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The Crummey trust: Still relevant after all these years


SKU: IEPon141. Category: .


Abstract: Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Now that the gift and estate tax exemption has reached a higher level, fewer people have to worry about gift and estate taxes. Nevertheless, there are still important reasons to make annual exclusion gifts, and, by converting a future interest into a present interest, a Crummey withdrawal power can allow trust assets to be eligible for the exclusion. This article discusses the details, while a sidebar explains that it’s important to avoid granting withdrawal rights that are too large in relation to the size of the trust.

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