Planification patrimoniale
Trust de donation avec décote
Le constituant donne un capital mais conserve un revenu viager fixe. La valeur de ce droit retenu est déduite de la donation, ce qui réduit immédiatement la succession.
Glendalough, comté de Wicklow · Superbass, CC BY-SA 4.0
À qui il s'adresse
Clients présentés par un courtier, en bonne santé, ayant besoin d'un revenu fixe
Ce qu'il fait
- Décote immédiate sur la valeur de la donation, selon l'âge et l'état de santé
- Retraits fixes à vie, non variables
- La sélection médicale détermine la décote
- Une fois fixés, les retraits ne peuvent plus être modifiés
Le produit en détail
The Discounted Gift Trust is the one structure in this range that reduces an estate immediately rather than after seven years, and it does so through a mechanism that is worth understanding properly because it is frequently explained badly.
The settlor gifts capital to the trustees but retains one thing: a right to fixed withdrawals for the rest of their life. That retained right has a value — it is a stream of payments to a person of known age and known health — and that value is not part of the gift, because the settlor kept it. So the gift is the capital less the actuarial value of the retained income, and the difference is the discount.
This is why the medical questionnaire is central rather than administrative. A settlor in good health at 65 is expected to draw the income for a long time, so the retained right is worth a great deal and the discount is large. A settlor in poor health has a retained right worth less, and the discount shrinks. The counter-intuitive consequence, which should be said out loud to clients, is that this product rewards good health — and that a settlor who cannot satisfy the underwriting is being told, in effect, that a different structure suits them better.
The withdrawals are fixed at outset and cannot be varied. They are not a flexible income and must not be described as one: a client whose spending needs may change is not a candidate for this trust.
Documentation
La documentation produit est remise aux intermédiaires accrédités. Demandez-la à votre souscripteur, ou demandez-la via le formulaire de demande.
- Acte du trust de donation avec décoteSur demande
- Questionnaire médicalSur demande
- Illustration de la décoteSur demande
Comment cela fonctionne
Ce qui se passe, dans l'ordre
De la première demande jusqu'à la mise en place de la garantie, du contrat ou de la ligne.
The income requirement is fixed
A level annual amount, payable for the settlor’s life. It cannot be changed once the trust is executed, which is the single most important thing to establish before proceeding.
The settlor is medically underwritten
A questionnaire, and GP evidence where relevant. This establishes the value of the retained right and therefore the discount.
The discount is calculated and illustrated
Before execution, so the client sees the immediate estate reduction they are being offered.
The trust is executed and the bond invested
Segmented, so that the fixed withdrawals can be met cleanly year after year.
Withdrawals are paid for life; the balance is the beneficiaries’
Whatever remains in the trust on the settlor’s death belongs to the beneficiaries under the deed.
Les chiffres
Un exemple chiffré
Des calculs donnés à titre indicatif, pour que la structure du produit se voie plutôt qu'elle se décrive. Rien ici n'est une offre ni une projection.
A £500,000 settlement by a healthy settlor of 65
How the discount is arrived at. Illustrative figures — the real discount comes from the underwriting on the actual person.
- Capital settled
- £500,000
- Fixed withdrawals retained5% of the settlement, level, and unchangeable
- £25,000 a year for life
- Settlor’s age and health
- 65, standard rates on the questionnaire
- Actuarial value of the retained rightWhat the retained income stream is worth
- £185,000
- Value of the gift for estate purposes
- £315,000
- Immediate discount
- £185,000
- Discount as a share of the settlement
- 37%
- Remaining gift falls outside the estate after
- 7 years
Illustrative and not tax advice. The discount is calculated from the settlor’s age, the underwriting outcome and the income retained; a different person retaining the same income receives a different discount. Discounts are not guaranteed and the illustration is prepared before execution so that the client can see it.
How the discount moves with age and health
The same £500,000 settlement and the same £25,000 retained income, for four illustrative settlors.
Voir ces chiffres sous forme de tableau
| Valeur | |
|---|---|
| Age 60, standard | £215k |
| Age 65, standard | £185k |
| Age 72, standard | £140k |
| Age 65, impaired — Underwriting shortens the expected income period | £95k |
Adéquation
Où Trust de donation avec décote trouve sa place
Les cas auxquels il répond, ceux auxquels il ne répond pas, et ce qu'un souscripteur demande avant de tarifer.
C'est la bonne réponse lorsque
- A client in reasonable health who needs a fixed income and wants an immediate estate reduction.
- Settlements from £50,000 where the discount is worth the underwriting.
- A client whose income requirement is genuinely stable and known.
Il faut regarder ailleurs lorsque
- A client whose income needs may change — the withdrawals are fixed for life.
- A settlor whose health will not support a meaningful discount; the Gift and Loan Trust is usually the better conversation.
- A client who wants access to capital as well as income.
Ce qu'il nous faut pour tarifer
- 1.The settlor’s details, the settlement and the fixed income required.
- 2.The completed medical questionnaire, and consent to approach the GP.
- 3.The beneficiary class, the trustees, and confirmation of the client’s own tax advice.
Questions
Ce que les courtiers nous demandent sur ce produit
Is the discount guaranteed?
The illustration is prepared before execution on the underwriting outcome, but a discount is a valuation rather than a guarantee, and it can be examined after death. It should be presented to clients as a calculated figure, not a promise.
Can the withdrawals be increased later?
No. They are fixed at outset for life. A client who may need more is not suited to this trust, and saying so early is kinder than saying it in ten years.
What happens if the settlor outlives the fund?
The withdrawals stop when the fund is exhausted. A high income on a modest settlement makes that a real possibility, and the illustration should be read with that in mind.
Why does poor health reduce the discount?
Because the discount is the value of the income the settlor retained, and a shorter expected life means a shorter expected income. It is the opposite of how underwriting works on an annuity, where a shortened life expectancy increases the payment.
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Le formulaire parvient à un souscripteur à Dublin. Si vous êtes intermédiaire, dites-le et nous l'orienterons vers le bureau courtiers.