Wake North Carolina Acuerdo de fideicomiso Crummey para el beneficio del niño con los padres como fideicomitentes - Crummey Trust Agreement for Benefit of Child with Parents as Trustors

• Category: Fideicomisos - Bypass y Aspersión - Convenios Crummey
• State: Multi-State
• County: Wake
• Control #: US-0641BG
• Format: Word

Description

In a Crummey trust, parents place gift money into a trust and give their child (or other recipient) the right to withdraw the amount of each gift for up to 30 days after each gift is made. Since the withdrawal right begins immediately after the gift is ma A Wake North Carolina Crummy Trust Agreement for the Benefit of a Child with Parents as Trustees is a legally binding agreement established in Wake County, North Carolina. This type of trust is primarily created by parents as the trustees, aimed at establishing a financial vehicle to benefit their child or children. The Crummy Trust Agreement allows parents to make tax-efficient gifts to their child by utilizing the annual gift tax exclusion amount, while retaining control over the assets until the child attains a certain age, typically 18 or 21 years old. This type of trust serves as an effective estate planning tool, providing parents with a means to transfer their assets to the child with certain tax advantages. The agreement is called a "Crummy Trust" due to its connection to the landmark court case, Crummy v. Commissioner, in which the concept of making annual exclusion gifts into a trust was established. By adhering to certain requirements outlined in this case, the trustees can utilize the annual gift tax exclusion without triggering any gift tax implications. There are various types of Wake North Carolina Crummy Trust Agreement for the Benefit of a Child with Parents as Trustees. These may include: 1. Wake North Carolina Crummy Trust Agreement for the Benefit of a Minor Child: This type of trust is specifically designed to benefit a minor child until they reach the legal age of majority. The trustees can make annual gifts to the trust, taking advantage of the gift tax exclusion, which the child can later access when they become of age. 2. Wake North Carolina Crummy Trust Agreement for the Benefit of Multiple Children: In cases where parents have more than one child, they can create a trust agreement that benefits all their children equally. This agreement ensures equitable distribution of assets, using the annual gift tax exclusion for each child. 3. Wake North Carolina Crummy Trust Agreement with Special Needs Provisions: For parents with children with special needs, creating a Crummy Trust with specific provisions to protect their welfare and eligibility for government benefits is essential. This trust agreement can provide financial support while safeguarding the child's eligibility for governmental assistance programs. 4. Wake North Carolina Crummy Trust Agreement with Charitable Provisions: Incorporating charitable provisions in a Crummy Trust allows the trustees to benefit both their child and a chosen charitable organization. This agreement enables philanthropic endeavors by distributing a portion of the trust assets to the designated charity while benefiting the child through the remaining assets. In summary, a Wake North Carolina Crummy Trust Agreement for the Benefit of a Child with Parents as Trustees is a legal tool for parents to establish a trust benefiting their child while enjoying tax advantages. Different variations of this agreement cater to unique circumstances, such as multiple children, special needs, or charitable giving preferences.

A Wake North Carolina Crummy Trust Agreement for the Benefit of a Child with Parents as Trustees is a legally binding agreement established in Wake County, North Carolina. This type of trust is primarily created by parents as the trustees, aimed at establishing a financial vehicle to benefit their child or children. The Crummy Trust Agreement allows parents to make tax-efficient gifts to their child by utilizing the annual gift tax exclusion amount, while retaining control over the assets until the child attains a certain age, typically 18 or 21 years old. This type of trust serves as an effective estate planning tool, providing parents with a means to transfer their assets to the child with certain tax advantages. The agreement is called a "Crummy Trust" due to its connection to the landmark court case, Crummy v. Commissioner, in which the concept of making annual exclusion gifts into a trust was established. By adhering to certain requirements outlined in this case, the trustees can utilize the annual gift tax exclusion without triggering any gift tax implications. There are various types of Wake North Carolina Crummy Trust Agreement for the Benefit of a Child with Parents as Trustees. These may include: 1. Wake North Carolina Crummy Trust Agreement for the Benefit of a Minor Child: This type of trust is specifically designed to benefit a minor child until they reach the legal age of majority. The trustees can make annual gifts to the trust, taking advantage of the gift tax exclusion, which the child can later access when they become of age. 2. Wake North Carolina Crummy Trust Agreement for the Benefit of Multiple Children: In cases where parents have more than one child, they can create a trust agreement that benefits all their children equally. This agreement ensures equitable distribution of assets, using the annual gift tax exclusion for each child. 3. Wake North Carolina Crummy Trust Agreement with Special Needs Provisions: For parents with children with special needs, creating a Crummy Trust with specific provisions to protect their welfare and eligibility for government benefits is essential. This trust agreement can provide financial support while safeguarding the child's eligibility for governmental assistance programs. 4. Wake North Carolina Crummy Trust Agreement with Charitable Provisions: Incorporating charitable provisions in a Crummy Trust allows the trustees to benefit both their child and a chosen charitable organization. This agreement enables philanthropic endeavors by distributing a portion of the trust assets to the designated charity while benefiting the child through the remaining assets. In summary, a Wake North Carolina Crummy Trust Agreement for the Benefit of a Child with Parents as Trustees is a legal tool for parents to establish a trust benefiting their child while enjoying tax advantages. Different variations of this agreement cater to unique circumstances, such as multiple children, special needs, or charitable giving preferences.

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.