2025.11.24 本文字数：3224，阅读时长大约5分钟 作者 |第一财经 吴斯旻 即将进入耄耋之年，家住北京的李奶奶却没有办法独立考虑自己的养老问题。78岁的她长年独自照顾两 名心智障碍者——40岁的女儿和她年仅15岁的外孙女。随着自己的身体每况愈下，李奶奶开始考虑自己 的积蓄能否兼顾自身养老和儿孙监护。 李奶奶一家三口所面临的托付难题，也是大龄心智障碍家庭所面临的共同挑战。 在中国，心智障碍群体约有1200万~2000万人，其中孤独症谱系人群约为1400万人。目前，社会公共服 务和政府财政对于这类群体的支持往往聚焦于学龄前和义务教育阶段，当他们进入成年阶段而家长步入 老年期时，家庭照护则面临"支持断层"。 近年来，以特殊需要信托（下称"特需信托"）为代表的金融业务逐渐发展，成为解决大龄心智障碍群体 照护的创新工具。今年，在北京、上海等多地，不动产信托财产登记试点相继落地，意味着房产等非资 金资产可通过进入信托，成为心智障碍者未来托付的保障。 北京市晓更助残基金会近日发布的《心智障碍者家庭现状与未来托付需求调研》（下称"调研"）显示， 家长为心智障碍人士未来生活预算的费用平均为123万元，预计可维持平均 ...

2025.11. 24 本文字数：3224，阅读时长大约5分钟 作者 | 第一财经 吴斯旻 即将进入耄耋之年，家住北京的李奶奶却没有办法独立考虑自己的养老问题。78岁的她长年独自照 顾两名心智障碍者——40岁的女儿和她年仅15岁的外孙女。随着自己的身体每况愈下，李奶奶开始 考虑自己的积蓄能否兼顾自身养老和儿孙监护。 李奶奶一家三口所面临的托付难题，也是大龄心智障碍家庭所面临的共同挑战。 在中国，心智障碍群体约有1200万~2000万人，其中孤独症谱系人群约为1400万人。目前，社会公 共服务和政府财政对于这类群体的支持往往聚焦于学龄前和义务教育阶段，当他们进入成年阶段而家 长步入老年期时，家庭照护则面临"支持断层"。 近年来，以特殊需要信托（下称"特需信托"）为代表的金融业务逐渐发展，成为解决大龄心智障碍群 体照护的创新工具。今年，在北京、上海等多地，不动产信托财产登记试点相继落地，意味着房产等 非资金资产可通过进入信托，成为心智障碍者未来托付的保障。 北京市晓更助残基金会近日发布的《心智障碍者家庭现状与未来托付需求调研》（下称"调研"）显 示，家长为心智障碍人士未来生活预算的费用平均为123万元，预计可维持 ...

Core Insights - The event "Respect for the Elderly: Financial Elderly Care and Intended Guardianship" focused on the innovative financial legal tool of "special needs trust" [1][2] - The introduction of the first national case of real estate trust in Tongzhou District aims to enhance the quality of life for vulnerable groups, particularly the elderly and disabled [1] - The collaborative model of "finance + law + united front" is seen as a replicable solution to the challenges of elderly care and assistance in society [2] Group 1 - The event highlighted the importance of "special needs trust" as a financial tool for asset protection and stable cash flow for beneficiaries [1] - The presentation by Dr. Lin Wei emphasized the role of real estate in trust structures to ensure long-term care for individuals with disabilities [1] - Experts from various organizations provided insights on legal practices and financial operations related to intended guardianship and special needs trusts [1] Group 2 - The initiative is viewed as a model for high-quality development aimed at improving and safeguarding people's livelihoods [2] - The collaborative approach is intended to address the societal challenges of elderly care and assistance effectively [2]

Core Viewpoint - The article emphasizes the importance of family trusts as a crucial tool for wealth management and intergenerational wealth transfer in high-net-worth families in China, especially in the context of increasing wealth accumulation and the complexities of wealth succession [1][2][5]. Group 1: Understanding Family Trusts - Family trusts are defined as a legal structure that allows individuals to manage and protect their assets according to their wishes, ensuring compliance, asset isolation, and tax planning [3][4]. - Contrary to the belief that family trusts are exclusive to the ultra-wealthy, they can be tailored for families with varying asset scales, starting from as little as 1 million yuan [3][4]. Group 2: Growth and Adoption - The adoption of family trusts in China has seen significant growth, with the number of family trust clients at Shanghai Trust increasing from 1,200 to 12,000 in three years, marking a tenfold increase [4]. - This growth reflects a shift in focus from short-term gains to long-term wealth preservation among families [5]. Group 3: Functions and Benefits - Family trusts serve multiple functions, including risk isolation, asset protection, and structured wealth transfer, particularly in complex family dynamics [6][7]. - They provide legal independence and long-term stability, effectively safeguarding assets from marital disputes, debt issues, or inheritance conflicts [4][7]. Group 4: Planning for the Future - Family trusts allow for proactive planning, enabling clients to set specific conditions for wealth distribution, such as educational milestones or age thresholds for beneficiaries [8][11]. - In the context of an aging population, family trusts are increasingly seen as essential for ensuring the financial security of dependents and managing wealth transitions [13][14]. Group 5: Professional Management - The complexity of modern family wealth necessitates professional management, as family assets now often include diverse forms such as equity, intellectual property, and cross-border assets [14]. - Family offices, like Shanghai Trust's family management office, provide comprehensive support for family trusts, integrating legal, tax, investment, and governance expertise [9][10].

Core Viewpoint - The special needs trust is emerging as a significant service model within the trust industry, focusing on providing tailored financial services to individuals with specific needs, particularly those who are incapacitated or have cognitive impairments [1][6]. Group 1: Definition and Service Objects - The definition of special needs trust is established in the "Specific Classification Requirements for Trust Business," but there is inconsistency in understanding the beneficiary scope in practice [2]. - The primary motivation for establishing a special needs trust is to assist individuals who have lost the ability to manage their own assets due to incapacity or cognitive decline [2]. Group 2: Comprehensive Service System - A comprehensive service system is necessary for special needs trust services, which involves managing relationships among the trust parties, guardians, executors, and supervisors [3]. - Trust companies are encouraged to designate guardians as directive or protective agents within the special needs trust to ensure effective management of the beneficiary's interests [3]. Group 3: Service Norms - Achieving the intended goals of special needs trusts requires collaboration among various service entities, with trust contracts serving as binding agreements [4]. - Trust companies, as fiduciaries, must adhere to legal and regulatory frameworks while fulfilling their duties related to asset management [4]. Group 4: Service Evaluation and Value - The practice of special needs trusts is in its early stages, and establishing pilot models that are replicable and evaluable is essential for sustainable development [5]. - The social value of special needs trusts lies in their ability to integrate private interests with public service, facilitating collaboration among various service providers [5]. Group 5: Policy Support - The recent government directive on enhancing care services for severely disabled individuals elevates the protection of rights for vulnerable groups [6]. - There is a call for collaborative regulatory models to optimize the protection of the rights of special needs groups and create sustainable social value [6].

Core Viewpoint - The trust industry is undergoing a transformation and is currently facing profitability challenges, with a significant decline in trust business income and net profit in the first half of 2025 compared to the same period in 2024 [1][10][11]. Financial Performance - As of the first half of 2025, 53 trust companies reported a total trust business income of 181.31 billion yuan, a year-on-year decrease of 11.38% from 204.59 billion yuan in the same period of 2024 [7][4]. - The net profit for these companies was 163.74 billion yuan, down 2.83% from 168.51 billion yuan in the previous year [7][4]. - Overall, the operating income for the industry decreased by 1.98%, and total profit fell by 3.72% year-on-year [2]. Business Structure Changes - The trust business is under pressure, with traditional high-yield trust business continuing to shrink, while proprietary business income has shown strong growth, increasing by 16.72% year-on-year [4][11]. - The decline in profit metrics is less severe than the drop in trust business income, indicating that trust companies are actively working on cost reduction and efficiency improvements [4]. Industry Challenges - The trust industry is transitioning from a traditional "interest margin-driven" profit model to a new model based on "management fees + performance sharing," which has led to a significant drop in trust business income [11][18]. - Increased compliance and operational costs due to stricter regulatory requirements are also impacting profitability [11]. - The industry is still dealing with legacy risk projects, which continue to erode profits [11]. Future Outlook - Experts believe that the trust industry, with its dual advantages in asset management and wealth management, has the potential for sustainable profitability and high-quality development as new business models are gradually adopted [1][17]. - The restructuring of profit models is seen as a critical necessity, with a focus on new business areas and enhancing active management capabilities [15][18]. - The industry is expected to stabilize and potentially recover as the proportion of new business increases and risk management continues [18].

Core Viewpoint - The recent public consultation on the revised "Trust Company Management Measures" is significant as it marks the first revision in 18 years and addresses a market worth 27 trillion yuan, impacting the future development of the trust industry and the public [1] Group 1: Industry Challenges and Regulatory Response - The trust industry has faced risks such as fund pool operations and channel business risks, leading to the need for regulatory intervention to guide the industry towards standardized development [1] - The introduction of a series of policies aims to facilitate the transformation of trust companies as a necessary path for survival in the current regulatory environment [1] Group 2: Service Focus and Social Value - The current focus of the trust industry is on service, with service trust scales accounting for approximately half of the market, highlighting the diverse applications of trust services for various social needs [2] - Examples of innovative trust services include special needs trusts for vulnerable populations, prepaid fund service trusts, property management service trusts, and the first administrative management service trust for water rights in Shanghai [2] Group 3: Regulatory Framework and Future Directions - The revised measures emphasize the "trustee positioning" and include prohibitive lists to reshape business boundaries, addressing key pain points in the industry's transformation [4] - Key prohibitions include the end of rigid repayment, a ban on channel business without substantial services, and the establishment of a firewall against related party transactions to enhance trustee responsibilities [4] - The revision introduces internal governance principles aimed at maximizing beneficiaries' legal interests and fostering a culture of trust, which is expected to accelerate self-reform within trust companies [4] Group 4: Future Outlook - The implementation of the revised measures is anticipated to make trustee capability a benchmark for the industry, with many trust companies already working on their growth trajectories [5] - The future development of the trust industry is expected to focus on depth of professional expertise rather than the speed of scale expansion, indicating a promising outlook for the sector [5]

Core Viewpoint - The establishment of special needs trusts is a significant development aimed at providing long-term support for individuals with disabilities, addressing concerns of their families regarding care and financial security after their passing [1][3][4]. Group 1: Special Needs Trusts - Special needs trusts are designed to meet the living needs of individuals with disabilities, offering support in areas such as daily care, education, employment, and medical rehabilitation [3]. - The unique characteristics of special needs trusts include property independence, specific purposes for trust assets, and the fiduciary duties of trustees, which enhance their appeal to families of individuals with disabilities [4]. Group 2: Implementation and Impact - The first successful implementation of real estate trust property registration in Beijing's Tongzhou District marks a significant breakthrough, providing a new pathway for financial services in the welfare sector and offering hope to families with special needs [6]. - The case of a 70-year-old mother establishing a real estate trust for her 40-year-old son with autism illustrates the practical application of these trusts, ensuring housing and lifelong care funding [5][7]. - The pilot program addresses two critical issues: legally designating the property as trust assets and allowing property transfer without cash transactions, thereby reducing costs and time for establishing trusts [7].

Core Insights - The article discusses the establishment and significance of special needs trusts in China, emphasizing their role in providing financial security and support for individuals with disabilities and their families [1][2][5] - It highlights the challenges faced by families in understanding and accessing trust services, as well as the need for collaboration among government, social organizations, and financial institutions to create a comprehensive support system [7][8][9] Group 1: Special Needs Trust Overview - Special needs trusts are designed for vulnerable populations, including minors, individuals with mental disabilities, and elderly persons who cannot care for themselves [1][2] - The trust service aims to meet the specific needs of these individuals, providing a structured financial solution that integrates with existing social security systems [1][5] Group 2: Market Development and Challenges - As of the end of 2023, 13 trust companies have engaged in special needs trust services, with a total scale of 165 million yuan [3] - The development of special needs trusts is still in its early stages, with only about 20 companies currently offering such services [3][4] - Families often face difficulties in understanding trust mechanisms, necessitating educational outreach and support from trust professionals [2][6] Group 3: Case Studies and Practical Applications - A notable case involved an elderly woman in Shanghai who established a special needs trust to secure her property and ensure its transfer to her nephew, demonstrating the practical benefits of such trusts [3][4] - The article presents various innovative models, such as combining insurance with trust services to provide ongoing financial support for individuals with disabilities [6] Group 4: Collaborative Efforts and Future Directions - The article calls for a multi-faceted approach involving government, social organizations, and financial institutions to create a sustainable ecosystem for special needs trusts [7][8] - It emphasizes the importance of recognizing special needs trusts not merely as financial products but as essential legal structures that can address broader social issues [7][9]

Core Insights - The article highlights the challenges faced by families with special needs when establishing special needs trusts, particularly the heavy tax burdens that can hinder their effectiveness [1][4][6] - The "Tongzhou case" serves as a significant example of how a special needs trust can provide long-term support for individuals with disabilities, showcasing the potential benefits of such trusts when tax burdens are alleviated [2][3][12] Group 1: Special Needs Trusts - Special needs trusts are essential for protecting the rights and dignity of vulnerable groups, including individuals with autism and the elderly [2][6] - The establishment of a special needs trust allows families to ensure ongoing care and support for their disabled members, overcoming potential legal and financial obstacles [2][4] Group 2: Real Estate and Trusts - The introduction of real estate into special needs trusts allows ordinary families to utilize their primary assets for long-term security and dignity [3][4] - The pilot program in Beijing facilitates the inclusion of real estate in trusts, making it accessible to a broader demographic [3][4] Group 3: Tax Burdens - High tax burdens associated with real estate trusts, including deed tax, property tax, and income tax, present significant barriers to the establishment of special needs trusts [4][6] - The tax implications for trusts are disproportionately higher compared to individual ownership, discouraging families from setting up these protective financial structures [4][5] Group 4: Tax Fairness and Reform - The primary demand from families utilizing special needs trusts is for tax fairness rather than tax benefits, advocating for tax rates comparable to those for individual property ownership [6][8] - Proposed reforms suggest redefining the tax obligations of trusts to align more closely with individual tax rates, particularly for properties used for personal or familial residence [8][11] Group 5: Legal Framework and Support - Establishing the legal status of trust plans as independent entities for tax purposes is crucial for resolving the current tax burden issues [7][11] - Legal experts are increasingly supportive of clarifying the tax and property rights of trust plans, which could lead to significant improvements in the trust system for special needs families [12]