Facilitates an outright gift to the trustees for the benefit of the beneficiaries.
Points for consideration
- The FPIL policy can be gifted at any time into the Gift Trust
- The Gift Trust is only suitable for those looking to make an outright gift in a tax efficient way. Therefore, the settlor cannot benefit from the trust
- The trustees can make payments to the beneficiaries at any time
- Any growth of the Trust Fund is outside of the estate from commencement of the trust
- The Gift Trust will avoid the need for obtaining Isle of Man