Prior to the Tax Reform Act of 1986, Clifford Trusts were often used to shift assets that produced income to children from their parents. However, this legislation rendered this strategy impractical, as the Act mandated that Clifford Trust income must be taxed to the grantor. Therefore few of these trusts have been created since then.
Investment dictionary. Academic. 2012.
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Clifford trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
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 • Syn: ↑grantor trust • Hypernyms: ↑trust * * * Law. a type of living trust set up for at least a 10 year… … Useful english dictionary
Clifford trust — 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. [after George B. Clifford, plaintiff in a suit against the Internal Revenue… … Universalium
trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… … Law dictionary
trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… … Black's law dictionary
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