Funding
Funding not disclosed
Founders
Product
Problem
Trustees and administrators of Irrevocable Life Insurance Trusts (ILITs) must manage time‑sensitive Crummey notices, gift reminders, and premium alerts manually, which is labor‑intensive, prone to errors, and costly for firms that handle multiple trusts.
Solution
Crummey Service offers a web‑based platform that automates the entire ILIT back‑office workflow. The system generates and delivers Crummey notices, gift and premium reminders via email or postal mail on predefined schedules, reducing manual effort and compliance risk. Secure, third‑party‑certified data storage safeguards sensitive client information while allowing users to generate detailed reports in PDF, XLS, or DOC formats. Clients can also opt to outsource the full back‑office function to Crummey Service, receiving dedicated human support and further lowering administration expenses.
Target Audience
Primary customers are ILIT trustees, trust administrators, and wealth‑management firms that manage multiple irrevocable life insurance trusts and seek to streamline compliance and reporting processes.
Features
- Automated scheduling and delivery of Crummey notices, gift reminders, and premium alerts via email or mail
- Secure, industry‑certified cloud storage for all trust data and documents
- Customizable reporting engine with downloadable outputs in PDF, XLS, and DOC formats
- Option to fully outsource back‑office operations, including human support for administration tasks
- Role‑based user access controls to manage permissions for trustees, administrators, and staff
- Audit trail logging for compliance verification and historical record keeping