Donation tax treatment of the gratuitous transfer of an endowment policy taking into account a usufruct

A usufruct can reduce the value of a unit-linked pension insurance for gift tax purposes. According to the Muenster Regional Tax Court, this also applies if the usufruct is limited to the event that the insurance policy is terminated prematurely (ruling dated June 23, 2022 - 3 K 606/21 Erb). The value of the donated insurance must therefore be reduced by the value of the usufruct.