Annual Exclusion Gifts, Crummey Powers: ILITs, Wealth Transfer and Why it Still Matters with Large Exemptions
- The annual exclusion permits $15,000 per person gifts.
- Does it make sense to do this with such high exemptions?
- Asset protection benefits might help as the gifts are small and made over a period of time.
- Use to set up funds for eduction.
- The law may change.
- For large family, significant wealth can be moved
- You can be a discretionary beneficiary of a Crummey Trust.
- What to do about Crummey powers in existing trusts (meet the requirement of the trust instrument).
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