It is common for IPG Legal to handle matters where individuals born in Korea acquire U.S. citizenship and renounce their Korean nationality while still owning property in Korea and also matters where an expat passes with assets in Korea. When such U.S. citizen passes with assets in Korea, a key question arises: Can the heirs claim their legal reserve of inheritance? In other words, which law—U.S. or Korean—should govern the inheritance of their Korean assets? Governing Law and Inheritance The answer to this question hinges on the
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Discovery & Division of Cryptocurrency Assets in Korean Divorce Cases
As cryptocurrency investment becomes increasingly popular in South Korea and throughout much of the world, it has also raised complex issues in divorce cases and other asset division cases. Due to its decentralized and often anonymous nature, digital assets like Bitcoin are sometimes used to conceal wealth during divorce proceedings, estate matters, and other asset division matters. Below, we answer common questions from IPG Legal clients who are navigating divorce cases and we shall have articles posted, in the near future, on other asset discovery issues facing
Continue readingKorea’s Statutory Inheritance Reserve Deemed Partially Unconstitutional by Constitutional Court of Korea
The Korean Reserved Portion of Inheritance (유류분) in the Korean Civil Act is a system that guarantees heirs a minimum share of the estate, regardless of the wishes of the deceased in a will(hereinafter “the decedent”). In a recent ruling, the Korean Constitutional Court ruled that while the reserved portion of inheritance system itself does not violate the Korean Constitution, it declared the system is unconstitutional in part. Korea’s Reserved Portion of Inheritance is comparable to a Spousal Share (also called forced, elective, or statutory share of inheritance
Continue readingKorean Inheritance Law: Questions & Answers
Korean family and inheritance issues often concern legal and tax matters across various jurisdictions. In many cases, the nationality of the decedent (the person who passes away, leaving an estate), the decedent’s residence, the location of the inherited property, and the nationality and residence of those inheriting the property will dictate the applicable law and taxes. In most cases, an experienced Korean estate lawyer and a Korean tax professional are necessary to assist in avoiding inheritance and family disputes, lessen tax burdens, and navigate the transfer and disposition of inherited
Continue readingTop 100 Korean Lawyers & Legal Consultants in Korea
Sean Hayes, an attorney for the Top Korean Dispute Resolution Law Firm of the Year was rated by LawAsia, one of the leading peer-reviewed publications in Asia, as a Top 100 Lawyer in Korea. Sean Hayes is one of the only non-Korean attorneys on this Korean Lawyer “A-list” and the only non-Korean that was on the list each year the list was published. Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first
Continue readingKorean Inheritance Law on Registration of Inheritances in Korea
My friends at The Korean Tax Blog have an excellent post called Your Complete Guide to Estate Registration in Korea. The accounting firm at the Korean Tax Blog assists IPG Legal in all inheritance tax matters. For more information on Korean Inheritance Law please see: Who Inherits What, When, and How in Korea?, Renouncing an Estate in Korea and Korean Legal Reserve of Inheritance. The article, notes, in part tips for a successful inheritance. The article notes that for a successful inheritance process you should: The full
Continue readingRenouncing an Estate/Inheritance under Korean Law
A typical matter of a party renouncing an estate in Korea commences when a family member in Korea requests the waiver/disclaimer of the right to a Korean inheritance. In some cases, this request is for nefarious reasons. A typical, situation involves the estate of a Korean national decedent with non-Korean family abroad. The estate, often, includes assets in Korea and sometimes abroad. The Korean-based family, often, requests the non-Korean based family to sign a power of attorney or a document waiving the estate, thus, granting the Korean-based
Continue readingLegal Reserve of Inheritance for an Estate in Korea
Korea’s Legal Reserve of Inheritance/mandatory share of inheritance (유류분/遺留分) is a specific portion of an inheritance given to heirs notwithstanding the will. Therefore, for example, even if the will notes that a certain estranged child shall not receive any of the inheritance, Korean Law imposes a mandatory share of the estate for this heir. Therefore, the deceased is forced by Korean law to provide a certain percentage of the estate to all legal heirs under Korea’s Inheritance Reserve Law. For an article on the basics of Korean Inheritance Law
Continue readingAppointment of a Guardian in Korea
Those abroad or in Korea frequently struggle to comprehend how to safeguard their elderly parents, or family members who are residing in Korea. Don’t fret, a system is in place in Korea to assist families in need. Korean Guardianship Law was revised to meet the growing need for guardians in Korea. For a list of the type of Guardians in Korea please see: The Formalities under the Guardian Law of Korea The need for adult guardianship among seniors residing in Korea who are unable to care for
Continue readingAppointing a Guardian in Korea under Korea’s Guardianship Law
Often we assist clients with family members or friends in Korea who are better off under the care of a trustworthy person who can manage their personal and property-related responsibilities. Under Korean law, it is possible for a Korean court to appoint a guardian to take care of the best interest of a ward. A “ward” is a person who lacks the capacity, either physically or mentally, to take care of themselves. Thus, courts in Korea can appoint a guardian to take care of this ward of
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