personal residence trust

An irrevocable trust to which the settlor transfers ownership of his or her personal residence while retaining the right to live there for a specified term of years.

• The trust cannot hold any assets other than the residence and proceeds resulting from damage to or destruction of the residence. Cf. qualified personal-residence trust.

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词条贡献者

资深译员Gilbert，毕业于美国一流的法学院，专注翻译各种与专利申请和专利组合咨询有关的法律文件。