1149011490 Crummey Powers in Estate Planning
The Law offices of J. Vincent Perryman

Crummey Powers in Estate Planning

12:00 PM - 1:30 PM

Understand how Crummey Powers can be used to achieve your client's estate planning goals.

The decision in Crummey v. Commissioner directly addressed a fundamental flaw in tax policy - the inability for parents to make annual gift tax exclusion gifts to their children in trust. After Crummey, parent-donors had a procedure by which to make such exclusion gifts. Indirectly, the Crummey decision spawned the rise of Crummey Powers in estate planning affording taxpayers and their advisors the ability to reduce methodically their gross estates and avoid estate and gift tax consequences. This topic will assist estate planners in understanding the development and practical application of Crummey Powers giving them a powerful tool to assist clients with achieving their estate planning goals.

Speaker: Todd L. Denison

Program Topics:

Overview: Crummey Powers

  • Definition
    • Generally
    • Naked Crummey Powers
    • SemiNaked Crummey Powers

Historical Background

  • Estate Tax
  • Gift Tax

Annual Gift Tax Exclusion

  • IRC § 2503(B)

The Key Issue

  • Gift of a Present Interest
  • Definition of a Present Interest

Crummey v. Commissioner

  • Analysis of Issues
  • Case Legacy

Estate Planning Use of Crummey Powers

  • Irrevocable Trusts
  • Irrevocable Life Insurance Trusts

Expanding Crummey Powers – Cristofani v. Commissioner

  • Analysis of Issues
  • Use of Cristofani

Crummey Powers – a Usage Guide

  • Typical Trust Language
    • Examples
    • Lapse Issues
    • Hanging Powers
  • Trustee Responsibilities
    • Crummey Notice
    • Crummey Waiver
  • Problem Areas
    • Parental Control Over a Minor Child's Crummey Powers
    • Informal Agreements for Waiver


- View All CLEs -
Upcoming Continuing Legal Education Sessions
Memphis Attorneys   Memphis Probate   Memphis Estate Planning   Memphis Criminal Law
Legalease Episodes    Memphis Nursing Home Neglect
super lawyers badge Avvo tax badge Avvo probate badge Avvo estate planning badge The Law Offices of J. Vincent Perryman
4719 Spottswood, Memphis, TN 38117
Ph: 901-347-0647
Fx: 901-255-0745

Providing legal services for Memphis Tennessee and surrounding areas.
Memphis lawyer and Memphis attorney services.
Disclaimer: Use of this website does not create an attorney-client relationship.