In estate planning, there is a term "Crummy Trust." A Crummy Trust is a type of irrevocable trust that has a provision called, "crummy power". With a "crummy power" there is only a limited amount of time where the gift can be accessed, but this time allows the gift to be considered complete and removes the asset from the estate of the one making the gift.
These "crummy powers" are typically used in irrevocable life insurance trusts.
You can read more about "Crummy Powers" in a blog by Christopher Yuo at www.thetimesonline.com.
If you have questions on Michigan irrevocable life insurance trusts or "crummy powers" contact our Bloomfield Hills estate planning law firm.
-Christopher J. Berry, Esq.
Michigan Estate Planning Attorneys
These "crummy powers" are typically used in irrevocable life insurance trusts.
You can read more about "Crummy Powers" in a blog by Christopher Yuo at www.thetimesonline.com.
If you have questions on Michigan irrevocable life insurance trusts or "crummy powers" contact our Bloomfield Hills estate planning law firm.
-Christopher J. Berry, Esq.
Michigan Estate Planning Attorneys
