— TOLI Administration
Most trustees do not have the proper tools to assist them with their fiduciary duties associated with the annual gifting, reporting, notification of withdrawal rights to beneficiaries and the timely payment of insurance premiums. Crummey Service is a unique web-based solution designed to automate those and other administrative processes associated with trust owned life insurance (TOLI).
Crummey Service accumulates and manages key trust information for grantors, their trustees, beneficiaries and associated insurance policies. All information and transactions are tracked and monitored in a highly secure environment. Date-driven workflows launch early notifications (electronic or hard copy) to the grantors to fund their trust account. Notices trigger an automatic approval based on the funding method. Electronic notifications of gifts (Crummey Letters) are then sent to trust beneficiaries on behalf of the trustee informing them of withdrawal rights. Gift status is tracked and stored for the life of the Trust. In turn, trustees are notified to pay the policy premium with payment date, method, amount and all other relevant payment details captured and memorialized in the system.
Crummey Service is a valuable resource and its low costs make it the perfect partner for managing a single trust or thousands. It will manage the entire ILIT lifecycle, including funding notices, Crummey letters and payment notices. Crummey Service's patent-pending automation either eliminates or significantly reduces the extensive manual processes typically in use today. Its automation and reports support compliance with IRS and UPIA regulations and guidelines.
CrummeyService.com, LLC's management team consists of experts in the fields of insurance, financial services, software and high-tech service companies. They are committed to providing a uniquely valuable service that works smoothly and effectively.
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