An irrevocable trust established to qualify contributions for the annual federal gift tax exclusion for gifts of a present interest. The trust is named Crummey because of a case involving a family named Crummey. The trust contains Crummey Powers, enabling a beneficiary to withdraw assets contributed to the trust for a limited period of time.
The Collin Texas Sprinkling Trust for Children During Granter's Life, and for Surviving Spouse and Children after Granter's Death, also known as the Crummy Trust Agreement, is a legal arrangement that provides specific benefits to children during the granter's lifetime and continues to support the surviving spouse and children after the granter's death. This type of trust allows for management and distribution of assets in a controlled and structured manner. The Crummy Trust Agreement in Collin, Texas offers several variations to suit individual needs and circumstances. These variations can include: 1. Irrevocable Crummy Trust: This type of trust is created during the granter's lifetime and cannot be altered or revoked. It allows the granter to transfer assets into the trust for the benefit of their children and surviving spouse, providing a level of protection and control over the assets. 2. Testamentary Crummy Trust: This trust is established through the granter's last will and testament and goes into effect upon their death. It provides for the distribution of assets to the children and surviving spouse according to the granter's wishes. 3. Crummy Power Trust: This variation allows the granter to utilize the Crummy power, which permits annual contributions to the trust that qualify for the annual gift tax exclusion. The beneficiaries are granted a specific period during which they can withdraw the gifted amount, after which it becomes part of the trust. This strategy minimizes potential tax implications for the granter. 4. Supplemental Needs Crummy Trust: Also known as a special needs trust, this type of Crummy Trust is designed to benefit a child with special needs while still providing for the surviving spouse and other children. It ensures that the child's eligibility for government assistance programs is not jeopardized while offering additional financial support. 5. Charitable Crummy Trust: This variation allows the granter to combine charitable giving with the Crummy Trust. It provides for both the beneficiaries and charitable organizations, allowing the granter to leave a lasting impact through philanthropy. The Collin Texas Sprinkling Trust for Children During Granter's Life, and for Surviving Spouse and Children after Granter's Death Crummyey Trust Agreement is a versatile estate planning tool that provides flexibility, tax advantages, and control over assets, catered to the specific needs and preferences of the granter and their beneficiaries. Consulting with a legal professional experienced in trust agreements is essential to ensure the trust is properly drafted and aligned with the granter's intentions.The Collin Texas Sprinkling Trust for Children During Granter's Life, and for Surviving Spouse and Children after Granter's Death, also known as the Crummy Trust Agreement, is a legal arrangement that provides specific benefits to children during the granter's lifetime and continues to support the surviving spouse and children after the granter's death. This type of trust allows for management and distribution of assets in a controlled and structured manner. The Crummy Trust Agreement in Collin, Texas offers several variations to suit individual needs and circumstances. These variations can include: 1. Irrevocable Crummy Trust: This type of trust is created during the granter's lifetime and cannot be altered or revoked. It allows the granter to transfer assets into the trust for the benefit of their children and surviving spouse, providing a level of protection and control over the assets. 2. Testamentary Crummy Trust: This trust is established through the granter's last will and testament and goes into effect upon their death. It provides for the distribution of assets to the children and surviving spouse according to the granter's wishes. 3. Crummy Power Trust: This variation allows the granter to utilize the Crummy power, which permits annual contributions to the trust that qualify for the annual gift tax exclusion. The beneficiaries are granted a specific period during which they can withdraw the gifted amount, after which it becomes part of the trust. This strategy minimizes potential tax implications for the granter. 4. Supplemental Needs Crummy Trust: Also known as a special needs trust, this type of Crummy Trust is designed to benefit a child with special needs while still providing for the surviving spouse and other children. It ensures that the child's eligibility for government assistance programs is not jeopardized while offering additional financial support. 5. Charitable Crummy Trust: This variation allows the granter to combine charitable giving with the Crummy Trust. It provides for both the beneficiaries and charitable organizations, allowing the granter to leave a lasting impact through philanthropy. The Collin Texas Sprinkling Trust for Children During Granter's Life, and for Surviving Spouse and Children after Granter's Death Crummyey Trust Agreement is a versatile estate planning tool that provides flexibility, tax advantages, and control over assets, catered to the specific needs and preferences of the granter and their beneficiaries. Consulting with a legal professional experienced in trust agreements is essential to ensure the trust is properly drafted and aligned with the granter's intentions.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
