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 accountantContinue reading
Tag: Korean Inheritance Law
Navigating 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% ofContinue reading
Korean 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 ofContinue reading
Korean 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 WillsContinue reading
Korean 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 suggestContinue reading
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