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.
Sprinkling Trust for Children During Grantor's Life, and for Surviving Spouse and Children after Grantor's Death - Crummey Trust Agreement
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There can also be tax advantages to a sprinkling trust: Beneficiaries pay income taxes on the trust funds they receive. If the beneficiaries are in widely different tax brackets, the trustee may be able to keep more trust money in the family by distributing more to the beneficiaries in the lower tax brackets.
In the case of a good Trustee, the Trust should be fully distributed within twelve to eighteen months after the Trust administration begins. But that presumes there are no problems, such as a lawsuit or inheritance fights.
Administering a living trust after your death is not cost-free. Even if probate is avoided, the successor trustee should usually seek help from a lawyer in making sure that your debts are paid, all of the necessary tax forms filed and the assets in your trust legally distributed to your beneficiaries.
The procedure for settling a trust after death entails: Step 1: Get death certificate copies. Step 2: Inventory the assets in the estate. Step 3: Work with a trust attorney to understand the grantor's distribution wishes, timelines, and fiduciary responsibilities. Step 4: Asset appraisal. Step 5: Pay taxes.
Yes, the surviving spouse may serve as trustee of the credit shelter trust.All of the assets in the credit shelter trust, including any appreciation in value during the surviving spouse's lifetime, pass free of estate tax to the beneficiaries.
A marital trust starts as a revocable living trust. A surviving spouse can be its trustee.
Some trusts are set up so that on the death of the Life Tenant, the trust assets remain held in discretionary trusts for a range of beneficiaries. It is then up to the Trustees to decide which beneficiaries receive trust assets, and when this happens.
Most Trusts take 12 months to 18 months to settle and distribute assets to the beneficiaries and heirs.
One of the main tasks of the successor trustee is to distribute the assets of the trust to the designated beneficiaries.