Crummey trust

Definition of "Crummey trust"
  1. A type of trust where the donor can deposit a gift; the beneficiary attains immediate access rights to this gift for a restricted period, and post this period, the beneficiary can only obtain the gift according to the conditions of the trust
How to use "Crummey trust" in a sentence
  1. The parents decided to establish a Crummey trust for their children's future education expenses.
  2. The attorney suggested the setup of a Crummey trust to maintain the annual gift tax exclusion.
  3. The beneficiary found that he could temporarily access his gift in the Crummey trust.

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