Crummey Club makes it easy!
The Crummey Club Challenge
Administering an irrevocable life insurance trust isn't simple. Trustees often feel overwhelmed by tasks and deadlines, making many people hesitant to serve as the trustee of a life insurance trust. Missing even one required notice can jeopardize the trust's tax benefits. That's why we created the Crummey Club - to take the stress out of the trust administration for irrevocable life insurance trusts and give trustees peace of mind.
The Crummey Club Fix
Crummey Club to the rescue! We've designed an easy, automated system that takes the stress out of irrevocable life insurance trusts by providing reminders and sending necessary notices. We are designed to be used by trustees, law firms, financial advisors, and life insurance agents so everyone can have peace of mind that premiums are paid, and notices are sent, recorded, and tracked.
The Crummey Club Process
Think of us as your behind-the-scenes support team, making sure your irrevocable trust stays compliant. Crummey Club reminds the Grantor when and how much to gift to the Trust to satisfy the insurance premium obligations. Crummey Club sends a letter from the Grantor to the Trustee confirming that the payment to the Trustee is a gift. Then, Crummey Club creates and sends Crummey notices to all beneficiaries of the trust. All notices are tracked and delivery recorded. Lastly, Crummey Club will remind the Trustee to pay the insurance premium. All transactions are recorded kept on our system.
The Crummey Club Value
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You can rest assured that your trust administration is following industry best practices and should the IRS request documentation that Crummey Notices have been delivered, your Trustee will have on demand access to the necessary reports. A byproduct of our software is that your overall insurance and trust information is more organized allowing you to better monitor and evaluate as your needs change. CrummeyService software administers ILIT notifications to all parties of a trust, maintains records in perpetuity (or until the dissolution of the trust), and does it more efficiently than many trustees are able to do by themselves. The automated administrative tasks are monitored in an easy to read online format, providing the trustee with an organized inventory of all trust-related actions taken during the year and historically.