An Irrevocable Life Insurance Trust (ILIT) can be an effective estate planning tool for managing life insurance proceeds outside of a taxable estate and providing liquidity to cover taxes, debts, and other obligations. For clients in Shackelford and throughout Stanislaus County, establishing an ILIT is a proactive way to protect wealth intended for beneficiaries while maintaining control over how proceeds are distributed. Our discussion covers why an ILIT may be appropriate, how it works, and the practical steps needed to create and fund the trust in accordance with California law and your personal goals.
Choosing the right trust arrangement requires careful consideration of family dynamics, tax implications, and long-term distribution objectives. An ILIT is structured to remove the life insurance policy from your taxable estate by transferring ownership to a trust that cannot be altered by the grantor. Funding, trustee selection, and beneficiary designations must be handled precisely to achieve the intended outcome. This guide explains those details in plain language, helping you understand how an ILIT can complement other estate planning documents such as pour-over wills, powers of attorney, and healthcare directives.
An ILIT provides several practical benefits that often make it a valuable part of a comprehensive estate plan. By placing a life insurance policy into an irrevocable trust, the proceeds are generally excluded from the grantor’s estate for estate tax purposes, which can preserve more assets for heirs. The trust can also define how and when beneficiaries receive funds, protecting inheritances from creditors, divorce, or mismanagement. Additionally, an ILIT can provide necessary liquidity to pay estate-related expenses, helping avoid forced asset sales and easing the transition of business or property interests to the next generation.
The Law Offices of Robert P. Bergman serves families in San Jose, Shackelford, and across California with a focus on practical estate planning and clear client communication. Our team emphasizes careful drafting, timely updates, and personalized service tailored to each client’s financial and family circumstances. We assist with the full range of estate planning documents, including revocable living trusts, wills, powers of attorney, and specialized trusts such as ILITs and special needs trusts. Our approach centers on helping clients create plans that are durable, legally sound, and aligned with their long-term objectives.
An Irrevocable Life Insurance Trust is a trust that owns and controls a life insurance policy on the life of the grantor, removing insurance proceeds from the grantor’s taxable estate when properly drafted and funded. Because the trust is irrevocable, the grantor gives up direct ownership and certain powers over the policy, which is a key factor in achieving the intended tax treatment. The trust document sets out trustee powers, distribution rules, and beneficiary designations, and it can include terms that stagger distributions, protect proceeds from creditors, or support ongoing family needs after the grantor’s death.
Properly implementing an ILIT requires coordination between the trust document, the insurance company, and potentially other existing estate planning instruments. The trust must be the owner and beneficiary of the policy, and transfers must be completed with attention to timing and the three-year lookback rules that can affect estate inclusion. Funding the trust can involve transferring an existing policy or having the trust purchase a new policy and paying premiums through gifts to the trust. Trustees then manage the policy and administer proceeds according to the trust terms after the insured’s death.
An ILIT is an irrevocable trust established primarily to own a life insurance policy and manage the resulting proceeds for beneficiaries. When the policy is owned by the trust, proceeds are payable to the trustee, who administers distributions pursuant to the trust’s terms. The grantor typically transfers an existing policy into the trust or has the trust purchase a new policy. Because the trust is irrevocable and controls ownership and beneficiary rights, the policy proceeds are generally not included in the grantor’s estate, provided formalities are observed. The trust also empowers trustees to protect assets and implement distribution timing.
Establishing an ILIT involves several important elements: drafting an irrevocable trust agreement with clear trustee powers, transferring or assigning the life insurance policy to the trust, ensuring beneficiary designations are consistent with the trust, and arranging premium funding through gifts to the trust. Trustees should be selected with care to ensure reliable administration and adherence to the grantor’s intentions. The process also requires attention to any potential estate tax lookback rules and coordination with other estate documents to ensure the overall plan works harmoniously for the family and intended beneficiaries.
Understanding common terms used in ILIT planning helps you make informed decisions. This section explains foundational vocabulary such as grantor, trustee, beneficiary, assignment, and insurable interest. Familiarity with these concepts makes it easier to follow the drafting and funding steps and to communicate clearly with your attorney, trustee, and insurance agent. A well-informed client can also better evaluate trade-offs, such as selecting trustees or deciding whether to transfer an existing policy or have the trust purchase a new one, ensuring the arrangement supports long-term objectives.
The grantor is the person who creates the trust and transfers the life insurance policy or funds to the trust. The grantor typically initiates the ILIT to remove the insurance policy from their taxable estate and to control how insurance proceeds will be managed and distributed. Once the policy is transferred to an irrevocable trust, the grantor usually surrenders ownership rights to achieve the intended estate planning outcome. The grantor’s intentions are expressed in the trust document, which outlines distribution rules, trustee powers, and the identity of beneficiaries.
The trustee is the individual or entity responsible for managing the trust, including owning the insurance policy on behalf of beneficiaries and handling premium payments or distributions. Trustees must follow the trust document and applicable law, acting impartially for the benefit of all beneficiaries. Choosing a trustee involves considering reliability, financial acumen, and willingness to administer the trust over time. Trustees may engage professionals such as attorneys or accountants for assistance, and they are expected to maintain clear records and communicate regularly with beneficiaries as required by the trust terms.
A beneficiary is a person or entity designated to receive benefits from the trust, typically the proceeds from the life insurance policy after the insured’s death. The trust document can provide for outright distributions, staggered payments, or discretionary distributions for health, education, maintenance, and support. Naming beneficiaries through the trust helps avoid conflicts and specify priorities among heirs. Additionally, beneficiary designations should be coordinated with other estate planning documents to ensure the trust receives the policy proceeds as intended and that distributions reflect the grantor’s overall plan.
Funding the ILIT means ensuring the trust owns the insurance policy and has resources to pay premiums. Funding can involve transferring an existing policy to the trust, which requires completing an assignment and notifying the insurer, or having the trust purchase a new policy with premium gifts made by the grantor. Proper documentation and timing are essential to avoid unintended estate inclusion. The trust should also have clear instructions for premium payments and gift documentation, such as Crummey notices when annual exclusion gifts are used to cover premiums.
An ILIT is one of several tools available to achieve specific estate planning objectives. Compared with keeping a policy in personal ownership, an ILIT offers potential estate tax benefits and greater control over distribution, but it requires irreversible transfers and ongoing administration by a trustee. Other tools, such as revocable living trusts or traditional wills, provide flexibility yet may not offer the same protection from estate inclusion or creditor claims. Weighing the trade-offs among options helps determine whether an ILIT complements your broader plan or whether alternative arrangements may better suit your goals.
For individuals with modest estates and limited liquidity needs at death, maintaining ownership of a life insurance policy outside a trust may be sufficient. If estate tax exposure is unlikely and beneficiaries are capable of managing proceeds responsibly, less complex arrangements can minimize administrative burdens and retain flexibility. Simpler plans reduce trustee responsibilities and ongoing costs. Discussing your assets, family situation, and long-term objectives with a planner helps determine whether a streamlined approach fits your circumstances or if protections afforded by an ILIT would provide meaningful advantages.
If retaining direct control over a life insurance policy is a priority because of anticipated changes or the desire to alter beneficiaries or policy terms, a revocable arrangement or keeping the policy in personal ownership may be preferable. Such approaches allow the policy owner to adjust coverage, beneficiary designations, and policy loans without the constraints of an irrevocable structure. For some individuals, that flexibility outweighs the estate tax or creditor protection advantages of an ILIT. A thorough review of anticipated changes and control priorities informs the right choice for your plan.
Implementing an ILIT properly requires careful drafting and coordination with insurance carriers, beneficiary designations, and the rest of an estate plan. Missteps in ownership transfer, beneficiary naming, or funding can defeat intended tax or protection outcomes. A comprehensive approach reviews existing documents like pour-over wills, power of attorney, and healthcare directives to ensure consistency. It also addresses funding mechanics, trustee selection, and ongoing administration practices so that the trust functions as intended and integrates seamlessly with overall estate plan objectives and family circumstances.
A well-drafted ILIT can offer protections that simple ownership cannot, including controlled distributions, spendthrift protections, and instructions for serving minor or vulnerable beneficiaries. Comprehensive planning anticipates future scenarios such as beneficiary incapacity, divorce, or creditor claims, and builds safeguards into the trust document. Thoughtful trustee powers and distribution provisions promote fair and consistent outcomes while minimizing disputes. This careful planning supports smoother administration and helps ensure that the grantor’s intentions for the use of life insurance proceeds are honored over time.
A comprehensive ILIT plan addresses not only the trust document and policy ownership, but also the related mechanics of funding, tax consequences, and interaction with other estate documents. This thorough approach reduces the risk of unintended estate inclusion or administrative complications, and it helps ensure beneficiaries receive intended benefits in a timely and orderly fashion. Coordinating the ILIT with retirement accounts, family business succession plans, and other trusts creates a cohesive framework that better protects assets and reflects long-term family goals and financial realities.
Comprehensive planning also clarifies roles and responsibilities for trustees and successors, sets expectations for distributions, and documents procedures for premium payments and investment oversight. These details reduce the likelihood of disputes and provide trustees with clear guidance when administering the trust. By anticipating potential issues and addressing them in advance, a comprehensive approach preserves the grantor’s intent and supports the financial well-being of beneficiaries while adapting to changing circumstances, laws, and family needs.
One key benefit of a comprehensive ILIT arrangement is the potential to remove life insurance proceeds from the grantor’s taxable estate when transfers and ownership are properly structured. This can reduce estate tax exposure and preserve wealth for heirs, particularly for larger estates. In addition, carefully drafted trust provisions can shield proceeds from creditor claims or divorce proceedings for beneficiaries, providing a level of protection that straightforward beneficiary designations may not offer. These protections require attention to legal formalities and careful funding to achieve the intended results.
A comprehensive ILIT enables the grantor to specify how beneficiaries will receive insurance proceeds and under what conditions, supporting long-term financial planning for family members. The trust can provide staggered distributions, discretionary distributions for health or education, or fixed payments to help preserve assets across generations. These tailored distribution provisions can promote responsible use of funds and reduce the risk of rapid depletion. Thoughtful drafting helps trustees follow clear guidance when administering the trust and responding to evolving family needs over time.
Ensure that the trust is named as both the owner and primary beneficiary of the policy to achieve the intended estate planning outcome. Incomplete or inconsistent paperwork can cause the policy proceeds to be paid outside the trust, undermining the purpose of the ILIT. Review all insurer forms and trust documents together and follow up with the insurance company to confirm that ownership transfer and beneficiary designations have been properly recorded. Regular reviews help catch any administrative errors or changes that could affect the trust’s effectiveness.
Select trustees who can manage financial matters responsibly and who are willing to administer the trust consistently with your wishes. Consider naming successor trustees and providing clear guidance about duties, distribution standards, and communication expectations. Trustees should keep accurate records and provide periodic accountings to beneficiaries as required. If family members may be unable to handle administrative responsibilities, consider naming a trusted professional or institutional trustee to ensure continuity and experienced management over the life of the trust.
An ILIT can be especially useful when life insurance proceeds are intended to provide liquidity at death, preserve wealth for heirs, or facilitate a smooth transition of business or real property interests. It helps manage tax exposure by removing proceeds from the taxable estate when transfers and funding are done correctly. For families concerned about creditor claims, divorce, or beneficiary immaturity, an ILIT can include protective distribution provisions. Evaluating these needs within the broader context of your estate plan will determine whether an ILIT aligns with your objectives and family circumstances.
Consider an ILIT when you want to set firm distribution rules, preserve assets for younger beneficiaries, or ensure funds are available to pay estate settlement costs without forcing sales of valuable assets. The trust structure can also support multi-generational planning by specifying how proceeds are used across time, which can be especially relevant for business owners or those with blended family situations. A thorough assessment of assets, potential estate tax exposure, and family goals helps determine whether an ILIT provides meaningful benefits in your unique situation.
Many families consider an ILIT when there is significant life insurance coverage intended to support heirs, when a business owner needs liquidity to facilitate succession, or when beneficiaries may face creditor or divorce risks. Other scenarios include when the estate could be subject to taxes or when beneficiaries are young or have special needs that require long-term financial oversight. An ILIT can address these concerns by removing proceeds from the estate, setting distribution conditions, and empowering trustees to manage funds responsibly on behalf of beneficiaries.
When life insurance proceeds are large enough to create estate tax concerns or to substantially affect the distribution of assets, an ILIT can be a strategic tool to remove those proceeds from the grantor’s taxable estate. This approach helps preserve estate value for intended beneficiaries and can provide dedicated liquidity to pay taxes, debts, or administration costs. Consideration should be given to the timing of transfers and any applicable lookback rules to ensure the strategy achieves the desired estate tax treatment and aligns with overall succession planning goals.
If beneficiaries include minors or individuals with health or financial challenges, an ILIT allows the grantor to tailor distributions to meet those beneficiaries’ needs responsibly. The trust can provide instructions for discretionary distributions, medical or educational support, and restrictions that protect proceeds from misuse or outside claims. Designing distribution standards and naming reliable trustees are important steps in ensuring that the trust serves as a stable source of support for vulnerable beneficiaries while preserving their eligibility for public benefits where applicable.
Business owners often use ILITs to provide liquidity that can facilitate succession, buyout agreements, or settlement of estate obligations without forcing the sale of business assets. The trust proceeds can be directed to key persons or used to fund buy-sell arrangements, paying taxes, and smoothing transfers to successors. Careful coordination with business agreements and valuation planning ensures that the ILIT functions as part of an integrated succession strategy that supports continuity and reduces financial strain on the business after the owner’s death.
The Law Offices of Robert P. Bergman provides guidance on setting up and administering Irrevocable Life Insurance Trusts for clients in Shackelford and the surrounding region. Our services include drafting trust documents, coordinating with insurers, advising on premium funding strategies, and assisting trustees with administration tasks. We help clients weigh the advantages and trade-offs of ILITs within the context of broader estate planning needs, ensuring that each plan reflects family goals, tax considerations, and practical administration requirements for a smooth transition of assets to beneficiaries.
Clients rely on our firm for practical, client-focused estate planning advice tailored to California law and the realities of family situations. We emphasize clear communication, careful drafting, and coordinated implementation with insurance carriers and financial advisors. Our team assists with document preparation, trustee guidance, and funding mechanics to help ensure the ILIT accomplishes its intended protections. We take time to explain options and trade-offs, enabling clients to make informed decisions about whether an ILIT fits within their overall estate and legacy planning objectives.
Our office handles both new trust creation and transfers of existing policies into trusts, offering guidance on compliance with applicable lookback periods and gift tax considerations. We work closely with clients to document premium funding, prepare any required notices, and maintain records that support the trust’s administration. Through coordinated planning, we aim to minimize surprises during the settlement process and to provide trustees with straightforward instructions that facilitate timely distributions and responsible management of proceeds for beneficiaries.
We also assist with related estate planning documents such as revocable living trusts, pour-over wills, financial powers of attorney, and advance health care directives to create a cohesive plan. Whether the goal is liability protection, tax planning, or orderly wealth transfer, our team helps clients develop and maintain plans that reflect changing family circumstances and legal developments. We prioritize practical solutions that help preserve family assets and provide clarity for those who will administer the estate in the future.
Our ILIT process begins with a comprehensive review of your existing estate plan, insurance policies, and family objectives. We discuss goals, evaluate potential tax and creditor exposure, and recommend whether an ILIT is appropriate. If you proceed, we draft the trust document, coordinate the transfer or purchase of the policy, advise on premium funding and gift documentation, and prepare trustee appointment and successor provisions. Ongoing administration support is available to trustees, including guidance on distributions, record-keeping, and insurer interactions to help the trust operate smoothly over time.
In the initial stage, we assess your overall estate plan, insurance coverage, and family circumstances to determine whether an ILIT aligns with your goals. This includes reviewing policy ownership, beneficiary designations, and any existing trusts or wills that may affect the desired outcome. We explain the legal mechanics, potential tax considerations, and timing issues, including lookback rules that can affect transfers. Based on this assessment, we recommend the most appropriate steps for structuring a trust that meets your objectives while avoiding common pitfalls.
We review current estate planning documents and insurance policy terms to identify any inconsistencies or actions needed to effectuate an ILIT. This review examines ownership, beneficiary designations, and policy provisions such as loans or riders that could affect transferability. Identifying these issues early helps prevent administrative problems later and ensures a smoother transfer or new purchase process. We also discuss coordination with other planning goals, such as retirement account beneficiary designations and business succession arrangements, to make sure changes are consistent with your overall plan.
During this stage, we talk through how premium payments will be funded, whether by annual gifts from the grantor or other mechanisms, and the documentation required to support tax treatment. We also discuss trustee selection, successor appointments, and the scope of trustee powers. Choosing capable trustees and establishing clear distribution standards are essential to effective administration. These decisions influence the trust’s long-term functioning and should reflect the grantor’s priorities for protecting and distributing proceeds to beneficiaries.
Once the plan is finalized, we prepare the trust document, coordinate with insurance carriers to effect ownership transfers or to issue a new policy in the trust’s name, and assist with any required assignment forms. We ensure that beneficiary designations are aligned with the trust and that premium payment arrangements are in place. If annual exclusion gifts are used, we help prepare and document notices and record keeping to support tax compliance. Careful execution of these steps is essential to achieve the intended estate and creditor protections.
This step involves signing the trust agreement, completing insurer forms to change ownership and beneficiary designations, and confirming the trust’s standing with the insurance company. We guide clients through each signature and filing requirement and communicate with carriers to confirm acceptance. Proper execution and timely filing reduce the risk of administrative errors that could jeopardize the trust’s goals. We also advise on documenting any gifts used to fund premiums and maintaining records to support the trust’s administration.
Implementing a reliable premium funding strategy ensures the trust can maintain the policy over time. Whether through annual gifts using gift tax exclusions or other funding arrangements, careful documentation is necessary for tax and administrative purposes. We can help prepare notices to beneficiaries, such as Crummey notices when appropriate, and maintain records of contributions and premium payments. These steps help protect the tax treatment of gifts and provide clarity to trustees when managing trust finances.
After the trust is funded, trustees are responsible for maintaining the policy, paying premiums, and administering distributions upon the insured’s death according to the trust terms. We provide trustees with guidance on record keeping, insurer communication, and distribution procedures, and we can assist with tax filings and accountings as necessary. Periodic reviews of the trust and related estate planning documents are recommended to address changes in law, family circumstances, or financial needs, ensuring the ILIT continues to serve the intended purposes over time.
Trustees should keep detailed records of premium payments, correspondence with insurers, and any distributions made from the trust. We offer support to trustees in maintaining accurate accounts and fulfilling reporting obligations, which helps maintain transparency and prevent disputes. Clear records also simplify tax reporting and the eventual distribution of proceeds. We advise trustees on best practices for safekeeping documents and communicating with beneficiaries in a manner consistent with the trust instructions and legal responsibilities.
When the insured passes, the trustee collects proceeds from the insurer and administers distributions in line with the trust document. Trustees must follow distribution standards, provide accounting to beneficiaries when required, and manage any tax or administrative tasks associated with settlement. We assist trustees through this process, advising on payout options, creditor considerations, and the timing of distributions. Thoughtful administration helps ensure that proceeds are used as intended and that beneficiaries receive timely and well-documented distributions.
An Irrevocable Life Insurance Trust is a trust created to own and manage a life insurance policy so that proceeds are paid to the trust and distributed according to the trust’s terms. The trust is irrevocable, meaning the grantor gives up certain ownership rights, and it is designed to remove the policy proceeds from the taxable estate when implemented and funded correctly. This structure can preserve wealth for beneficiaries, provide liquidity to pay estate costs, and enable controlled distributions for specific purposes. Considering an ILIT may be appropriate when you want to protect proceeds from estate taxation, provide for beneficiaries with distribution controls, or ensure funds are available for business succession or other post-death obligations. The decision depends on estate size, family needs, and coordination with other planning tools. Detailed review of policies and timing considerations is important to determine whether an ILIT provides meaningful benefits.
Transferring a policy to an ILIT can remove the insurance proceeds from your taxable estate if the transfer is made outside of the three-year lookback period and ownership is properly assigned to the trust. If the policy is transferred shortly before death, estate inclusion rules may apply, so timing and documentation matter. When the trust owns the policy and the grantor has no retained incidents of ownership, proceeds are generally excluded from the estate for estate tax purposes. Proper implementation requires coordination with the insurer and accurate beneficiary designations. Funding and gift documentation also influence tax treatment. Consulting about timing, potential tax exposure, and how the ILIT fits with other estate planning measures helps ensure the intended tax benefits are realized and documented effectively.
Yes, you can often transfer an existing life insurance policy into an ILIT, but the transfer must be done carefully to achieve the desired estate planning outcome. The transfer typically involves completing assignment and change-of-owner forms with the insurance company and ensuring the trust is properly established and able to own the policy. The terms of the policy, such as outstanding loans or riders, should be reviewed to understand any implications of transfer. Timing is critical because transfers made within three years of death may be included in the grantor’s estate for tax purposes. It is important to assess any potential gift tax consequences and plan premium funding. Clear documentation and coordination with the insurer and legal counsel help ensure the transfer is executed correctly and that the trust functions as intended.
Selecting a trustee for an ILIT means choosing a person or institution with the capacity and willingness to follow the trust terms, manage financial matters, and communicate with beneficiaries. Trustees may be family members, trusted friends, or a professional institution, depending on the complexity of the trust and the skills needed for administration. Consider reliability, financial literacy, and the ability to act impartially among beneficiaries when naming a trustee. Including successor trustees and providing clear guidance within the trust document helps ensure continuity if a trustee is unable or unwilling to serve. Trustees can also engage professional advisors for accounting or legal tasks. The trustee’s role includes maintaining records, paying premiums, interacting with the insurer, and administering distributions according to the trust’s instructions.
Premiums for a policy owned by an ILIT are typically funded by gifts from the grantor to the trust, which the trustee then uses to pay the insurance company. When the grantor makes annual gifts to the trust, beneficiaries may be given a limited right to withdraw those gifts in order to qualify for the annual gift tax exclusion, a process often documented through notices. This funding mechanism requires careful record keeping and clear communication with beneficiaries. Alternative funding arrangements may also be available, but each has legal and tax implications that should be evaluated. Maintaining consistent premium funding is essential to avoid policy lapse and preserve the trust’s purpose. Keeping detailed records of gifts, notices, and premium payments supports administration and tax reporting requirements.
Crummey notices are letters sent to trust beneficiaries informing them of a right to withdraw a contribution to the trust for a limited time. These notices are used to support qualification of the gift for the annual gift tax exclusion by demonstrating that the beneficiary received a present interest in the gift. Properly drafted notices and documented responses help preserve the tax treatment of gifts used to fund premiums for an ILIT. While Crummey notices can be effective, they must be executed properly and consistently, and beneficiaries should understand their limited withdrawal rights. Trustees should maintain records showing delivery of notices and any beneficiary actions. Legal counsel can advise on appropriate notice language and procedures to reduce the risk of gift tax issues.
Once a policy is transferred into an ILIT, the grantor typically relinquishes the ability to change beneficiaries or terms of the policy directly because the trust owns the policy and the trustee acts on behalf of beneficiaries. If flexibility is a priority, this limitation should be considered before creating an irrevocable structure. The trust document can include mechanisms for certain limited changes through trustee discretion or successor trustee actions, but the grantor’s direct control over ownership and beneficiary changes is generally reduced. If maintaining flexibility is essential, alternatives such as retaining ownership or using a revocable trust may be more appropriate, though they offer different tax and protection outcomes. Discussing the trade-offs in advance helps align the chosen arrangement with the grantor’s priorities for control versus protection.
An ILIT should be coordinated with other estate planning documents to ensure consistency in beneficiary designations, trustee appointments, and overall distribution goals. Documents such as revocable living trusts, pour-over wills, powers of attorney, and healthcare directives should be reviewed together so they operate in harmony. Coordination avoids conflicts that could undermine the ILIT’s purpose and supports a cohesive plan for transferring assets and administering the estate. Regular reviews are important because life changes, new assets, or legal developments may require updates. Ensuring that retirement account beneficiary designations and other arrangements are consistent with the trust’s terms helps prevent unintended outcomes and maintains the integrity of the overall estate plan.
If a trustee mismanages the trust, beneficiaries have recourse through legal remedies such as seeking removal of the trustee and pursuing an accounting or damages for breach of fiduciary duty. Trustees have a duty to act in the best interest of beneficiaries, maintain accurate records, and follow the trust terms. Proper selection of trustees, clear trust provisions, and regular oversight can reduce the risk of mismanagement. Including successor trustees and providing guidance on documentation and reporting helps protect the trust against mismanagement. Beneficiaries should maintain communication channels and request periodic accountings when necessary. Legal counsel can assist with resolving disputes and, if needed, petitioning the court to enforce the trust or address trustee misconduct.
It is advisable to review your ILIT and related estate planning documents periodically, such as after major life events like marriage, divorce, births, deaths, changes in financial circumstances, or significant changes in tax law. Regular reviews ensure that trustee appointments, funding mechanisms, and distribution provisions remain appropriate and effective. Checking insurer policies for coverage changes or riders is also important to maintain alignment with current goals. Periodic reviews also allow you to confirm that premium funding arrangements are functioning as intended and that records are up to date. Working with counsel to schedule timely reviews helps preserve the trust’s benefits and adapt the plan to evolving family and legal circumstances.
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