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Help—My Child is About to Receive A Windfall!

How to handle oversized minor’s trusts and custodial accounts.

We all know about “Crummey trusts” as a way to make annual exclusion gifts to children.1 In such trusts, the child has the right to withdraw each annual gift made to the trust for a limited period of time, after which the right lapses and the assets are governed by the trust terms. Internal Revenue Code Section 2503(c) creates another option for annual exclusion gifts made for minor children. In an IRC Section 2503(c) trust (2503(c) trust) (also known as an “irrevocable

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