An Irrevocable Life Insurance Trust (ILIT) can be a powerful component of an estate plan for individuals and families in Central Valley who want to manage life insurance proceeds and reduce the risk of those proceeds being included in an estate for tax purposes. At the Law Offices of Robert P. Bergman, we help clients consider whether an ILIT fits their goals for asset protection, family legacy planning, and liquidity at death. This introduction outlines what an ILIT is, how it typically functions, and why it may matter if you hold significant life insurance in your estate.
Deciding whether to place a life insurance policy into an irrevocable trust requires careful planning and a clear understanding of timing, ownership transfer rules, and the potential tax implications. A properly drafted ILIT names a trust as owner and beneficiary of a life insurance policy and provides a trustee to manage distributions for intended beneficiaries. This overview explains common components of an ILIT, such as trust funding, trustee duties, gift tax considerations, and how the arrangement interacts with other estate planning documents like wills and powers of attorney.
An ILIT can provide several benefits when integrated into a broader estate plan. It helps remove life insurance proceeds from the taxable estate when structured and funded correctly, provides liquidity to cover final expenses and estate obligations, and allows for tailored distribution instructions that reflect a grantor’s wishes. An ILIT also allows for professional or trusted oversight through the trustee, which can ensure proceeds are used as intended rather than being distributed outright. Proper drafting and timely transfer of policy ownership are important to achieve the anticipated benefits under federal and state rules.
The Law Offices of Robert P. Bergman, based in San Jose and serving clients across California including Central Valley, focuses on practical estate planning solutions that fit each client’s circumstances. We emphasize clear communication, careful document drafting, and proactive planning to help ensure that trust provisions operate as intended. Our team guides clients through the steps of creating and funding an ILIT, explaining potential tax outcomes, and coordinating the trust with other documents like revocable living trusts, wills, and powers of attorney. We aim to make the process straightforward and supportive for families planning their legacy.
An ILIT is a trust that is generally irrevocable after it is created, meaning the grantor gives up direct control over the policy once it transfers into the trust. The trust becomes the owner and beneficiary of a life insurance policy, and a trustee manages the policy and any proceeds. Because the trust, rather than the individual, holds the policy, the proceeds can be kept out of the grantor’s taxable estate if transfers comply with applicable waiting periods and formalities. Careful timing and documentation are essential for the intended estate planning outcome.
When funding an ILIT, the grantor may transfer an existing policy into the trust or have the trust purchase a new policy. Transfers of ownership may trigger gift tax considerations and often require adherence to a three-year rule for estate inclusion in some jurisdictions, so planning ahead is important. The trustee has discretion to make distributions to beneficiaries according to the trust terms and can provide safeguards for minors, spendthrift protections, and conditions that reflect the grantor’s priorities. Coordination with other estate planning documents ensures consistency across a client’s plan.
An Irrevocable Life Insurance Trust is a trust instrument created to own one or more life insurance policies and to receive the death benefit upon the insured’s passing. Its primary purposes include keeping life insurance proceeds out of the insured’s probate estate, providing liquidity to pay taxes or other expenses, and controlling how and when beneficiaries receive funds. Because the trust is irrevocable, the grantor typically cannot unilaterally change terms after funding. Drafting must clearly name trustees and beneficiaries and specify distribution standards to reflect the grantor’s long-term intentions.
Establishing an ILIT generally involves drafting the trust document, selecting a trustee, transferring ownership of a policy or arranging for the trust to purchase a new policy, and providing for the trust’s funding and administrative processes. Notices that allow beneficiaries to withdraw gifts may be used to qualify certain transfers for gift tax annual exclusions. The trustee must manage premium payments, recordkeeping, and eventual distribution of proceeds following the trust terms. Coordination with financial and tax advisors helps ensure that the trust structure and funding align with the client’s overall estate plan and financial circumstances.
Understanding common terms helps demystify ILIT planning. Clear definitions for roles like grantor, trustee, and beneficiary, as well as terms describing trust funding, transfer rules, and tax-related timing, make it easier to evaluate whether an ILIT fits your situation. The glossary below explains concepts often encountered in trust creation and administration so clients can ask informed questions and make decisions with confidence. Plain language helps ensure you know what rights are being transferred and how proceeds will be managed at the time of the insured’s death.
The grantor, also known as the settlor, is the person who creates the trust and transfers assets into it. In the context of an ILIT, the grantor typically establishes the trust and transfers ownership of the life insurance policy into the trust. By placing a policy into an irrevocable vehicle, the grantor relinquishes direct ownership and certain control rights, which can have estate and gift tax consequences. Choosing clear trust terms and understanding what rights are given up are important steps before completing transfers to an ILIT.
The trustee is the individual or institution appointed to manage the trust assets and carry out the terms set forth by the grantor. For an ILIT, the trustee handles policy holdings, coordinates premium payments, maintains records, and distributes proceeds to beneficiaries according to the trust document. Trustees have fiduciary duties to act in the beneficiaries’ best interests and must follow the trust’s instructions while complying with applicable legal requirements. Selecting a trustee who is trustworthy and capable of handling administrative tasks is a vital planning decision.
A beneficiary is a person or entity designated to receive trust property or policy proceeds under the trust terms. ILIT beneficiaries are typically family members, charitable organizations, or other intended recipients who will receive distributions when the trust receives the life insurance proceeds. The trust document can specify how and when distributions are made, such as lump-sum payments, staged distributions over time, or payments for specific needs. Clear beneficiary designations and backup provisions help avoid disputes and ensure the grantor’s wishes are followed.
Policy ownership refers to who legally owns the life insurance contract. Transferring ownership to an ILIT changes who holds the policy rights and who is entitled to the death benefit. Ownership transfers must be documented and may be subject to waiting periods for estate tax purposes depending on when the insured dies after the transfer. Funding logistics, premium payment sources, and any annual gift contributions to the trust are part of the transfer process. Properly documenting transfers ensures that the trust’s role as owner and beneficiary is enforceable and effective.
When considering an ILIT, clients often weigh a narrow approach focused only on transferring a policy against a broader approach that integrates the trust with a full estate plan. A limited approach may be quicker and less costly initially, centering on policy ownership and beneficiary designations. A comprehensive approach aligns the ILIT with revocable trusts, wills, powers of attorney, and health directives to create a cohesive plan. Comparing these options involves evaluating family goals, the complexity of assets, tax exposure, and the need for coordinated administration over time.
A limited ILIT approach may work well for individuals whose primary objective is ensuring that a life insurance policy is held outside their probate estate without requiring broader plan amendments. If a client’s estate is otherwise straightforward, and there are no complex assets or special planning needs, focusing on the trust document and the policy transfer can accomplish the main goals with less time and cost. Clients should still review beneficiary designations and coordinate with existing documents to avoid unintended conflicts.
A limited approach can be sufficient when beneficiaries are clearly identified, distribution rules are simple, and there is no need for elaborate management or creditor protection provisions. If the trust’s sole purpose is to receive and distribute life insurance proceeds without complex restrictions, a focused ILIT can provide the expected benefits. Even in simpler cases, clients should understand timing rules, premium funding mechanisms, and the administrative role of the trustee to ensure they meet their objectives effectively.
A comprehensive approach is often appropriate when a client’s financial picture involves significant assets, multiple properties, retirement accounts, or business interests that require coordinated planning. Integrating an ILIT with a revocable trust, wills, powers of attorney, and health care directives helps ensure consistency and reduces the risk of conflicting instructions. This broader planning provides an opportunity to address tax exposure, succession planning, creditor protection, and family governance in a coordinated way that aligns with long-term goals and changing circumstances.
When beneficiaries include minors, individuals with special needs, or persons who may have difficulty managing large sums, a comprehensive plan can provide tailored distribution rules, spendthrift protections, and ongoing oversight mechanisms. The ILIT can be designed in concert with other trusts to manage funds for education, healthcare, or long-term care, as well as to address potential creditor claims. Working within a unified plan allows grantors to create predictable and flexible solutions that respond to beneficiaries’ needs over time.
A comprehensive estate plan that includes an ILIT along with revocable trusts, wills, and health care directives promotes consistency across legal instruments and can simplify administration at the time of incapacity or death. When all documents are drafted to work together, there is less chance that beneficiary designations, policy ownership, or trustee instructions will conflict. This approach also allows for centralized review and updating, which helps incorporate changes in family dynamics, tax laws, and financial circumstances without leaving gaps in coverage or unintended consequences.
Coordinated planning enhances the capacity to manage liquidity needs, reduce probate exposure, and control distribution timing for beneficiaries. It also supports contingency planning for incapacity and the delegation of financial and health care decisions through properly executed powers of attorney and directives. By taking a holistic view, clients can align trust provisions, beneficiary designations, and asset titling to achieve a predictable and orderly transition, minimizing administrative burdens and uncertainty for family members during a difficult time.
Aligning an ILIT with other estate planning documents reduces the risk of inconsistent instructions and the potential for disputes among beneficiaries. Clear drafting ensures that the roles of trustees, executors, and agents under powers of attorney are complementary rather than contradictory. Consistency also facilitates smoother administration by providing a single narrative of the grantor’s intentions, which can be particularly helpful when advisors and family members must interpret and implement the plan after the grantor’s death or incapacity. This clarity can save time, expense, and emotional strain.
A comprehensive plan gives the grantor greater ability to specify how insurance proceeds will be used, whether for education, healthcare, debt repayment, or ongoing support. An ILIT can include distribution conditions, timelines, and trust protections that reflect the grantor’s priorities while other documents address related matters such as guardianship nominations for minors. By outlining the intended uses of funds and coordinating across documents, a comprehensive approach supports the grantor’s long-term goals for family welfare and financial management.
Timing matters when transferring a life insurance policy into an ILIT, particularly because certain rules can require a waiting period for transfers to be excluded from the grantor’s taxable estate. Consider the effective date of ownership changes, policy medical underwriting if acquiring new coverage, and how premium payments will be made. Advance planning allows you to address gift tax annual exclusion needs and to coordinate funding. Discussing timing with counsel and your insurance provider reduces the risk of unintended inclusion or administrative problems later.
To avoid inconsistencies, make sure beneficiary designations, powers of attorney, advance health care directives, and revocable trusts are reviewed and adjusted to reflect the ILIT. Careful coordination prevents scenarios where beneficiaries or asset titles conflict with the trust’s provisions. Updating these documents after creating an ILIT ensures that all elements of the estate plan align with current intentions. Regular reviews help accommodate changes in family circumstances, asset holdings, or tax law that could affect trust operation or desired outcomes.
Consider establishing an ILIT if you hold substantial life insurance and want to reduce the likelihood that insurance proceeds will be included in your taxable estate, to provide liquidity for estate obligations, or to exercise greater control over how proceeds are distributed to beneficiaries. It may also be appropriate when beneficiaries need protections from creditors or from receiving large sums outright. An ILIT can be tailored to accommodate varying goals such as legacy planning, support for minor children, or providing for family members with unique needs.
You might also consider an ILIT if you anticipate estate tax exposure or want to coordinate with business succession plans. When life insurance is intended to provide funds for business continuation, buy-sell agreements, or to equalize inheritances, placing a policy into a trust offers structure and enforceability. Before proceeding, evaluate your overall estate plan, discuss funding mechanisms, and consider trustee selection to ensure the trust aligns with financial realities and the needs of your beneficiaries over the long term.
Typical circumstances that lead clients to consider an ILIT include owning large life insurance policies that could affect estate tax calculations, having family members who would benefit from controlled distributions, or needing liquidity to cover estate settlement costs. An ILIT can also support business succession by funding buy-sell agreements or equalizing inheritances among heirs. Reviewing these scenarios in the context of your entire estate plan helps determine whether an ILIT provides the desired benefits and how it should be structured.
When life insurance proceeds are large relative to an estate, they can cause a taxable estate to increase, potentially resulting in tax liability for heirs. An ILIT, when properly funded and timed, is one method to remove the proceeds from the taxable estate, helping preserve wealth for beneficiaries. Clients with significant insurance holdings should evaluate the potential tax impact and consider whether trust ownership aligns with their estate planning goals and timing needs, remembering that careful documentation and administration are essential.
An ILIT can be designed to provide staged distributions, education funding, or ongoing support for beneficiaries who are minors or who may need assistance managing assets. The trust’s terms can create safeguards that protect inherited funds until beneficiaries reach specified ages or milestones, or they can direct the trustee to make payments for health, education, maintenance, and support. Such provisions help ensure that insurance proceeds are used in ways that reflect the grantor’s intentions for long-term family support.
Business owners often use life insurance held in trusts to fund buy-sell agreements, provide liquidity for family members, or stabilize a company after the death of an owner. Holding a policy in an ILIT can provide clear distribution instructions and help separate business continuity planning from personal estate assets. This arrangement supports orderly transitions and can reduce financial pressure on the business at a critical time. Coordination with business and tax advisors ensures the trust serves its intended succession purpose effectively.
The Law Offices of Robert P. Bergman assist Central Valley residents with ILIT planning, offering guidance on trust drafting, policy transfers, trustee selection, and integration with wider estate plans. We work with clients to evaluate whether an ILIT matches their goals, discuss funding strategies, and prepare the necessary documents. Our approach emphasizes practical solutions, clear communication, and careful attention to administrative details so that policies are placed in a trust in a way that pursues the client’s objectives and reduces the potential for unintended outcomes.
Clients choose the Law Offices of Robert P. Bergman because we provide thoughtful, individualized planning that respects each family’s circumstances and objectives. We prioritize clear explanations of how an ILIT functions, the timing considerations that affect estate inclusion, and the options available for funding and trustee administration. Our focus is on practical, legally sound solutions designed to reduce administrative burdens for survivors and to align distribution provisions with each client’s wishes and family dynamics.
We help clients navigate the legal and administrative steps necessary to create and fund an ILIT, coordinate the trust with existing estate documents, and consider tax and gifting implications. Our process includes reviewing current insurance ownership, advising on premium payment mechanisms, and documenting transfers and necessary notices. We aim to provide responsive guidance so clients understand the tradeoffs involved and can make informed decisions about protecting their family’s financial future.
Beyond drafting, we assist with trustee selection discussions, explain recordkeeping expectations, and recommend strategies to reduce the risk of unintended estate inclusion. Our goal is to create clear, durable documents that reflect your priorities and to support a smooth administration when the time comes. We serve clients across Central Valley and California, and we encourage early planning to address timing and funding considerations effectively.
Our process begins with a consultation to understand your goals, current life insurance holdings, and family circumstances. We review policy ownership, beneficiary designations, and existing estate planning documents to identify potential conflicts. Next we draft the ILIT document tailored to your wishes, advise on trustee duties, and outline funding steps. After execution, we assist with transferring policy ownership, establishing premium funding mechanisms, and documenting any necessary notices. We also provide follow-up review to ensure the trust continues to meet your needs over time.
The first step is a detailed conversation to assess your objectives, current policies, and overall estate plan. We examine ownership and beneficiary designations, discuss potential tax timing issues, and identify whether a new policy or a transfer of an existing policy is most appropriate. This stage establishes priorities for trustee selection, premium funding, and integration with other estate planning instruments. Clear communication at this stage helps prevent oversights that could undermine the trust’s goals.
Collecting complete information about current life insurance policies, including ownership, beneficiary designations, policy values, and premium schedules, is essential. We also review asset lists, existing trust documents, wills, and powers of attorney to identify how an ILIT will fit into the broader plan. Accurate and thorough documentation supports sound decision making about whether to transfer an existing policy into the trust or to arrange for the trust to acquire a new policy.
During the initial meeting we discuss your timeline and goals, including whether you seek to reduce estate inclusion, provide for specific beneficiaries, or fund business arrangements. Timing matters because certain transfer rules and waiting periods can affect tax treatment. By clarifying objectives and potential constraints early, we can recommend practical steps and prepare the trust to achieve the intended outcomes while considering necessary waiting periods and funding strategies.
The drafting phase involves creating a trust document that specifies trustee powers, beneficiary distributions, and administrative procedures. We help clients choose a trustee whose strengths align with the trust’s needs, whether that is a trusted family member, a professional individual, or an institutional trustee. Drafting also addresses provisions for premium funding, beneficiary notices, and contingency arrangements, ensuring the ILIT can function as intended when the insured passes.
Clear and precise distribution provisions reduce ambiguity and guide the trustee in administering proceeds. The trust can specify outright distributions, staged payments, or payment for specific needs such as education or medical expenses. Including standards for discretionary distributions and addressing successor trustees helps ensure continuity and fidelity to the grantor’s intent. Thoughtful drafting anticipates potential family changes and provides mechanisms for trustees to respond appropriately.
Funding an ILIT often involves making gifts to the trust for premium payments or arranging for the trust to be the owner of a new policy. We outline options for annual gift contributions, trustee access to funds, and coordination with the grantor’s financial accounts. Documenting these mechanisms and maintaining good records supports compliance with applicable tax rules and ensures the trustee can pay premiums reliably so the policy remains in force for the intended benefit.
After documents are drafted and reviewed, we coordinate signatures and execution formalities to ensure the trust is valid and effective. This step includes completing any required policy assignment forms, notifying the insurer of ownership changes, and documenting gifts or funding contributions. We also advise on keeping records of transfers and any beneficiary notices that may be needed to support tax treatments and to demonstrate proper administration in the future.
Cooperation with insurance carriers and financial advisors ensures ownership changes are processed correctly and that premium payment arrangements are practical. We assist with the necessary forms and follow up to confirm the insurer recognizes the trust as the policy owner and beneficiary. Working with your financial team helps avoid lapses in coverage, ensures premium funding is sustainable, and clarifies how the policy fits into the broader financial picture.
After completion, keeping detailed records of transfers, gift contributions, trustee actions, and policy documents is important for administration and potential tax review. We recommend periodic reviews to confirm that the trust and related documents remain aligned with changing circumstances, such as changes in family dynamics, policy performance, or relevant law. Regular check-ins help ensure the ILIT continues to serve its intended purpose without unexpected complications.
An Irrevocable Life Insurance Trust is a trust that owns one or more life insurance policies and receives the death benefit when the insured dies. The grantor creates the trust and transfers the ownership of the policy to the trust, naming the trust as the policy owner and beneficiary. The trustee then manages the policy, pays premiums if funding is provided, and ultimately distributes proceeds according to the trust terms. Because the trust, rather than the individual, owns the policy, proceeds can be kept out of the grantor’s probate estate when transfers meet required conditions. The trust document specifies how proceeds should be handled, who may receive distributions, and under what circumstances. Trustees must keep records, coordinate premium payments, and follow distribution instructions. Because the transfer of ownership and the nature of the trust are legally significant, clear documentation and attention to timing ensure the ILIT functions as intended and provides the protections and controls the grantor seeks for beneficiaries.
Transferring a life insurance policy to an ILIT can remove the death benefit from the grantor’s taxable estate if the transfer is completed in accordance with applicable rules and any waiting periods are observed. One common consideration is a rule that may include transferred policies in the grantor’s estate if the insured dies within a certain period after the transfer, so early planning is important. Properly funded and timed transfers can help preserve more of the proceeds for beneficiaries by reducing estate-related exposure. It is also important to consider gift tax implications when funding the trust to pay premiums. Annual gift exclusion strategies or other funding arrangements may be used to supply the trust with the funds needed to keep the policy in force without creating an unintended tax burden. Coordination with tax and financial advisors helps ensure the structure aligns with the grantor’s overall estate and tax planning goals.
Key steps to fund and maintain an ILIT include drafting the trust document, transferring policy ownership or arranging for the trust to purchase a new policy, and establishing a reliable method for paying premiums. Grantors often make annual gifts to the trust that the trustee uses for premium payments. Clear recordkeeping of gifts, trustee expenditures, and policy documents supports administration and potential tax review. The trust should also specify trustee duties and reporting expectations to beneficiaries, providing transparency while maintaining necessary confidentiality. Ongoing maintenance includes periodic review of the policy’s performance, ensuring premium payments are timely, and adjusting trust provisions as circumstances change. While the ILIT is generally irrevocable, beneficiaries, trustees, and grantors may need to revisit coordination with other estate documents and confirm that funding mechanisms remain practical. Regular check-ins with advisors help prevent lapses in coverage and address any administrative concerns promptly.
Selecting a trustee involves balancing trustworthiness, administrative capability, and continuity. A trustee may be a family member, a trusted friend, a professional individual, or an institution. The trustee’s duties include managing premiums, keeping records, communicating with beneficiaries, and administering distributions according to the trust terms. Clients should consider the trustee’s availability, financial literacy, and willingness to carry out administrative responsibilities over potentially many years. Some clients prefer a co-trustee arrangement or name successor trustees to address changes over time, while others appoint a corporate trustee to provide stability and administrative infrastructure. The trust document can outline compensation and reporting requirements to set clear expectations. Thoughtful trustee selection and explicit duties in the trust reduce the likelihood of disputes and help ensure dependable administration for beneficiaries.
An ILIT can serve as an effective tool in business succession planning by providing a designated source of liquidity to fund buy-sell agreements or to compensate heirs who are not involved in the family business. By placing a policy in a trust, life insurance proceeds can be distributed according to clear instructions that help stabilize ownership transitions and support ongoing operations. This approach can also separate business continuity funding from the grantor’s personal estate matters, providing clarity and enforceability for succession terms. When used for business purposes, coordination among trust documents, buy-sell agreements, and business governance documents is essential. Clear drafting ensures that proceeds serve their intended purpose, for example to purchase a departing owner’s interest or to support surviving family members. Working with both business and estate advisors helps design an arrangement that aligns with company goals and minimizes unintended tax or administrative complications.
Timing considerations include rules that may cause a transferred policy to remain part of the grantor’s estate if the insured dies within a certain period after the transfer, so transferring ownership well before that period can be important. Additionally, transferring an existing policy may create gift tax consequences if the trust receives premium contributions from the grantor, so planning for annual gifts or other funding mechanisms is necessary. Early planning allows you to address these rules and choose the most effective transfer strategy. If purchasing a new policy through the trust, underwriting and insurability are practical timing factors. Obtaining coverage while the grantor is insurable may determine whether a trust-owning policy is achievable. Coordinating the timing of policy acquisition, trust formation, and premium funding helps ensure the trust operates as intended and that the policy remains in force for the benefit of designated beneficiaries.
Beneficiaries receive proceeds from an ILIT according to the distribution provisions set out in the trust document. The trustee is responsible for collecting the death benefit from the insurer and administering distributions based on the terms laid out by the grantor. These distributions can be immediate lump sums, staged payments over time, or payments for specific purposes such as education, healthcare, or maintenance. The trustee’s role is to follow the trust’s instructions and to act in the best interests of the beneficiaries while maintaining accurate records of transactions. Because the trust holds the proceeds, it can provide protections such as spendthrift provisions or conditions that delay distributions until a beneficiary reaches a specified age. Such mechanisms are useful when beneficiaries may not be prepared to manage large sums or when the grantor wants to ensure funds are used responsibly. Clear instructions in the trust help avoid ambiguity and guide the trustee in making appropriate decisions for long-term beneficiary support.
After transferring a policy into an ILIT, the grantor typically gives up the ability to change beneficiaries or access policy cash value directly unless specific powers are reserved in the trust document. Because the trust is the legal owner of the policy, decisions about the policy’s cash surrender value or changes to beneficiaries are made by the trustee under the trust’s terms. Grantors should understand that the irrevocable nature of the arrangement limits direct control and that careful drafting is required before completing a transfer. If retaining some flexibility is important, alternatives such as different trust structures or maintaining a revocable ownership arrangement may be considered, though they may not provide the same estate-related benefits. Discussing goals and acceptable tradeoffs before transferring ownership helps ensure the chosen approach reflects the grantor’s priorities while acknowledging the limitations that come with irrevocable trusts.
An ILIT should be coordinated with other estate planning documents to ensure consistency across the plan. Wills, revocable trusts, powers of attorney, and healthcare directives all play different roles in managing assets and decisions during life and after death. Ensuring that beneficiary designations and asset titling align with the ILIT’s objectives prevents conflicting instructions and reduces the chance of unintended probate or distribution issues. Reviewing all relevant documents together allows for integrated planning that reflects your overall intentions. Powers of attorney do not typically allow an agent to transfer a grantor’s personal life insurance into an irrevocable trust without clear authorization, so authority and timing should be carefully considered. Regular reviews of the entire plan are recommended to adapt to life changes such as marriage, divorce, births, deaths, or significant changes in asset holdings. Coordinated updates help maintain the plan’s effectiveness and reduce administrative friction later.
Common pitfalls include failing to observe timing rules for transfers, neglecting to document gifts used for premium payments, choosing an unsuitable trustee, and failing to coordinate beneficiary designations with the trust terms. Overlooking the need for clear distribution standards or backup trustee provisions can create confusion and disputes after the insured’s death. Poor recordkeeping of premium contributions and trustee actions can also undermine desired tax outcomes or complicate administration for beneficiaries. To avoid these pitfalls, plan transfers well in advance, keep detailed records of funding, and draft clear trustee authorities and distribution instructions. Consider the practical aspects of premium funding and the trustee’s administrative capabilities when designing the ILIT. Regularly review the trust and related documents to ensure they remain aligned with current goals and legal requirements, and seek guidance to address complex situations or changes that could affect the trust’s operation.
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