Crummey trusts are another commonly used method of gifting assets to children and other minors. These trusts allow multiple beneficiaries and permit control of assets well beyond age twenty-one under the terms of the trust. There are certain fairly simple procedures that must be followed.
If your children are immature or incapable of handling their own money, these trusts are a good idea.
Call estate attorneys and find out about cost to set up.
I have known individuals who used these trusts and put an age limit of 35 before the beneficiary receives the assets of the trust.