The Constitutional Court of Korea ruled that a provision in the Korean Civil Code prohibiting the revocation of a gift of property already transferred, even if a child abandons their duty to support their parents, does not violate the Korean Constitution. The Court also ruled that the provision prohibiting the revocation of a gift after it has been executed on the grounds that the contract was not in writing or that the donor’s financial condition has deteriorated is constitutional. The case stems from a constitutional complaint filed
Continue readingTag: Korean Inheritance Law
Korean Inheritance Law & Trust Planning Resource Guide by IPG Legal’s Seoul, Korea Office
A Comprehensive Resource on Wills, Forced Heirship, Estate Disputes, and Cross-Border Succession Inheritance law in Korea presents unique challenges that are often underestimated by foreign nationals, overseas Koreans, and international families. Korea’s civil law system imposes mandatory inheritance rules, strict procedural requirements, and one of the most demanding inheritance tax regimes globally. These issues frequently intersect with foreign laws, creating complex cross-border disputes and unintended outcomes that IPG Legal works on for clients. Over many years, The Korean Law Blog has published detailed articles on Korean inheritance
Continue readingKorean Inheritance Tax Abolition for Spouses of Decedents under Korea’s Inheritance Tax Law
South Korea, as an effective inheritance tax rate, has one of the highest gift and inheritance taxes in the world. IPG Legal works with expats and the families of Korean and foreign nationals on Korean inheritance, gift tax, estate planning, and other complex international estate and family law matters, and many of our clients welcome the proposed revision to Korea’s Inheritance Tax and Gift Tax Act and are hoping that Korea shall move to amend the law to allow more exemptions and exclusions. For other articles on
Continue readingLegal Reserve of Korean Inheritance for U.S. Citizens and other Expats with Estates in Korea
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
Continue readingKorea May Amend its Inheritance Tax System in 2025
Korea has one of the highest effective inheritance tax rates in the world and one of the most complicated inheritance processes in the world. The present Korean Administration, realizing this reality, is attempting to amend Korean law to place the Korean Inheritance System more in line with international norms and to lower the effective tax burden on inheritors. IPG Legal is looking forward to a comprehensive amendment, also, to the laws related to the Korean legal reserve of inheritance based on recent Korean court precedent. One peculiar
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 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
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 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
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