NH Nonghyup Bank announced on June 25 that it has launched the "NH SarangTHE Real Estate Gift Trust," a product designed to maximize tax-saving benefits when gifting real estate and to safely protect gifted assets.
This product is structured to reduce the burden of gift tax by making a preemptive gift before the value of the real estate increases, and to lessen the inheritance tax burden on the recipient by reducing the size of the inherited estate. Through a trust agreement, the gifted assets can be safely separated, helping to prevent future disputes by protecting them from infringement of rights.
It also allows for conditional gift planning, in which certain obligations are imposed on the recipient, so that both the philosophy of the giver and the responsibility of the recipient can be reflected simultaneously.
An official from Nonghyup Bank stated, "This new trust product will set a new standard for wealthy individuals seeking to strategically plan the flow of their assets," adding, "We will continue to expand differentiated trust services that reflect customer needs and social trends."
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