Many irrevocable trusts create withdrawal rights, known as “Crummey” powers, in order to qualify for the gift tax annual exclusion. Fully understanding withdrawal rights and their requirements can be challenging for practitioners of all levels. This confusion does not stop with practitioners, as even the Internal Revenue Service and the Tax Court have differing views on Crummey powers and their requirements. 
In this presentation, we will start with a primer on the basic purposes and use cases of Crummey powers in irrevocable trusts and then build to more complex questions and issues. You will learn 

• the gift tax principles that necessitate Crummey powers;
• common types of irrevocable trusts where Crummey powers are used;
• notification and documentation requirements, and how these requirements have changed in recent times;
• what happens when a Crummey power expires;
• challenges in administering trusts with Crummey powers; and
• whether Crummey powers are limited to trust beneficiaries.