Related Definitions
What is a Crummey Notice?
A legal notice given to beneficiaries of a trust that informs them of their right to withdraw trust contributions for a limited time.
A written notice sent to beneficiaries of a trust, informing them of their right to withdraw contributions made to the trust during a specific period. Named after the Crummey case, this notice is essential for qualifying certain gifts as present interest gifts under federal tax law, allowing the donor to take advantage of the annual gift tax exclusion. Failure to provide a Crummey notice could lead to tax complications.
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