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Clifford trust

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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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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
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018