This notice is known as the Crummey notice and must be provided in writing to the beneficiaries. Once the withdrawal period expires, the assets become part of the trust's permanent assets, ...

At that point, beneficiaries are informed of the contribution by a Crummey letter (or notice). Typically, they have 30 to 60 days to withdraw it.

A Crummey trust is a specific type of trust that can be used … Continue reading ->The post What Is a Crummey Trust and How to Use One? appeared first on SmartAsset Blog.

Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to ...

To pass muster with the IRS, the beneficiary must be given actual notice of the withdrawal right, along with a reasonable period to exercise it. Generally, at least 30 days is required.