Please join Bae Kim & Lee (BKL) and LimNexus for a seminar on maximizing inheritance rights and reducing tax liabilities for Korean-Americans heirs.

Under Korean family law, children, including foreign citizens, are entitled to a minimum portion of their parents' assets, regardless of the terms of the will. For example, if a written will bequeathed 90% of the estate to one of two children and 10% to the other, the less favored child would nonetheless be entitled to claim 25% of the parents' assets (유류분). When calculating this entitlement, Korean courts consider not only the value of the estate, but also any unequal gifts given to the siblings throughout their lives. Therefore, in practice, a less favored child can often claim more than 25% of the remaining estate.

Separately, Korea's tax laws can impose unexpected tax liabilities (up to 50%) on assets in Korea even when the decedent is a US citizen. This can lead to unnecessary tax liability and, for large estates, double taxation. Fortunately, these taxes can be reduced for avoided through careful planning.

Speakers will include Hye Eun Cheung, former Presiding Judge for Seoul Family Court, Sugsoon Jang, Partner at BKL specializing in inheritance and private wealth, and Andrew Chongseh Kim, Senior Foreign Attorney at BKL specializing in cross-border disputes.

Powerpoint slides will be provided in English and Korean. The main presentation will be in Korean, with Q&A in English and Korean.