A Crummey Trust is an irrevocable trust that allows the donor to make cash gifts to a beneficiary without triggering gift taxes. This type of trust is so named after its creator, William F. Crummey, who developed it in 1960. The trust’s primary benefit is that it allows donors to give large sums of money to beneficiaries without being subject to the lifetime gift tax exclusion limit. At the same time, it also affords the donor flexible control over how and when the money can be spent. Essentially, a Crummey Trust is a great way for generous people to provide long-term financial security for their loved ones.