Print Page   |   Contact Us   |   Sign In   |   Register
"Crummey Powers": Drafting & Using These Essential Estate Planning Powers (teleseminar)
Tell a Friend About This EventTell a Friend

This program will provide you with a practical guide to planning and drafting Crummey powers and avoiding common traps in their use.

When: 07/06/2017
1:00 PM to 2:00 PM
Where: United States
Contact: (404) 521-0781

Online registration is closed.
« Go to Upcoming Event List  

One-hour CLE programs are just a phone call away
Convenient, affordable, timely and informative
An 800 number connects you to nationally recognized practice leaders who will speak on important issues and emerging trends in the law. You can also pose your own questions to the speakers. Written materials and other details are emailed in advance to pre-registrants.


“Crummey powers” are frequently used in trust instruments to allow the gift of a future interest to be treated as a gift of a present interest.  This is important for gift tax purposes because only the gift of a present interest – i.e., money or property that can be claimed and used immediately – qualifies for the annual gift tax exclusion of $14,000.  If a gift is not of a present interest, it cannot be excluded and is taxable. The IRS frequently attacks Crummey powers, viewing them as a tax-reduction contrivance that have little basis in reality. Still, if Crummey powers are carefully drafted and utilized, courts uphold them and they are an effective tool for tax reduction for trusts of every size. This program will provide you with a practical guide to planning and drafting Crummey powers and avoiding common traps in their use.

What are Crummey powers exactly – and how are they used in trusts? 
Understanding the tax and economic benefits of Crummey withdrawal powers
Notice to beneficiary of powers – actual notice or mere knowledge by beneficiary?
Crucial difference between explicit waiver of powers v. allowing powers to lapse
Consequence of a failed Crummey power lapse
Structuring a “hanging Crummey” and their  “5 and 5” benefits
Practical mistakes and traps for settlors, trustees and beneficiaries

Michael T. Clear is a partner in the Greenwich, Connecticut office of Wiggin and Dana, LLP, where his practice focuses on estate planning, estate and trust administration, probate litigation and business succession planning.  His estate planning practice includes assisting individuals and families with tax-efficient and practical estate and gift planning, including the preparation of wills, revocable living trusts, insurance trusts, and qualified personal residence trusts.  He was recently selected by the Connecticut Law Tribune as a New Leader in the Law. He is a co-chair of the Probate and Estates Section of the Fairfield County Bar Association and is a member of the Board of Directors of the Connecticut Chapter of the Exit Planning Exchange.  Mr. Clear received his B.A. from the University of Richmond, his M.Ed from the University of Maryland, and his J.D., magna cum laude, from Quinnipiac University School of Law.


Association Management Software Powered by YourMembership  ::  Legal