特殊需要信托：从“财富工具”到“民生守护”的制度破局

Core Viewpoint - The increasing aging population and changing family structures in China have highlighted the need for long-term care and financial security for special needs groups, such as mentally disabled individuals and elderly people without children or living alone. The trust industry is shifting from serving high-net-worth individuals to broader social welfare, with the introduction of "special needs trusts" as a new regulatory category in 2023 [1][6]. Group 1: Special Needs Trusts - Special needs groups include minors, mentally disabled individuals, and elderly people who are unable to care for themselves. As of November 2024, there are approximately 35 million disabled elderly individuals in China, accounting for 11.6% of the total elderly population, with projections suggesting this number could reach 46 million by 2035 [3][4]. - The "special needs trust" concept was formally introduced in 2023, categorized under wealth management services, marking a shift in trust functions from value enhancement to protection [6][7]. Group 2: Practical Implementation - A recent case in Beijing's sub-center combined "special needs trust" with "intended guardianship" to provide a new model for elderly care. A 72-year-old retired doctor established a trust with China Foreign Trade Trust Co., ensuring her assets are managed independently and securely for her long-term care [5]. - The trust acts as a "financial firewall," ensuring that funds are used solely for the intended purpose of elderly care, thus preventing misuse [5]. Group 3: Challenges and Recommendations - Despite the demand for special needs trusts, the sector faces challenges such as tax burdens and governance risks. For instance, a case in Tongzhou highlighted that the tax rate for trust property transfer can be higher than direct ownership, which adds financial strain on families [8][9]. - Governance risks arise from the potential for conflicts in responsibilities among trustees and guardians, necessitating clear delineation of roles and oversight mechanisms to protect beneficiaries [9]. - The development of special needs trusts requires improved top-level design in areas such as taxation and caregiving, drawing lessons from more developed systems in other countries [10].