Crummey Trust

A trustAn arrangement in which property interests are legally held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary). in which the trusteeA person who stands in a fiduciary relation to another, having been given legal title to someone else’s property for the benefit of a third party. makes distributions to beneficiaries only up to the amount permitted for the annual gift tax exclusion.