Your US Resident
Parent Held
Korean Assets.

Approximately ₩960 million (~$685K) at roughly 32% effective rate. Calculation: ₩3B assets − ₩200M basic deduction = ₩2.8B tax base → progressive rate 40% − ₩160M progressive credit ≈ ₩960M.

This reflects the non-resident penalty: no ₩500M lump-sum deduction, no spousal deduction, no personal deductions. The same estate would owe only ₩200–300 million if the decedent had been a Korean resident.

For your specific case, the free calculator provides an instant estimate.

Korea's Inheritance Asset Search Service (상속재산조회) provides consolidated lookup as of date of death:

• Financial assets — deposits, insurance, securities, pensions
• Real estate — registered property
• Unpaid taxes — national and local
• Vehicles — registered
• National pension

We handle this lookup on your behalf with power of attorney. Recommended within three months of death.

Principle is fair market value at date of death. 공시가격 is only a fallback. By property type:

• Apartments — comparable sales of same-size units within six months before or after death
• Land & detached homes — certified appraisal recommended (₩500K–1.5M)
• Commercial & office — income capitalization plus appraisal

In high-value areas (Gangnam, Songpa) where market price exceeds 공시가격 by 1.5–2×, filing only with 공시가격 invites reassessment.

No Korea visit required. Our operator handles the entire Korean-side process with power of attorney: asset search, valuation, tax return, real estate title transfer (상속등기), and bank account settlement.

Documents you prepare in the US: death certificate with English translation (apostilled), power of attorney notarized at Korean Consulate (~$40), signature certification. Typical processing: three to six months.

Wire USD to a Korean bank account; foreign exchange filing required for transfers exceeding $50K. Wire fees 0.5–1%.

Two installment options:

• Two-installment (분납) — 50% by filing deadline, 50% within two months. No interest.
• Long-term (연부연납) — up to ten years when real estate exceeds 50%. Korean government surcharge 3.1% (2026). Collateral required.

The Heirs Agreement (상속재산분할협의서) allows division that differs from legal default shares. Korea-resident heirs apply registered seal; US-resident heirs authenticate signature at Korean Consulate (~$40).

Division ratio affects spousal deduction (capped at legal share). We provide tax-optimized division simulations.

Full release typically requires three to six months — after Korean inheritance tax filing, payment, and property transfer registration.

Emergency withdrawals: with funeral expense receipts, banks permit partial withdrawal (₩5–15M depending on institution).

Korean civil law guarantees a Legal Reserved Portion: half of legal share for children and spouse, one-third for parents.

Example: if father wills "entire estate to eldest son," the second son may petition Korean family court for one-eighth (1/4 × 1/2). Claim deadline: one year from knowledge of infringement, ten years statute of limitations.

Yes — file with Korean family court within three months of knowledge. Two options:

• Full Renunciation (상속포기) — receive nothing, owe nothing. Debt passes to next-line heirs. Entire family up to fourth degree must renounce together to fully shield from debt.
• Limited Acceptance (한정승인) — receive assets, liability capped at asset value. Public notice procedure required.

Four substantive strategies:

1. Ten-year gifting plan — ₩50M tax-free per adult child per decade. Three children: ₩150M tax-free per decade.
2. Korean resident status conversion — five to seven years before death. ₩500M lump-sum plus spousal deduction available.
3. Sell Korean real estate before death — capital gains tax plus gifting distribution may exceed lump-bracket inheritance.
4. Family business inheritance deduction (가업상속공제) — up to ₩60 billion deduction. Successor maintains management for ten years plus 80% workforce.

Illustrative simulation for parents in their 70s with ~₩3B in Korean assets, five-year planning may show Korean inheritance tax ranging from ~₩900M (no planning) to ~₩300M (with planning), depending on circumstances. Custom design: $99 PDF report or $300 video consultation.