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Drafting Crummey Withdrawal Rights in InterActive Legal

March 3, 2023 @ 12:00 pm 1:00 pm EST

Teresa L. Bush Esq.
Drafting Webinar

Subscriber Drafting Webinars provide continued training on various aspects of using the InterActive Legal software, usually focusing on drafting particular documents or using certain drafting options.  These webinars are free to ILS subscribers. They provide insight and training regarding specific documents and options available within the drafting systems. Subscribers will receive an email outlining the topic of each drafting webinar with instructions for registration.

Webinar Description

Estate planners often worry about minimizing or avoiding estate taxation at death, but gift taxation must be considered when making transfers during lifetime. Smaller gifts can avoid gift taxation due to the gift tax annual exclusion, which allows taxpayers to transfer relatively small amounts of property without any gift tax impact at all. However, if a gift is made to a trust, instead of outright, the gift tax result may differ. In most cases, gifts in trust are intended to qualify for the gift tax annual exclusion by giving the trust beneficiary a right of withdrawal over trust contributions – often referred to as a Crummey power, named after the court decision that first allowed this strategy.

In this drafting webinar, we will review the options for including Crummey withdrawal rights when drafting irrevocable trusts in InterActive Legal. The Crummey power option appears in irrevocable trusts in all practice systems, and there are additional options available in Wealth Transfer Planning that we will review as well. The presentation will cover:

  • When the drafter might want (or not want) to include Crummey powers
  • InterActive Legal documents that have Crummey powers by default
  • How to add Crummey powers for non-spouse beneficiaries
  • Crummey powers for the spouse
  • Choosing the Crummey power time period
  • Special issues relating to the time period, such as gifts made close to year-end
  • Turning “off” Crummey powers for future gifts
  • And more

We look forward to seeing you on March 3rd for this drafting webinar.

Continuing Education Credits

InterActive Legal is not an approved Continuing Education (CE) Sponsor. However, several states and regulatory agencies for a variety of professionals that participate on our teleconferences may still receive continuing education credit for their participation. If a participant wishes to receive CE credit for their participation in these teleconferences, they must apply to receive credit on their own and through their individual states and regulatory authorities. It is the responsibility of the participant to file for CE credit and is not guaranteed by the webinar sponsors.

Speaker Bio

Teresa Bush, Esq.
Teresa Bush joined InterActive Legal in 2007 and serves as Director of Education and Support Services. Ms. Bush has been licensed to practice law since 1991, and focused her practice exclusively on issues of estate and gift tax planning, probate, charitable planning, and estate and trust administration. She began her practice in a small law firm, planning for clients of all levels of wealth. Thereafter, she practiced for a number of years in the Tax Section of Kelly, Hart and Hallman, P.C. in Fort Worth, Texas, and as an estate and gift tax consultant for the Dallas office of Ernst & Young, in both cases focusing on planning for very high net worth clients. Ms. Bush received her J.D. from the University of Texas School of Law, where she was a research assistant for Professor Stanley M. Johanson. She studied at Edinburgh University and the London School of Economics prior to obtaining a B.A. in Economics and Political Science from Rice University in Houston. While studying abroad, she worked as an intern for a Member of Parliament in the British House of Commons. Ms. Bush taught legal research and writing as a Teaching Quizmaster in law school, and later taught estate planning extension courses for American College of Financial Services CLU candidates. She has presented several online webinars on estate planning and drafting topics, and is the author or co-author of a variety of estate planning articles.

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