Daeryun SJKP-Corini successfully completed seminar on ‘US real estate investment and asset succession strategy’

Daeryun Law Firm announced on the 26th that its local US subsidiary 'SJKP LLP' and US real estate comprehensive solution platform 'Koriny' held a joint seminar on the topic of 'New York real estate investment and Korean-US asset succession and tax strategy' at SJKP's New York headquarters in One World Trade Center (1WTC, World Trade Center) in Manhattan.

This seminar is an opportunity to share practical strategies for asset succession and New York real estate investment between Korea and the United States, and presenters include Park Dong-il, CEO of Daeryun Law Firm, accountant Jeong-yeon Yoo, SJKP's US (New York State) attorney Dong-hu Son, and Korini CEO Tae-young Moon.

CEO Park Dong-il introduced a one-stop global advisory structure encompassing law, tax, and immigration under the topic of ‘Korea-US double taxation and asset succession strategy.’ First, Representative Park said, “Korea taxes residents, and the U.S. taxes citizens, permanent residents, and tax residents on worldwide income,” and added, “Since the structure allows both countries to tax the same income at the same time, the first step is to understand how the Korea-US tax treaty adjusts this.”

He added, “Depending on how tax residency is determined, reporting obligations, tax rates, and scope of application of foreign tax credits vary,” adding, “If assets exist in both Korea and the United States, tax planning is a matter of proactive structural design, not reactive response, and it is essential to establish a reasonable tax saving strategy and succession structure based on this.”

Dong-Hoo Son, an American (New York) lawyer, explained the characteristics of the inheritance system and the importance of advance planning on the topic of 'Asset succession practice and inheritance structure design in the United States.'

Attorney Son said, "The 'Living Trust', which prepares assets in the form of a trust during one's lifetime, is a key tool for succession of assets in the United States," and added, "It is a particularly effective method for customers with complex asset structures as it reduces disputes between families and allows design for different purposes, such as personal information protection and inheritance tax adjustment."

In addition, Attorney Son noted that financial transactions and business operations may be interrupted if a 'decision-making system during life' such as property management power of attorney and medical decision-making documents is not established, and emphasized, "In the United States, asset succession is not completed through the preparation of a single document, but is completed only when trust, will, tax, and legal representation rights are designed together."

Korini CEO Taeyoung Moon introduced the latest indicators and investment flows in the New York real estate market and shared on-site insights.

CEO Moon said, "As of the third quarter of this year, the total transaction volume of residential real estate in New York was approximately KRW 9.2 trillion (approximately $6.56B), with transaction volume of 3,281, the average sale price was approximately KRW 2.8 billion (approximately $2M), and the median price was approximately KRW 1.6 billion (approximately $1.2M), continuing an upward trend compared to the previous year." He added, “The office market, which had shrunk after COVID-19, is also showing the most positive trend since 2019 due to employment recovery and the reinvestment of global tech companies.”

He continued, "Investing in U.S. real estate is not a simple purchase, but a process that involves finance, law, and taxation. Korini supports the discovery of local properties, design of investment structure, and connection to financial institutions. We also support safe transactions by collaborating with SJKP LLP in the contract review and tax/inheritance structure design stages."

Using this seminar as an opportunity, SJKP and Korini plan to provide investors with a unified support system by establishing a collaboration model that encompasses all stages of real estate investment in the United States.

Eunhye Lee (zhses3@joseilbo.com)

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Josei Ilbo - Daeryun SJKP-Corini, 'U.S. Real Estate Investment and Asset Succession Strategy' Seminar Successfully Completed (Go)
Law Leader - SJKP-Corini holds U.S. real estate and asset succession strategy seminar (link)