IBK Industrial Bank of Korea Launches "IBK Disability Trust Together"

Up to 500 Million Won for Cash, No Limit for Real Estate
Tax Exemption Applies to Both Cash and Real Estate up to 500 Million Won

IBK Industrial Bank of Korea announced on October 28 that it has launched the "IBK Disability Trust Together."

Eligibility is limited to persons with disabilities as defined by the Inheritance and Gift Tax Act and other relevant laws.

The trust assets can include cash and real estate received as gifts from family members or others. Cash can be entrusted up to a maximum of 500 million won, while there is no limit on the amount of real estate. The tax exemption benefit applies to both cash and real estate up to 500 million won.

Subscribers can withdraw trust income at any time. In cases where persons with severe disabilities need to withdraw principal for medical expenses, special education expenses, or living expenses, they may do so without incurring gift tax.

IBK Industrial Bank of Korea will support the gift tax filing process and provide voice guidance services for visually impaired customers to enhance financial accessibility.

Further details are available on the IBK Industrial Bank of Korea website.

An official from IBK Industrial Bank of Korea stated, "We believe this product will help customers with disabilities manage their assets and stabilize their lives," adding, "We will continue to expand products and services for financially vulnerable groups to fulfill our social responsibility."