IPG Legal lawyers handled numerous inheritance and inheritance tax matters over our nearly two decades handling cases for expats, families abroad, domestic families, and foreigners with residence in Korea. The Korean Inheritance Tax Deductions Chart and the Korean Inheritance Tax Rate Chart were drafted since many clients contacted us wishing to understand how to calculate inheritance tax and how to save on inheritance tax. Please note, that this is a basic chart, and exceptions, sometimes, apply based on particular situations. For an article on the basics of
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Top Law Firms in Korea for English-Speaking Clients According to 10 Magazine
We are proud to note that 10 Magazine listed us in an article titled 10 Lawyers in Seoul for English-Speaking Expats in Korea. IPG is listed under the title Large/International Law Firms. Thanks for the mention 10 Magazine. We love your work. IPG Legal and many of our lawyers were listed as top attorneys by numerous legal rating services and magazines. Sean Hayes was, also, rated a top 100 Attorney. To learn more about IPG Legal please check out our website at: IPG Legal. The article by 10
Continue readingNavigating Korea’s Inheritance Law: Korean Inheritance Laws Basics Explained
Sean C. Hayes and the team at IPG Legal field many inquiries from international clients for assistance with inheritance issues in South Korea. Many clients that we talk with are children of Korean descendants who have passed away without a will. For an article on Korean estate taxes, please See Korean Inheritance Taxes. This week we saw another ruling on inheritance issues with the surviving family of K-pop star Goo Hara. After a nine-month battle, the Gwanju Family Court ruled that the inheritance be split, with the
Continue readingKorean Intestate Succession Law: Inheriting Property from your Korean-National Parents
We assist numerous clients concerning intestate succession issues in Korea. Many of these clients are foreigners who are children of a Korean decedent who passed away without a will. Typically, the clients are in need of an asset scrub and assistance in the transfer of the assets to the name of the client and forwarding of the funds overseas. Please note this present article deals, solely, with Interstate Succession under Korean Law. If your parent was, solely, a national of Korea, in most cases, the laws of
Continue readingKorean Wills: Korean Estate Law Basics
Like in most jurisdictions, the recognition of a will by a court of law requires precise formalities. We advise that most people have a will. For individuals with wills that shall be governed by Korean Law the formalities are noted below. We have omitted two forms of wills – a will by audio recording and dictation. These types of wills pose issues of authentication of the decadent and we believe it is not advisable – in most cases. Korean Holographic Wills A Holographic will is a handwritten will.
Continue readingTax Breaks for Korean Landlords: Real Estate Taxation Basics
Proposed by the Chairman of the Strategy and Finance Committee of the Republic of Korea on September 20, 2018, the Amendment to the Korean Restriction of Special Taxation Act came into force on January 1, 2019. The amendment has decreased the taxation burden of some landlords. The Act was amended in favor of Korean landlords who renew long-term rentals with tenants by charging a lower increase of rent by a percentage lower than a percentage set by Presidential Decree. This Act shall reduce, in general, the tax
Continue readingKorean Real Estate Acquisition Taxes for Purchase of Real Estate in Korea
The following are the Korean real estate acquisition taxes for the purchase of real estate in Korea. These acquisition taxes are applicable to the purchase of an apartment, land, or commercial property. Taxes in Korea change, often, when new administrations come into office. Thus, these taxes may change, thus, please consult with your real estate agent and/or accountant. Foreigners may purchase property in Korea, certain restrictions do apply to the purchase of property by foreigners. Basic Taxes Related to the Acquisition of Property in Korea. Acquisition Tax
Continue readingKorean Inheritance Law: Who Inherits What, When & How in Korea?
If a decedent, governed by Korea’s Inheritance Law, dies without a will (intestate succession) the estate of decedent shall pass according to Korea’s Intestate Succession Law. The key points of Korean Intestate Succession Law and Korean Inheritance Law is noted below. We deal with many cases, at our law firm in Korea, where a Korean family member requests a U.S. or European family member to disclaim an inheritance. Normally, a form is provided to the foreign family member. We suggest understanding the situation and understanding what you
Continue readingKorea Notarizations, Apostille, Power of Attorneys, Consularizations, Legalizations of Korean Translations and Documents
Our Korean lawyers at our law firm in Korea receive daily emails requesting our services in assisting with either legalization of a Korean translation for use in court, authentication, notarization, or apostille of a Korean, Chinese, American, British, French, German, Russian or other country document for either use in Korea or use in another country. For an article on Service of Process in Korea please see: Service of Process of Legal Documents explained by IPG Legal. and Legal Document Service in Korea via Hague Service Convention. We,
Continue readingGuardianship Law in Korea: The Lotte Family Conservatorship Saga Continues
With the news late in 2016 that the Seoul Family Court Appointed a Law Firm as Legal Guardian for Shin Kyuk Ho, founder of Lotte Group, and the negative effect the ruling had on his elder son’s efforts to regain control of the conglomerates, it is a good time for business owners and their families to understand what guardianship law may mean for businesses and families in Korea. For an explanation of Korean Guardianship Law, please see: Guardianship Law in Korea. Guardianship Law in Korea The Adult Guardianship
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