A trust which your client, the settlor, creates by means of a gift, but under the terms of which they retain the right to receive certain ‘income’ payments which may continue for the whole of their life or until the fund has been exhausted.
The Discretionary version allows the trustees to amend the beneficiaries, whereas the Bare version names the beneficiaries at outset and these cannot be changed.
Read about the Discounted Gift Trusts
How an Old Mutual Wealth Discounted Gift Trust can help you
IHT planning and a Discounted Gift Trust
Watch this Techcellence video Discounted Gift Trusts.
Visit the Trustability Hub for useful support materials about trusts.
Access the Literature Library for the necessary forms to set up a trust.