Legal Question in Wills and Trusts in Texas
what happens if Crummey letters are not sent out to beneficiaries of a ILIT?
Asked on 9/24/10, 2:23 pm
1 Answer from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
Unless the recipient of the gift affirmatively declined to withdraw the gift, then the gift would not be of a present interest and there could be some adverse income and estate tax consequences down the road.
Answered on 10/06/10, 11:46 am
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