Crummy trust

Crummy trust definition - business

Crummy trust

A special type of irrevocable trust used to transfer assets to a minor. Gifted assets qualify for the gift-tax exclusion, while control is maintained by a trustee as long as the minor is given a temporary time (usually 30 days) to withdraw newly contributed assets.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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