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Expert Analysis

The Case For Eliminating Crummey Powers

Law360, New York (May 28, 2014, 11:30 AM EDT) -- The 2015 "Greenbook" — The U.S. Department of the Treasury's Explanations of the Administration's Revenue Proposal — contains a new proposal that would greatly simplify the process of making annual gifts to trusts without the use of any lifetime federal gift tax exemption. In particular, the new proposal would impact the continuing administration of irrevocable life insurance trusts, regardless of when the trusts were created. Although the details may require some modification, the proposal addresses an area that the IRS has been targeting for some time now. Therefore, practitioners should be aware of — and perhaps even support — this development....

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