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 Lima Arizona Sprinkling Trust for Children During Granter's Life, and for Surviving Spouse and Children after Granter's Death Crummyey Trust Agreement is a legal arrangement that provides a detailed plan for distributing assets and providing financial support to children during the granter's lifetime, and to the surviving spouse and children after the granter's death. This trust agreement utilizes the Crummy power, which allows the granter to make annual gifts to the trust that qualify for the annual gift tax exclusion. The primary purpose of this trust is to ensure the financial well-being and protection of the granter's children both during their lifetime and after the granter's passing. It allows the granter to transfer assets into the trust while retaining control over their distribution and management. During the granter's lifetime, the trust can provide funds for the children's education, healthcare, and other essential needs. The trust can be structured in various ways to best suit the granter's preferences and circumstances. After the granter's death, the trust agreement specifies how the remaining assets are to be distributed among the surviving spouse and any remaining children. This can be done in equal shares, or based on other specified criteria such as the age or needs of the beneficiaries. It is important to note that there may be different types or variations of the Lima Arizona Sprinkling Trust for Children During Granter's Life, and for Surviving Spouse and Children after Granter's Death Crummyey Trust Agreement, depending on the specific terms and conditions included in the trust agreement. These variations may pertain to different asset allocation strategies, guidelines for distributions, or additional provisions to meet the unique goals and circumstances of the granter and beneficiaries. Overall, this type of trust agreement offers a comprehensive and flexible solution for ensuring financial security and stability for children and surviving family members, while allowing the granter to retain control and provide for their loved ones during and after their lifetime.The Lima Arizona Sprinkling Trust for Children During Granter's Life, and for Surviving Spouse and Children after Granter's Death Crummyey Trust Agreement is a legal arrangement that provides a detailed plan for distributing assets and providing financial support to children during the granter's lifetime, and to the surviving spouse and children after the granter's death. This trust agreement utilizes the Crummy power, which allows the granter to make annual gifts to the trust that qualify for the annual gift tax exclusion. The primary purpose of this trust is to ensure the financial well-being and protection of the granter's children both during their lifetime and after the granter's passing. It allows the granter to transfer assets into the trust while retaining control over their distribution and management. During the granter's lifetime, the trust can provide funds for the children's education, healthcare, and other essential needs. The trust can be structured in various ways to best suit the granter's preferences and circumstances. After the granter's death, the trust agreement specifies how the remaining assets are to be distributed among the surviving spouse and any remaining children. This can be done in equal shares, or based on other specified criteria such as the age or needs of the beneficiaries. It is important to note that there may be different types or variations of the Lima Arizona Sprinkling Trust for Children During Granter's Life, and for Surviving Spouse and Children after Granter's Death Crummyey Trust Agreement, depending on the specific terms and conditions included in the trust agreement. These variations may pertain to different asset allocation strategies, guidelines for distributions, or additional provisions to meet the unique goals and circumstances of the granter and beneficiaries. Overall, this type of trust agreement offers a comprehensive and flexible solution for ensuring financial security and stability for children and surviving family members, while allowing the granter to retain control and provide for their loved ones during and after their lifetime.
