Clifford trust

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Related to Clifford Trusts: Revocable trust
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Noun1.Clifford trust - 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
trust - something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); "he is the beneficiary of a generous trust set up by his father"
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Such trusts provide tax benefits that are similar to the old Clifford Trusts, which were effectively gutted in the mid-1980s by tax law changes.
The Clifford trusts were used primarily as a device to deduct the costs of private education.
Included are: Clifford trusts, spousal-remainder trusts, investment-grade life insurance, tax-exempt municipal bonds, equipment trust utilizing equipment used in a related family trade or business, some family partnership strategies and S corporations.