Define Crummey powers & Crummey letter.
What will be an ideal response?
Crummey powers: The trustor gives the insurance premium to the trustee and the trustee then must write a letter to each trust beneficiary informing the beneficiary that he or she may withdraw the premiums immediately. If the beneficiary does not withdraw the money, the trustee pays the insurance premiums.
Crummey letter: The notice given to the beneficiaries of a Crummey trust.
You might also like to view...
What methods do courts use to determine a division of marital assets? Include both community property states and those that follow equitable distribution rules.
What will be an ideal response?
The job market for paralegals rarely fluctuates.
Answer the following statement true (T) or false (F)
?In some jurisdictions, as an alternative to prosecution, a(n) ____ program may be offered to certain felony suspects to deter them from future unlawful acts.
A. ?diversion B. ?public works C. ?rehabilitation D. ?education
Once an Order for Relief is entered, the case progresses like a case initiated voluntarily by a debtor.
Answer the following statement true (T) or false (F)