A Kansas Qualified Subchapter-S Trust for the Benefit of Child with Crummy Trust Agreement is a legal arrangement designed to provide financial benefits to a child while also taking advantage of tax-saving opportunities. This type of trust combines the benefits of a qualified subchapter-S corporation (S-corporation) with the flexibility and tax benefits of a Crummy trust. In Kansas, there are different variations of the Qualified Subchapter-S Trust for the Benefit of Child with Crummy Trust Agreement, each offering unique features and benefits. Some common types include: 1. Kansas Testamentary Qualified Subchapter-S Trust: This trust is established through the provisions of a last will and testament. It becomes effective upon the death of the granter and allows for the distribution of assets to the child beneficiary in a tax-efficient manner. 2. Kansas Revocable Qualified Subchapter-S Trust: With this type of trust, the granter retains the ability to modify or revoke the trust during their lifetime. It provides flexibility in managing the assets held within the trust, while still offering the benefits of a qualified subchapter-S corporation structure. 3. Kansas Irrevocable Qualified Subchapter-S Trust: Unlike the revocable trust, the granter cannot modify or revoke this type of trust. Once assets are transferred into the trust, they are no longer considered part of the granter's estate. This allows for potential estate tax savings and protects the assets from potential creditors. 4. Kansas Crummy Qualified Subchapter-S Trust: The Crummy provision allows the trust to qualify for annual gift tax exclusion purposes. It enables the granter to make annual gifts to the trust, which are then considered present interest gifts, therefore qualifying for the annual exclusion. This provision provides an additional tax advantage by reducing the overall taxable estate. By utilizing a Kansas Qualified Subchapter-S Trust for the Benefit of Child with Crummy Trust Agreement, individuals can protect and grow assets for their child's benefit while enjoying the tax advantages associated with S-corporations and the Crummy trust structure. It is essential to consult with a qualified estate planning attorney to determine the most suitable trust type and ensure compliance with Kansas state laws.