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Trust Glossary

Crummey Trust - Gifts assets to children. Structured to assure a current gift removes the assets from grantor’s estate while keeping the assets in trust for a child until an age, or series of age steps, the grantor deems appropriate. A crummey trust creates a present interest by giving a child the right to withdraw each gift to the trust for a period of 30 days. Once the withdrawal deadline lapses, the assets remain in the trust until distribution in accordance with the terms of the trust.

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The content in this glossary is general in nature and is intended for informational purposes only. It is not intended to provide specific advice or recommendations for any individual or organization, because the facts and circumstances surrounding each situation differ. Please consult your attorney, tax advisor or other professional advisor for advice on your particular situation.

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