Related Definitions
What is a Crummey Trust?
A trust designed to allow contributions to qualify for the annual gift tax exclusion by giving beneficiaries temporary withdrawal rights.
A type of trust that allows beneficiaries to withdraw contributions made to the trust for a limited time, enabling the donor to qualify for annual gift tax exclusions. By providing Crummey notices to beneficiaries, the trust can meet IRS requirements for present interest gifts, thus reducing the donor’s taxable estate. This strategy is often used in estate planning to minimize tax liabilities while providing for beneficiaries.
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