You can rest assured that your trust administration is following industry best practices and should the IRS request documentation that Crummey Notices have been delivered, your Trustee will have on demand access to the necessary reports.
A byproduct of our software is that your overall insurance and trust information is more organized allowing you to better monitor and evaluate as your needs change.
CrummeyService software administers ILIT notifications to all parties of a trust, maintains records in perpetuity (or until the dissolution of the trust), and does it more efficiently than many trustees are able to do by themselves. The automated administrative tasks are monitored in an easy to read online format, providing the trustee with an organized inventory of all trust-related actions taken during the year and historically.
TrustButler Decision Matrix for Advisors
Consider what it takes to manage an ILIT effectively
|Does your current process?||Your Process||TrustButler Automation|
|Requires you or your staff to repeatedly remind grantors when and how much to gift?||Yes/no||No, the software will manage gift reminders and escalations until gifts are recorded in the system.|
|Follow a manual process to create and send Crummey Letters and file beneficiary acknowledgements?||Yes/no||No, the software creates and delivers Crummey notices, captures beneficiary acknowledgements.|
|Depend on you or staff to pay premiums and record the completed transaction||Yes/no||The software will continue to remind the bill payer when premiums are due and prompt the administrator to record the premium amounts that were paid by the administrator for record keeping and reporting.|
|Depend on you or staff to monitor and update ILIT changes in a master spreadsheet or contact management system?||Yes/no||The software can automatically request users to confirm or update their contact information.|
|Depend on you or Staff to follow a simple calendar reminder like outlook or other client management that instructs them when to create and mail notices?||Yes/no||The software does not require an administrator to create and send notices but rather the system knows what notices are needed and sends them automatically or holds them in a queue pending approval of an administrator.|
|Is it easily scalable to handle more ILIT business without increasing staff?||Yes/no||The software is designed to work effortlessly and tirelessly regardless of whether your managing one ILIT or thousands.|
|Is your process keeping your firm’s brand top of mind with each notice in an effort to drive new business?||Yes/no||The software was designed to help keep your firms brand in front of the notice recipients who are often HNW decision makers and future heirs.|
|Are your ILIT records stored in a secure offsite data vault?||Yes/no||We use an offsite secure SAS 70 facility for all records which can be accessed by your administrators 24/7|
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