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

译者Jenna，毕业于法国顶尖的高级翻译学院，擅长翻译有关互联网与电子商务领域的法律文件。