Clifford Trust
Up to 1986, arrangement to provide a personal trust while the settlor is still alive. The income is paid to named children, who enjoy lower income taxes. After 10 years and a day, the property reverts to the original owner. The Internal Revenue Service had ruled that the income from the property in trust is not income to the original owner. The Clifford Trust was eliminated under the tax reform act of 1986.
Popular Insurance Terms
Present value computation of the accrued or projected benefits of a retirement plan. This computation is known as the actuarial valuation because it is based on probability (retirement ...
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Total earned premiums minus total expenses and losses paid of the insurance company. ...
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