What does Crummey Trust mean? Read on to discover the definition & meaning of the term Crummey Trust - to help you better understand the language used in insurance policies.
A Crummey trust is a type of trust in which entrusted assets can be given to beneficiaries up to a certain amount per year as "gifts." By ensuring that these gifts remain below a certain threshold, the recipient can avoid paying the gift tax.
We hope the you have a better understanding of the meaning of Crummey Trust.