What is a CRUMMEY trust: This is a type of trust names after the first person to use it. The Crummey trust is ysed to give assets to minors but with restrictions. satisfying legal requirements of a gift providing a “present interest” to the recipient of the gift, the minor has up to 30 or 60 days to take the gift outright from the trust failing which the gift is then locked in until the designated date or dates or events of distribution.
