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Clifford trust

noun

, Law.
  1. 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.

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Word History and Origins

Origin of Clifford trust1

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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