crummey power

Crummey power. The right of a beneficiary of a Crummey trust to withdraw gifts made to the trust up to a maximum amount (often the lesser of the annual exclusion or the value of the gift made to the trust) for a certain period after the gift is made. • The precise characteristics of a Crummey power are established by the settlor of a Crummey trust. Typically, the power is exercisable for 30 days after the gift is made and permits withdrawals up to $5,000 or 5% of the value of the trust. A beneficiary may allow the power to lapse without making any demand for distribution. See Crummey trust under TRUST; annual exclusion under EXCLUSION.

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词条贡献者

译者玉晶，毕业于世界顶级翻译学院，擅长翻译各种与风险投资相关的法律文件。