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August 8th, 2011

What is a Crummey Trust?

(Estate Planners) - Don’t let its name fool you; the Crummey trust is a very viable option in estate planning. The Crummey trust can be used to legally avoid the payment of estate or gift tax when transferring money or other assets to someone else. And as a bonus, the grantor (person establishing the Crummey trust) can still specify to a certain degree how the transferred money and assets are used.

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June 13th, 2011

What is an Oral Will?

(Estate Planners) - An oral will, also sometimes referred to as a nuncupative will, as the name suggests, is merely a verbal accounting of a testator of how he or she wishes for property and assets to be distributed upon death. The oral will is similar to a traditional (written) will, but is spoken. It is rare for an oral will to be used in modern times, although it is certainly a viable option in some circumstances, such as in an emergency situation where there is no time for a written will to be prepared before death occurs.

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