Which of the Following Is Not a Characteristic of a Crummey

question 25

Multiple Choice

Which of the following is not a characteristic of a Crummey trust?

• A)A Crummey trust is a grantor trust, with the result that all trust income will be taxed to the grantor.
• B)A Crummey trust allows the grantor to delay distribution of trust assets beyond the 21st birthday of the trust beneficiary.
• C)Transfers into a Crummey trust are eligible for the annual gift tax exclusion because of the withdrawal right given to trust beneficiaries.
• D)Beneficiaries of a Crummey trust must be notified of their withdrawal right within a reasonable period prior to the lapse of the right.

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Definitions:

Blood-injection-injury Phobia

An intense fear of seeing blood, receiving injections, or injuries, causing significant anxiety and avoidance behavior.

Situational Phobia

A fear confined to specific situations, such as flying or being in enclosed spaces, that can disrupt daily functioning.

Cleaning Compulsions

Repetitive behaviors or mental acts that an individual feels driven to perform in response to an obsession, often related to an excessive need for cleanliness and order.

Checking Compulsions

Repetitive behaviors or mental acts that a person feels driven to perform in response to an obsession, typically aimed at preventing some dreaded event or situation.