International Inheritance (US Citizen Inheriting Korean Assets)
Case Overview: Client C, a US citizen, inherited a high-value apartment and cash deposits in Korea after her parents passed away. She was deeply concerned about potential double taxation (paying taxes in both Korea and the US) and was unsure of the legal procedures to transfer the proceeds from the sale of the Korean property to the United States.
Legal Issues & Strategy: International inheritance requires navigating both Korean Civil/Tax Law and US Federal Tax reporting (including FBAR and FATCA). Song Law Firm collaborated with our network of tax experts and attorneys in Korea to handle the inheritance registration and tax filing in Korea. Simultaneously, we ensured full compliance with the IRS by filing the necessary foreign gift/inheritance reporting (Form 3520), preventing potential penalties.
Result: Client C was able to utilize the Foreign Tax Credit system under the US-Korea Tax Treaty to legally minimize her tax liability. The funds from the sale of the Korean real estate were transferred to her US account seamlessly, avoiding regulatory hold-ups.
[Contact Us for International Estate Planning] Navigating inheritance across borders? We have the expertise you need.
-
KakaoTalk Channel: Song Law Firm
-
Phone: 201-461-0031
-
Email: mail@songlawfirm.com
-
Website: www.songlawfirm.com
Disclaimer: This success story is based on past cases and has been reconstructed for privacy. Actual results may vary depending on the specific facts and legal application of each case. This content is not legal advice; please consult with an attorney for specific legal counsel.
