NEW YORK, Aug. 7, 2012 /PRNewswire/ -- CrummeyService.com, a Web-based service that enables life insurance trusts to comply with annual notification requirements to trust beneficiaries, announced today that it accepted an equity investment from the principals of Winged Keel Group.
"I used the CrummeyService.com technology for my own life insurance trust and couldn't believe how easy it became to provide the trust beneficiaries with timely notification of their withdrawal rights," commented Michael Liebeskind, one of the founders of Winged Keel Group. He added, "At the moment, the percentage of life insurance trusts that comply with the Crummey notification requirements is very low, perhaps in the single digits. We expect that percentage to increase significantly as law firms, trust companies, life insurance brokers, and other professional advisors license the CrummeyService.com technology to help their clients meet the clearly articulated safe harbors."
In order for a gift to a trust to qualify for the annual gift tax exclusion, currently $13,000 per beneficiary, the IRS requires trust beneficiaries to be given formal written notice of their right to withdraw the gifted amount if they choose to do so (Crummey v Commissioner, 397 F.2d 82 (9th cir 1968)). CrummeyService.com technology reminds the grantor to make the gift to the trust, notifies the beneficiaries of their right to withdraw the gifted amounts, and provides an independent third-party record of the entire process. "I was paying over $1,000 per year in professional fees to get this work done," said Campbell Gerrish, another founder of Winged Keel Group. "But after I entered the necessary data into the CrummeyService.com website through a simple, step-by-step process, the CrummeyService.com technology took care of the notifications, saving me both the expense and the nuisance of having to deal with this year after year."
"We started CrummeyService.com because we believed that trust grantors and professional advisory firms would jump at an opportunity to leverage technology to enable clients to comply with the Crummey notification requirements," noted Randall Peck, founder and CEO of CrummeyService.com. "We are delighted to partner with Winged Keel Group, whose market presence and experience in developing turnkey administration processes should enable us to expand our visibility within the financial services community."
CrummeyService.com, headquartered in Boca Raton, FL, is a leading provider of compliance and trust management technology for professional advisory firms and their clients. For more information about CrummeyService.com, please visit http://www.crummeyservice.com.
About Winged Keel Group
Winged Keel Group is an independent life insurance brokerage firm based in New York, NY. Founded in 1993, Winged Keel Group has earned a reputation for excellence, working with clients of some of the leading law firms, trust companies, private banks, accounting firms, and investment management firms. More information about Winged Keel Group is available at http://www.wingedkeel.com.
CrummeyService.com: Media Contact
Randall W. Peck, [email protected], 888-648-ILIT (4548)
Winged Keel Group: Media Contact
Eric Naison-Phillips, [email protected], 212-527-8081
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