Clifford trust

Clifford trust

noun Law.
a type of living trust set up for at least a 10-year period, during which the income goes to a beneficiary and after which the principal reverts to the grantor.

Origin:
after George B. Clifford, plaintiff in a suit against the Internal Revenue Service in 1940; regulations resulting from the suit defined the trust
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Based on the Random House Dictionary, © Random House, Inc. 2012.
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Clifford trust is always a great word to know.
So is deed. Does it mean:
a wrongful act, not including a breach of contract or trust, that results in injury to another's person, property, reputation, or the like
a writing or document executed under seal and delivered to effect a conveyance, especially of real estate
WordNet
clifford trust

noun
a trust established to shift the income to someone who is taxed at a lower rate than the grantor for a period of 10 years or more 
WordNet® 3.0, © 2006 by Princeton University.
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