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The Process
For anyone gifting assets to a trust, the process of preparing, sending and storing the letters required by the IRS (aka “Crummey Letters”) is cumbersome at best.
The person establishing the trust (the “Grantor”) needs to notify trustees of gifts made and often remind them to send the letters to the beneficiaries. Trustees need to track receipt and acknowledgment of the letters. The grantor then needs to retain the letters in a folder somewhere that the necessary person, often a spouse, will know where to find them, usually after the Grantor has passed.
Automated
Using the latest technology, Crummey Cake automates the preparation, delivery and storage of the letters in a secure, digital environment.
Accessible
With Crummey Cake, grantors can invite family members and trusted financial advisors to their site, prepare the letters and have access to them when needed.
Centralized
Copies of prior years’ letters prepared offline can also be uploaded so that all “Crummeys” are in one place.
Reliable
With timestamps of when each letter was signed, sent and acknowledged, you can trust that everything needed in the event of an IRS audit will be readily available.
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Why Crummey Cake
Comprehensive
Create and manage a family. Define relationships, guardianships and set permissions for each user.
Easily-shared
Invite trusted financial advisors (accountants, lawyers, financial/estate planners and insurance agents/providers) to each family’s site so that they can help guide and ensure that the trusts stay in compliance with ever changing tax legislation.
Flexible
Create Crummey Letters using one of our standard templates or create your own to meet the specific needs of each trust. Templates can be defined by any advisor or family member with permissions to do so.
Automated
Log each gift and automatically request the trustee to send the letter to the beneficiary. Trustees can have letters automatically sent upon the entry of each gift by the grantor with our autosend feature.
Transparent
Track the acknowledgement and withdrawal requests or declines for each beneficiary or his/her guardian.
Secure
Safely store and organize all of letters in one place. Additionally, upload prior years’ letters prepared offline as well as any will, trust, power of attorney or healthcare directive you’d like to be available to a family and it's advisors.
