Daeryun Law Firm successfully completed seminar on ‘Future Family Business Succession and Global Asset Management’

Daeryun Law Firm announced on the 19th that it successfully completed a seminar on ‘Future Family Business Succession and Global Asset Management Strategy’.

This seminar, held on the 16th at the Daeryun headquarters office of Park One Law Firm in Yeouido, Seoul, was prepared to examine rapidly changing inheritance law issues, such as the Constitutional Court's recent unconstitutional decision regarding the reserve system and the so-called 'Goo Hara Act' that came into effect this month, and to present practical succession solutions to domestic and foreign asset owners and entrepreneurs.

Sean Elgut, founder of Veritas Collegiate Academy, a prestigious private school, and his wife, Washington DC representative, and global real estate and finance experts attended the site and showed great interest.

The seminar consisted of four sessions in which legal, tax, accounting, and overseas legal experts participated. Chan-Woo Jeong, CEO of Daeryun Management, who took charge of the first session, analyzed practical changes resulting from the Constitutional Court's decision, such as the abolition of inheritance decentralization between siblings, under the theme of 'Korea's asset succession laws and precedent trends.' Representative Jeong emphasized, “As we live in an era where the wishes of the deceased are respected, it is essential to have an elaborate preliminary plan that takes into account the red tape of the will and the reasons for inheritance disqualification.”

In the following session, Dong-Hoo Son, a lawyer from New York, USA, gave a presentation on the topic of ‘American asset succession laws and cases.’ Attorney Son warned of the dangers of the difficult probate process that must be followed when holding assets in the United States. He presented an asset management model that meets global standards, such as ‘Living Trust’ and ‘Establishment of LLC’, as a key means to safely protect assets.

In the last session, tax accountant Lee Joo-hee and accountant Park Soo-jin introduced professional tax saving strategies. Tax accountant Lee Joo-hee explained the risks of global asset taxation based on residency determination and measures to prevent double taxation. Accountant Park Soo-jin received a positive response by presenting a tax savings simulation by share structure utilizing the family business inheritance deduction and gift tax special tax system with a maximum limit of 60 billion won.

Kim Kook-il, CEO of Daeryun Management, said, “This seminar was an opportunity to showcase Daeryun’s unique integrated solutions encompassing domestic law, U.S. state law, and complex international taxation.” He added, “We will continue to utilize our global network to provide various opportunities to solve entrepreneurs’ complex asset succession concerns in one stop.”

Reporter Jeong Cheol-wook

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Seoul Newspaper - Daeryun Law Firm, ‘Future Family Business Succession and Global Asset Management’ Seminar Successfully Completed (Go to)
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