Crummey trust
- 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
- The parents decided to establish a Crummey trust for their children's future education expenses.
- The attorney suggested the setup of a Crummey trust to maintain the annual gift tax exclusion.
- The beneficiary found that he could temporarily access his gift in the Crummey trust.
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