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
Continue readingCategory: Korea Estate Law
The Formalities under the Guardian Law in Korea
Often we assist clients with family member or friends in Korea that 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 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
Continue readingKorean Inheritance Tax for Estates in Korea
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 contact us wishing to understand how to calculate inheritance tax and how to save on inheritance tax. The following is, only, meant as a brief guide. We, always, rely on an inhouse accountant
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. 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 singer’s brother getting 60% of
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
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
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
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. Sometimes the waiver is for a valid reason and sometimes the Korean-based family does not have a legitimate reason for the waiver other than self-interest. A, typical, situation involves an estate of a Korean national decadent with non-Korean family abroad. The estate, often, includes assets in Korea and sometimes abroad. The Korean-based
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
Continue readingKorea Notarizations, Apostille, Powers of Attorney, Consularizations, Legalizations of Korean Translations and Documents
Our Korean lawyers at our law firm in Korea receive numerous 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. We, normally, receive these calls from fellow attorneys, a financial institution or an individual with the need for an important document to be “legalized” for
Continue readingKorean Trust Act of 1961 Amended
The 1961 Korea Trust Act has been criticized as being an archaic law that does not reflect generally accepted international trust standards and practices. The revised Korean trust law was passed to alleviate many of the problems of the old Korean Trust Law. The new law in Korea will came into effect in July of 2012. This post is a revised version of a post that was first posted in 2012. The most significant changes to Korea’s Trust Act are
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