Learn how Crummey powers can be part of your estate planning toolbox.
Crummey powers can be included in any trust instrument governing a trust to which a settlor intends to make annual exclusion gifts. The trusts discussed in this white paper are irrevocable trusts designed to hold gifts and insurance policies. For the receipt of gifts, an irrevocable trust can be a separate taxpayer trust (a simple, straightforward trust to which irrevocable gifts are made) or an Intentionally Defective Grantor Trust under Internal Revenue Code §§ 671-677, the income of which is taxed to the grantor. The other type of trust that commonly uses Crummey powers is an Irrevocable Life Insurance Trust (usually a grantor trust) which holds an insurance policy on the life of the grantor, of which the grantor has no incidents of ownership (thus keeping the death benefit out of the grantor’s gross estate for estate tax purposes). Download this white paper to learn how these types of trusts are used in estate planning.
Phelps Dunbar LLP
- Partner with Phelps Dunbar LLP
- Represents individuals and business entities in the areas of business transactions and operations, partnership and corporate taxation, real and personal property transactions, trusts and estates (including sophisticated estate) planning, charitable organizations (formation and operations), employee stock ownership plans and other qualified retirement plans, captive insurance, international transactions and taxation, tax controversies with the IRS, and elder law
- Clients include a regional engineering firm, national advertising agency, regional construction firm, regional stone and interior design firm, and numerous family-owned businesses operating locally, regionally, and internationally
- Frequent speaker and has several publications
- Member of numerous professional and civic organizations
- Achieved the highest rating with Martindale-Hubbell Law Directory
- The Best Lawyers in America© (Woodward/White, Inc.), Business Organizations (including LLCs and Partnerships) in Mobile, 2019; Tax Law in Mobile, 2018-2019; Trusts and Estates in Mobile, 2018-2019
- LL.M. degree, New York University School of Law; J.D. degree, University of Montana School of Law; M.A. and B.A. degrees, University of Montana
- Can be contacted at 251-441-8206 or [email protected]
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