A beneficiary’s noncumulative power to withdraw property transferred to a discretionary trust that enables the donor to claim the annual gift tax exclusion with respect to the transfer. Such a power is named after Crummey v. Commissioner, 397 F.2d 82 (9th Cir. 1972), which allowed an annual gift tax exclusion for assets transferred to a discretionary trust for a minor.
CreativeMinds WordPress Plugin CM Tooltip Glossary