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

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
Cite This Source Link To clifford trust
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.
Cite This Source
Copyright © 2014 Dictionary.com, LLC. All rights reserved.
  • Please Login or Sign Up to use the Recent Searches feature
FAVORITES
RECENT

;