Shinhan Bank Launches 'Shinhan S Lifecare Disabled Trust'

Tax-saving products with no gift tax burden up to 500 million KRW... Supporting economic independence for people with disabilities

[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 3rd that it has launched the 'Shinhan S Life Care Disability Trust' product to help people with disabilities manage gifted money stably and support their economic independence.

This trust product is available to people with disabilities as defined by law, including those with severe disabilities, with a subscription range from a minimum of 100 million KRW to a maximum of 500 million KRW. It is a tax-saving product that allows up to 500 million KRW of gifted money to be tax-exempt. Additionally, this product can be subscribed to as a self-benefit trust type, where the disabled person directly enters into a trust contract with the bank, or as a third-party benefit trust type, where parents or a third party designate the disabled person as the beneficiary.

In particular, without the burden of gift tax, it allows monthly withdrawals up to 1.5 million KRW for living expenses and mid-term withdrawals for medical expenses, nursing care costs, and special education expenses, enabling the bank to manage essential funds needed for daily life so that people with disabilities can maintain economic independence.

A Shinhan Bank official said, "With this product, even people with disabilities who had difficulty directly contracting with the bank can easily enjoy tax benefits," adding, "We will practice and lead an inclusive financial culture with the idea of creating a world where no one is excluded and everyone can enjoy financial benefits."

This content was produced with the assistance of AI translation services.