Clifford Trust

Clifford Trust

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Clifford Trust

Clifford Trust definition:  A Clifford Trust refers to transferring income-producing assets into a trust for beneficiaries to benefit from the income. When the trust expires at the end of its term, the assets transfer back to the grantor. The term of the trust must be longer than ten years and one day. The grantor is responsible for income taxes for the trust. Prior to the Tax Reform Act of 1986, this was a vehicle for grantors to avoid paying taxes on these assets, while the beneficiaries paid taxes (assumingly at a much lower tax rate).

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