Definitions for "CRUMMEY TRUST"
An unfunded trust which acts as the owner of a life insurance policy. The donor's periodic payments are made to the trust from which the trust's beneficiary can make a cash withdrawal. If no withdrawal is made, the donor's payment is applied to the premiums due on the life insurance policy.
a trust which is funded with annual exclusion gifts.
an Irrevocable Life Insurance Trust that allows the beneficiaries to demand that the trustee pay them their share of the monies contributed to the trust within a specified period of time