shifting trust
An express trust providing that, upon a specified contingency, it may operate in favor of an additional or substituted beneficiary.
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shifting use
A use arising from the occurrence of a certain event that terminates the preceding use. • In the following example, C has a shifting use that arises when D makes the specified payment: “to A for the use of B, but then to C when D pays $1,000 to E.” This is a type of
income shifting
income-shifting. The practice of transferring income to a taxpayer in a lower tax bracket, such as a child, to reduce tax liability. • Often this is accomplished by forming a Clifford trust. See Clifford trust under TRUST; kiddie tax under TAX.