Power up your trust with Crummey powers

Description

Abstract: The unified gift and estate tax exemption is set at an inflation-adjusted $11.7 million for 2021. This means that for many families, estate tax liability isn’t a factor. However, for others, the annual gift tax exclusion continues to be an important estate planning strategy. For this reason, using a Crummey trust remains an important estate planning strategy. This article explores the benefits of giving Crummey powers to a trust.