Crummey Trust (noun): A Crummey trust is created with the purpose of taking advantage of the annual gift tax exclusion, while also limiting the beneficiaries’ ability to access the gifts. A common example of this is in the case of parents who want to make gifts to children, but have concerns about giving the children access to the funds at too young an age. To read more about Crummey trust click here.
Words commonly used with this term include:
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