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Clifford trust

American  

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.

Etymology

Origin of Clifford trust

After George B. Clifford, plaintiff in a suit against the Internal Revenue Service in 1940; regulations resulting from the suit defined the trust

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023

Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.