Crummey Gift Letter

CRUMMEY GIFT LETTER

Parties and Identifying Information

Donor Name:

Trustee Name:

Trust Name:

Whereas

WHEREAS, Donor has transferred or intends to transfer certain property to the Trust identified above for the benefit of the Trust beneficiaries; and

WHEREAS, it is intended by Donor that each contribution to the Trust be a completed gift of a present interest so as to qualify, to the extent permitted by law, for the federal gift tax annual exclusion; and

WHEREAS, Trustee and Donor wish to document the Donor's gift, the Trustee's obligations to provide withdrawal notices to beneficiaries, and the terms under which withdrawal rights shall be afforded in accordance with Crummey withdrawal principles.

Scope of Gift (Description of Contribution)

Payment Terms (Funding of Gifts)

Gift Amount (per contribution): $

Late Contribution Fee (if periodic funding agreed and payment missed):

Crummey Withdrawal Right and Notice

Withdrawal Right Period: Beneficiaries shall have a period of days from the date of Trustee notice to exercise a withdrawal right with respect to each contribution described above.

Trustee shall provide written notice to each beneficiary entitled to a Crummey withdrawal right within days of the funding of each contribution. The notice shall inform the beneficiary of the right to withdraw the specified portion of the contribution and the deadline to exercise such right.

Trustee confirms: Trustee will timely deliver the required notices and maintain records evidencing delivery and any exercised withdrawals.

Term and Termination

This Letter is effective as of the date signed below and shall continue in effect from the Start Date: until End Date: unless earlier terminated in accordance with this section.

Either party may terminate this Letter upon written notice to the other party delivered at least days prior to the effective date of termination, provided that termination shall not invalidate any completed gift or impair previously granted withdrawal rights.

Confidentiality

The parties agree that the terms and existence of gifts and contributions described herein, and any account information related thereto, shall be treated as confidential and shall not be disclosed except (a) as required by law or court order, (b) to tax authorities in connection with required filings, (c) to the parties' legal or tax advisors on a need-to-know basis, or (d) as otherwise consented to in writing by the Donor and Trustee.

Representations and Certifications

Donor represents and certifies that the contribution described herein is an outright, irrevocable transfer of a present interest in property, that Donor receives no consideration or direct benefit in exchange for the gift, and that Donor intends that each contribution qualify, to the extent possible under applicable law, for the annual gift tax exclusion.

Trustee represents that Trustee will comply with the withdrawal notice requirements described above, will honor any valid beneficiary withdrawal exercised within the withdrawal period (subject to the Trust instrument and applicable law), and will keep contemporaneous records of notices and exercises of withdrawal rights.

Governing Law

This Letter shall be governed by and construed in accordance with the laws of the State of without regard to conflict of laws principles.

Entire Agreement

This Letter constitutes the entire agreement between Donor and Trustee with respect to the subject matter hereof and supersedes all prior oral and written agreements and understandings concerning such subject matter. Any amendment must be in writing and signed by both Donor and Trustee.

Notices

Additional Provisions

If any provision of this Letter is held invalid or unenforceable, the remaining provisions shall remain in full force and effect. The parties agree to negotiate in good faith to replace any invalid or unenforceable provision with a valid and enforceable provision that achieves, to the extent possible, the original economic and legal intent.

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