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.
South Carolina Sprinkling Trust for Children During Granter's Life and for Surviving Spouse and Children after Granter's Death Crummyey Trust Agreement The South Carolina Sprinkling Trust for Children During Granter's Life and for Surviving Spouse and Children after Granter's Death, also known as the Crummy Trust Agreement, is a legally binding arrangement designed to provide financial support and protection for beneficiaries in South Carolina. This trust is particularly beneficial for ensuring the well-being of children during the granter's lifetime and offering continued support for the surviving spouse and children after the granter's death. Keywords: South Carolina, Sprinkling Trust, Children, Granter's Life, Surviving Spouse, Crummy Trust Agreement Types of South Carolina Sprinkling Trust for Children During Granter's Life, and for Surviving Spouse and Children after Granter's Death Crummyey Trust Agreement: 1. South Carolina Revocable Sprinkling Trust: This type of trust allows the granter to retain control over the assets while also providing financial support and liquidity to the beneficiaries during the granter's lifetime. 2. South Carolina Irrevocable Sprinkling Trust: Unlike the revocable trust, this type cannot be altered or revoked by the granter once it is established. It offers greater asset protection and tax advantages but limits the granter's control over the trust assets. 3. South Carolina Special Needs Sprinkling Trust: This type of trust is specifically designed for beneficiaries with special needs. It ensures that the beneficiary can receive financial support without jeopardizing their eligibility for government assistance programs. 4. South Carolina Generation-Skipping Sprinkling Trust: This trust allows the granter to distribute assets to grandchildren or future generations, bypassing the immediate children. It offers estate tax benefits and protects the assets from potential creditors and divorce settlements. By utilizing the South Carolina Sprinkling Trust for Children During Granter's Life and for Surviving Spouse and Children after Granter's Death Crummyey Trust Agreement, individuals can customize their estate planning to meet their specific needs and goals. It provides financial security and ensures the responsible distribution of assets, allowing beneficiaries to have a stable and secure future.
