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.
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Agenda
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 vs. 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
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on May 26, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Todd Denison
Phelps Dunbar LLP
- Partner with Phelps Dunbar LLP
- Represents individuals and business entities in the areas of business transactions and operations, partnership and corporate taxation, real and personal property transactions, trusts and estates (including sophisticated estate) planning, charitable organizations (formation and operations), employee stock ownership plans and other qualified retirement plans, captive insurance, international transactions and taxation, tax controversies with the IRS, and elder law
- Clients include a regional engineering firm, national advertising agency, regional construction firm, regional stone and interior design firm, and numerous family-owned businesses operating locally, regionally, and internationally
- Frequent speaker and has several publications
- Member of numerous professional and civic organizations
- Achieved the highest rating with Martindale-Hubbell Law Directory
- The Best Lawyers in America© (Woodward/White, Inc.), Business Organizations (including LLCs and Partnerships) in Mobile, 2019; Tax Law in Mobile, 2018-2019; Trusts and Estates in Mobile, 2018-2019
- LL.M. degree, New York University School of Law; J.D. degree, University of Montana School of Law; M.A. and B.A. degrees, University of Montana
- Can be contacted at 251-441-8206 or [email protected]
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