SEOUL, Jul. 5 (Korea Bizwire) — Cho Hyun-moon, former vice president of Hyosung Corp. and estranged son of the company’s founding family, on Friday pledged to end his yearslong conflict with his brothers and donate an inheritance from his late father to society. At a press conference held in Seoul, Cho said he will donate [...]
SEOUL, May 29 (Korea Bizwire) – The use of so-called will testamentary trusts is rapidly gaining popularity in South Korea as more people seek ways to manage their inheritance and prevent conflicts among family members after their death. According to data from South Korean banks, the balance of will testamentary trusts held by the nation’s five [...]
SEOUL, Oct. 19 (Korea Bizwire) – Kia’s labor and management recently reached a preliminary agreement on wages, and it includes an unusually large compensation package. What happened is that the labor union successfully used the “employment inheritance” issue as leverage. In simpler terms, they got significant compensation in exchange for removing a clause that should have been [...]
SEOUL, April 27 (Korea Bizwire) — A new bill has been proposed to allow the inheritance or deletion of digital assets according to a deceased person’s specified method before their death. Digital assets refer to information that users create, send, and store, such as photos and posts uploaded on social media or blogs. Under the [...]
SEOUL, April 28 (Korea Bizwire) — Heirs of late Samsung Group chief Lee Kun-hee said Wednesday that they would pay more than 12 trillion won (US$10.7 billion) in inheritance taxes, the largest-ever in the country’s history, but did not reveal how they would split inherited stocks among them, a key issue in reshaping the ownership [...]
SEJONG, Oct. 18 (Korea Bizwire) – The amount of money inherited by grandchildren, skipping a generation, has nearly doubled over the past five years despite higher taxes, records showed Thursday. Some 1.48 trillion won (US$1.31 billion) worth of wealth was transferred to grandchildren from grandparents in 8,388 cases last year, according to the tally provided [...]
SEOUL, May 28 (Korea Bizwire) — Six out of 10 parents said they intend to leave their inheritance equally among their children, a survey showed Monday, a sign of a fast-changing trend in South Korea’s traditionally male-oriented, hierarchical society. According to the survey released by the Ministry of Health and Welfare, 59.5 percent of people [...]
SEOUL, May 11 (Korea Bizwire) — A significant number of South Koreans now think that the current system of inheriting a last name from one’s father is unjust. This is according to a survey carried out in March of this year by the Korea Legal Aid Center for Family Relations. Of the 3,303 individuals surveyed, [...]
SEOUL, Oct. 10 (Korea Bizwire) – Recent data has shown that the polarization of wealth has grown more apparent for youth as an increasing number of college students are struggling under the burden of student loans, while a chosen few thrive with their inherited fortunes. According to the Korea Student Aid Foundation, 2.51 million college [...]
SEJONG, Oct. 7 (Korea Bizwire) – Only two percent of those who inherited wealth from their parents paid inheritance taxes in recent years, an opposition party lawmaker said Friday. Rep. Park Kwang-on of the main opposition Minjoo Party said more than 1.45 million people inherited a combined 151 trillion won (US$135 billion) from their parents [...]