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“Crummey” Powers: Drafting & Using These Essential Planning Powers: Teleseminar
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When: Thursday, July 6, 2017
Dial-in: 12:45 PM | Program: 1:00 PM - 2:00 PM
Where: Teleseminar: WebCredenza

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Trust and Estate Law

Brought to you in partnership with WebCredenza
These telephone seminars are presented by national speakers who are experts in their areas of practice often ABA Section chairs, authors of books in their areas of practice, and heads of practice groups.

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, Wiggin and Dana, LLP – Greenwich, Connecticut

MSBA Standard Member: $69
Non-Members: $99


Once registered, you will receive an email confirmation from the MSBA containing a toll-free telephone number to call on the day of the seminar.

Prior to the seminar or on the morning of the seminar, you will receive an email with a .pdf containing the materials for the program to download to your desktop or mobile device.

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  • Non-Members & Non-Attorneys: If you have attended any MSBA event in the past, you have an account with us. If you do not know your username or password, please call the MSBA. We will provide you with login credentials so you can register online.
  • If you have never attended an MSBA event: Please call the MSBA or mail or fax this registration form to register.

Full refunds will be given to those who cancel by 4:30 p.m., 5 working days prior to the program. Registrants who cancel after this deadline but prior to the program date will be charged an administrative fee of $15 per credit hour. A link to download and print the materials will be sent to those who fail to cancel in advance.


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