Crummey Trust

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Definition: Crummey Trust

Crummey Trust
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Full Definition of Crummey Trust

A type of trust which allows a limited amount of withdrawals by the trust’s beneficiary, and also tax-free gifts to minors. The trust allows these actions to be undertaken during a limited window each year, often 30 days. A crummey trust does not require the distribution of assets when the beneficiary reaches the age of 21.

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https://payrollheaven.com/define/crummey-trust/
Modern Language Association (MLA):
Crummey Trust. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 20, 2024 https://payrollheaven.com/define/crummey-trust/.
Chicago Manual of Style (CMS):
Crummey Trust. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/crummey-trust/ (accessed: April 20, 2024).
American Psychological Association (APA):
Crummey Trust. PayrollHeaven.com. Retrieved April 20, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/crummey-trust/

Definition Sources

Definitions for Crummey Trust are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.