over wills, and retirement plan trust provisions is necessary to avoid conflicting instructions and to accomplish goals such as tax planning, asset protection, and staged distributions for younger or vulnerable beneficiaries.
For individuals with modest estates and uncomplicated family situations, keeping a life insurance policy in the owner’s name with direct beneficiary designations may meet planning needs without the complexity of a trust. This approach allows beneficiaries to receive proceeds quickly and with minimal administrative formality. However, clients should still review beneficiary designations periodically to account for life changes. While this route is simpler, it offers less protection against creditor claims and provides fewer tools to control distributions over time, so evaluating long term objectives before choosing a limited approach is advisable.
Some estate plans already include a revocable living trust or other arrangements that provide sufficient liquidity and distribution instructions, which may reduce the immediate need for an ILIT. If a client’s trust and asset allocation are designed to cover estate expenses, provide for dependents, and manage probate avoidance, simply coordinating beneficiary designations and policy ownership may be adequate. Nonetheless, it remains important to confirm how life insurance interacts with the rest of the plan and to consider whether adding a dedicated insurance trust would better align with long term tax or distribution goals.
A comprehensive planning process helps ensure that trusts, wills, beneficiary designations, powers of attorney, and health care directives work together rather than creating contradictions. When life insurance is integrated into a broader estate plan, it is easier to anticipate and prevent problems such as unintended inclusion of proceeds in the estate, conflicts between trust terms and retirement plan trusts, or beneficiary designations that undermine other planning goals. Comprehensive planning provides the opportunity to document funding strategies, trustee responsibilities, and contingencies that preserve value and clarity for beneficiaries when the time comes.
Individuals with significant assets, business interests, or blended family situations often benefit from tailored trust arrangements that address tax planning, asset protection, and controlled distributions. An ILIT can be part of a coordinated strategy that includes irrevocable life insurance trusts, retirement plan trusts, and other protective devices to achieve specific goals such as funding education, providing for a surviving spouse while preserving principal for children, or addressing special needs. Thoughtful planning reduces the chance of disputes and helps ensure that resources are used in line with the client’s wishes.
A coordinated estate planning strategy aligns life insurance ownership, trust terms, and beneficiary designations to achieve clear objectives, such as preserving estate value, providing liquidity for taxes or debts, and protecting assets for future generations. By drafting complementary documents like pour-over wills, certification of trust, and powers of attorney, clients gain a unified plan that reduces ambiguity and administrative delays. This approach also helps families anticipate potential future changes and include mechanisms to adapt distributions or trustee powers, which increases the likelihood that the plan will function smoothly when it is needed most.
Comprehensive planning often includes setting up practical administration tools, such as designated bank accounts for premium payments, guidance on handling policy loans, and clear reporting requirements for trustees. These measures make it easier to maintain the trust and ensure premium obligations are met without interruption. Well-drafted documents also provide instructions for successor trustees and contingencies for changes in family circumstances. Altogether, these features help reduce friction during administration and support timely distributions to beneficiaries according to the grantor’s intentions.
When life insurance proceeds are managed through a trust structure, the proceeds can be protected from certain claims and preserved for intended beneficiaries. An ILIT can provide liquidity to pay estate settlement costs, taxes, or debts without requiring the sale of illiquid assets such as real estate or business interests. This approach gives families more financial flexibility during estate administration and can prevent forced asset sales that diminish value. Careful drafting ensures the trust’s provisions reflect the grantor’s wishes about how and when funds should be used.
An ILIT allows the grantor to define distribution terms that meet the family’s needs, including staged distributions, age-based disbursements, or distributions tied to specific milestones. This clarity reduces the potential for conflict among heirs and provides a predictable path for managing proceeds over time. By naming successor trustees and setting reporting expectations, the trust fosters transparency and accountability in administration. These features help ensure that the grantor’s intentions are followed and that beneficiaries receive support in a manner consistent with long term planning goals.
Before transferring an existing life insurance policy into an ILIT, review policy terms, cash value, and any outstanding loans. Transfers may trigger a three year lookback rule for estate inclusion, so consider the timing of transfers relative to your planning horizon. In some cases, purchasing a new policy owned by the trust provides clearer tax treatment. Discuss funding strategies to ensure future premiums are covered, and coordinate with other estate documents to avoid unintended conflicts. Regularly review the arrangement with your advisor to adapt to changes in law or family circumstances.
Selecting the right trustee for an ILIT requires balancing trustworthiness, availability, and financial management capability. Trustees should understand their responsibilities for paying premiums, managing the policy, and making distributions. Naming successor trustees and outlining decision-making authority prevents administrative gaps if a trustee is unable or unwilling to serve. Consider including provisions for trustee compensation, reporting requirements, and dispute resolution to reduce friction and ensure continuity of administration for the benefit of named beneficiaries.
Clients often consider an ILIT to achieve specific estate planning objectives such as reducing the taxable estate, preserving insurance proceeds for heirs, providing liquidity for estate settlement, and ensuring controlled distributions for beneficiaries. An ILIT can be particularly relevant for those with significant life insurance holdings, real estate, or business interests that might otherwise require liquidation to cover estate obligations. The trust structure offers a way to manage proceeds discreetly under trust terms, helping families navigate the administrative and financial demands that arise at the time of a loved one’s death.
An ILIT may also be useful for clients who wish to provide for minor children, dependents with limited financial capacity, or family members with special needs through tailored distribution provisions. By placing life insurance into a trust and appointing a capable trustee, the grantor can help ensure funds are used according to their intentions rather than being distributed outright. This approach supports orderly wealth transfer and can reduce the risk of mismanagement while giving the trustee direction to address changing family circumstances over the life of the trust.
Situations that commonly lead clients to consider an ILIT include significant life insurance ownership, plans to provide liquidity for estate settlement, the desire to protect proceeds from creditors, and concerns about managing inheritances for young or vulnerable beneficiaries. Other reasons include coordinating life insurance with a revocable living trust or retirement plan trust, addressing blended family complexities, and planning for business succession. In each situation, careful drafting and coordination with other estate documents help ensure that the ILIT delivers the intended benefits and aligns with broader planning goals.
An ILIT is frequently used to provide the liquidity needed to pay estate taxes, debts, and administration costs so that other assets do not have to be sold quickly. This can protect the value of real estate or closely held business interests and allow beneficiaries time to manage inherited assets responsibly. Trust-directed proceeds can be distributed according to specific timelines or used to fund buy-sell agreements, making them a practical component of many estate plans intended to preserve asset value and provide financial stability during estate settlement.
Placing life insurance in an ILIT can reduce the likelihood that death benefit proceeds will be subject to creditor claims against the insured’s estate. By removing ownership from the grantor and vesting it in an irrevocable trust, the proceeds may be shielded from certain claims that might otherwise diminish what beneficiaries receive. This protection is particularly important for individuals in professions or business sectors where creditor exposure is a concern, and where ensuring intended recipients receive the full benefit is a priority.
When beneficiaries are minors, have limited financial capacity, or require ongoing care, an ILIT can establish structured distributions and oversight to ensure funds are used for their benefit. The trust can specify conditions for distributions such as educational expenses, health care, or periodic payments, while a trustee oversees the administration. This arrangement supports long term care and financial stability for beneficiaries who might not be able to manage a large lump sum effectively, giving families confidence that resources will be stewarded appropriately.
The Law Offices of Robert P. Bergman serves residents of Milpitas, San Jose, and the wider Santa Clara County, offering estate planning services designed to address local considerations and California law. We assist clients with ILIT formation, revocable living trusts, wills, powers of attorney, HIPAA authorizations, and related documents. Our process emphasizes clear communication and practical next steps, helping clients implement durable plans that reflect their priorities and family dynamics. If you are considering an ILIT or need to coordinate life insurance with other estate planning tools, we provide guidance suited to California rules and regional needs.
Choosing the right legal advisor for ILIT planning helps ensure the trust is tailored to your family’s needs and coordinated with other estate planning documents. Our firm focuses on delivering clear, practical guidance that addresses funding, trustee selection, and long term administration. We help clients evaluate whether transferring an existing policy or issuing a new one better serves their goals, explain timing issues that affect treatment of proceeds, and draft trust provisions that provide transparent directions for trustees and beneficiaries to follow in the future.
We prioritize careful document drafting and coordination among related instruments, including pour-over wills, certification of trust, advanced health care directives, and powers of attorney. Our approach helps prevent conflicts and reduces the likelihood of unintended outcomes during estate administration. For clients with retirement plan trusts or special assets, we develop strategies to integrate life insurance ownership and beneficiary designations so the overall plan functions cohesively and aligns with long term wealth transfer objectives and family needs.
Clients receive attention to practical administration details such as premium funding, trustee instructions, and reporting expectations so the trust remains functional over time. We also assist with trust modification or Heggstad and trust modification petitions where circumstances require legal adjustments. This practical orientation helps ensure that the ILIT performs as intended while preserving family relationships and providing clear direction at the time benefits are payable.
Our process for ILIT formation begins with an initial consultation to identify goals, review existing policies and documents, and determine whether an ILIT is appropriate. We then draft the trust that reflects client instructions, coordinate policy ownership changes or trust purchases of new policies, and document funding arrangements for premiums. We also prepare supporting documents such as certification of trust and pour-over wills to ensure seamless integration. Post-formation, we provide guidance to trustees on premium payments, reporting, and distribution mechanics so the trust can be administered effectively over time.
In the initial review we assess existing life insurance policies, estate planning documents, and family circumstances to recommend an appropriate trust structure. This includes evaluating the need for an irrevocable arrangement, considering the three year lookback rule for transferred policies, and identifying how premiums will be funded. We discuss trustee selection and beneficiary designations and coordinate the ILIT with any revocable living trust, pour-over will, or retirement plan trust to avoid conflicting instructions. This preparatory work provides a roadmap for drafting and implementation.
During document review we examine existing estate planning instruments and life insurance policies to determine transfer feasibility and identify potential conflicts. We verify beneficiary designations, policy terms, cash values, and loan provisions, and assess whether a new policy or an assignment into the trust is most appropriate. This review helps clarify tax and funding implications and informs the drafting choices for the ILIT to align with the client’s broader plan and financial circumstances.
We work with clients to design a funding strategy for premiums, including whether to use annual gifts or other funding mechanisms, and to select a trustee capable of administering the trust. Discussions include trustee responsibilities, successor trustee naming, and provisions for trustee compensation and reporting. Establishing these operational details upfront reduces the likelihood of administrative problems later and ensures continuity in managing policy obligations and trust distributions.
After planning, we prepare the ILIT document tailored to your instructions and California law, coordinate the transfer or issuance of the life insurance policy, and document trustee acceptance and funding arrangements. Implementation also includes updating beneficiary designations where necessary and preparing related estate documents such as a pour-over will and HIPAA authorization. We provide signed copies, advise on recordkeeping, and outline the trustee’s initial administrative tasks to ensure premiums are paid and the trust is properly maintained.
Drafting focuses on clear language for trustee powers, distribution rules, contingent beneficiaries, and administration procedures. The trust will address premium funding, policy loans, and contingencies such as trustee incapacity. We take care to align the ILIT with other estate planning documents and to include certification provisions that facilitate interaction with financial institutions and insurers. Clear drafting helps trustees fulfill their duties and supports a smooth administration process when benefits become payable.
Implementation may involve transferring an existing policy into the ILIT or arranging for the trust to purchase a new policy. Where policies are transferred, documentation of assignment and insurer acceptance is necessary, and clients should understand how transfers may be treated for estate inclusion if made shortly before death. We assist with the paperwork required by insurers, confirm new ownership and beneficiary designations, and ensure the trust is properly funded to cover ongoing premium payments to prevent a lapse in coverage.
Once the ILIT is established and the policy is in trust, ongoing administration includes monitoring premium payments, maintaining records, and providing beneficiaries with required notices when appropriate. Periodic reviews ensure the trust continues to reflect family circumstances and legal developments. If changes are needed due to life events or shifts in tax law, we advise on permissible trust modifications or potential petitions to the court where necessary. Proactive administration keeps the trust functional and aligned with the grantor’s objectives over time.
Trustees should maintain accurate records of premium payments, account activity, and communications with beneficiaries and insurers. Regular reporting, as specified in the trust, promotes transparency and helps prevent misunderstandings among beneficiaries. Trustees may also need to coordinate with other fiduciaries, such as executors or trustees of related trusts, to ensure consistent administration across the estate plan. Clear documentation supports the trust’s ongoing operation and preserves the grantor’s intended use of proceeds.
Periodic reviews allow clients to confirm that the ILIT and related documents continue to meet their goals in light of changing family circumstances, financial situations, or legal developments. If modifications are needed, we explore available options and document any necessary adjustments consistent with the trust terms and applicable law. Regular checkups reduce the chance of surprises and provide opportunities to update funding plans, successor trustee designations, and distribution instructions so the estate plan remains effective and responsive to evolving needs.
The primary purpose of an Irrevocable Life Insurance Trust is to hold ownership of life insurance policies and manage the death benefit proceeds according to the trust terms. By making the trust the owner and beneficiary of the policy, proceeds can be distributed to named beneficiaries under controlled conditions and typically outside the insured’s probate estate. This structure can provide orderly distribution, potential protection of proceeds from certain claims, and a mechanism to ensure funds are available for estate obligations or beneficiary needs when they are required. Establishing an ILIT also allows a grantor to define the timing and conditions of distributions, name successor trustees, and coordinate coverage with other estate planning instruments. The trust can be tailored to support beneficiaries over time, finance business succession plans, or provide liquidity for paying taxes and debts without forcing the sale of illiquid assets. Considering the interaction with other documents and funding strategies is important to achieve the desired outcomes.
An ILIT can affect estate taxes and probate by removing the policy from the insured’s probate estate if the trust is properly structured and the policy is owned by the trust at the relevant time. This can help preserve the full value of the death benefit for beneficiaries and provide liquidity to pay estate-related costs. Proper drafting and timing are key because transfers into an ILIT shortly before death can be included in the taxable estate under the applicable lookback rules. Probate avoidance is another potential benefit because insurance proceeds payable to the trust generally bypass probate proceedings, allowing for quicker access under the terms of the trust. Nonetheless, beneficiaries and trustees should follow the trust’s administration procedures and maintain documentation to support the trust’s intended treatment of proceeds and align with tax planning goals.
You can often transfer an existing life insurance policy into an ILIT, but the decision depends on policy terms, cash value, and timing considerations. Transferring an owned policy requires completing an assignment and insurer acceptance paperwork, and clients should be mindful of any outstanding loans or surrender values. If a policy is transferred to the trust within a limited period before death, that transfer may be included in the grantor’s estate for tax purposes, so timing and planning are important. In some situations it is preferable for the trust to purchase a new policy directly, especially when clear separation of ownership and tax treatment is desired. Evaluating the costs, underwriting status, and long term premium obligations helps determine whether to transfer an existing policy or obtain a new one under the trust’s ownership.
Selecting a trustee for an ILIT should be based on the person’s reliability, availability, and familiarity with fiduciary duties. Trustees will handle premium payments, communicate with insurers, manage records, and make distributions according to the trust terms. Often a trusted family member, a close friend, or a professional fiduciary is selected, considering the complexity of administration and the need for impartial decision-making. Naming successor trustees and specifying trustee powers in the trust document promotes continuity and reduces the chance of administrative gaps. Trustees should be prepared to maintain clear records, follow distribution instructions, and coordinate with other fiduciaries, such as executors or trustees of related trusts, to ensure consistent administration across the estate plan.
Premium payments for policies owned by an ILIT are typically funded through gifts to the trust from the grantor or other authorized sources. The trust must have clear authority to accept and use funds for premiums, and trustees should maintain accurate records of gift receipts and premium disbursements. In many cases, grantors make annual gifts within the federal gift tax exclusion to the trust for premium funding, which the trustee then applies to keep the policy in force. Trust documents often detail procedures for handling premium obligations, including whether the trustee may use trust assets, borrow against policy value, or accept contributions. Proper documentation of gifts and expenditures supports the intended tax treatment and helps prevent administrative difficulties that could result from missed payments or lapses in coverage.
If a policy in an ILIT lapses or carries a loan, the trust’s terms and the trustee’s authority will guide the response. Trustees should closely monitor policy status and communicate with the insurer about loan terms or premium arrears. In cases where policies have cash value, trustees may need to evaluate options such as paying premiums, surrendering the policy, or using policy value to maintain coverage, depending on what the trust permits and what best serves beneficiaries’ interests. Proactive administration and periodic reviews reduce the likelihood of lapse, but if issues arise, trustees can consult legal counsel to interpret trust provisions and determine available remedies. Documentation of decisions and communications with insurers is important to demonstrate that trustees acted prudently and in accordance with the trust terms.
An ILIT should be carefully coordinated with a revocable living trust and any pour-over will so that the overall estate plan presents consistent directions for asset ownership and beneficiary designations. Coordination prevents conflicts such as duplicate beneficiary instructions or inconsistent funding strategies. The revocable living trust can address other estate assets while the ILIT specifically handles life insurance proceeds, and a pour-over will can direct remaining probate assets into the main trust to preserve centralized administration. When multiple documents are in place, reviewing them together ensures that trustee powers, successor designations, and distribution timing are aligned. This integrated approach reduces the potential for disputes and helps ensure that estate administration proceeds in a clear and orderly manner following the grantor’s wishes.
Yes, an ILIT can be tailored to provide for minor children or beneficiaries with special needs by specifying conditions for distributions and naming trustees with instructions to manage funds responsibly. The trust can set aside funds for education, health care, and ongoing support while protecting benefits for those who may rely on public programs. Careful drafting is necessary to avoid disqualifying beneficiaries from public assistance where that is a concern, and to set distribution terms that support long term wellbeing. Including contingent beneficiaries, successor trustees, and clear reporting requirements helps ensure continuity in administration, and providing guidance on investment and spending priorities promotes stewardship of funds. Working with advisors familiar with special needs planning or guardianship nominations can improve the trust’s design for vulnerable beneficiaries.
There is a lookback period for transfers of life insurance policies into an ILIT that can affect whether the proceeds are included in the grantor’s estate for certain tax purposes. If a policy transfer occurs within a specified period before death, applicable rules may treat the proceeds as part of the estate. This timing consideration is a key factor in deciding whether to transfer an existing policy or have the trust acquire a new policy directly. Because timing and tax rules can be complex and may change, it is important to evaluate each case individually and plan transfers with attention to the relevant legal and financial consequences. Reviewing the transfer timeline in the context of your overall estate strategy helps ensure the intended results are achieved.
It is advisable to review an ILIT and related estate planning documents periodically and after major life events such as marriage, divorce, the birth of a child, significant changes in assets, or a move to a different state. Regular reviews ensure that trustee designations, beneficiary lists, and funding strategies continue to reflect current family circumstances and legal developments. These checkups also allow for adjustments to respond to changes in insurance markets or policy performance. Consulting with your advisor every few years or after significant changes helps maintain the effectiveness of your plan and reduces the risk of unintended outcomes. Proactive reviews support continuity of administration and ensure the trust remains aligned with the grantor’s objectives for managing and distributing life insurance proceeds.
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