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There is a saying that there is no business in front of money. Money isn’t the best, but it’s presumptuous to be weak in front of money. I want to say that it’s an exception between families, but that doesn’t happen in dramas either. Aren’t there any chaebols who live with money in a safe, or siblings in front of money? Parents have the property to hand over any amount of money, so even if you are curious about the timing and scale of the inheritance, do not ask as much as this story, but hold on. Heritage Korea CEO Seo Kun-seok explains that the holiday, which only lasts 3-4 days, is too short to talk about as sensitive as money. Rather, it can only hurt the righteousness of the family by telling a story quickly. Seo Kun-seok, who has been active as an inheritance agent for more than 10 years, said that as a result of counseling so far, all parents who have money to hand over are preparing in advance. In the era of making a child donation plan and presenting stocks to grandchildren instead of Sebat money, we heard the’story about inheritance and donation of New Year’s Day’ through the representative.
– Nice to meet you. Please introduce the CEO.
“I am Seo Kun-seok, a consultant related to inheritance and donation. I am doing all the money-related work, and people around me always say that I live with’money money’ (laughs). I started this job because I wanted to help the people of the Republic of Korea to make’money power’, and it is now 19 years. It has been less than 10 years since we established a corporation and started an inheritance agent.”
-Recently, interest in small gifts such as stocks for grandchildren seems to be increasing. Is it really?
“There have been steadily inquiries about stock donation, but in recent years, more and more. In particular, interest in stock donation increased as interest rates fell. There are many inquiries about what to keep in mind when giving stocks, and how to give them when there are multiple children or grandchildren.”
-As you said, what are some things to keep in mind when donating stocks?
“In the case of child inheritance, free donations of up to 20 million won for minors and 50 million won for adults are possible. When giving it to a grandchild, the conditions are the same, but the gift tax is 30% higher than the child inheritance tax rate. It seems like you pay more when you simply pay the tax rate, but since the tax is not levied on the income from investing in stocks after donation, it seems good from a long-term perspective. In addition, there is an effect of distributing grandfather property.”
-When it comes to gift or inheritance, tax savings comes to mind first, but if there is anything to consider in this regard.
“When I consult with you, tax savings is good, but I honestly tell you to pay taxes. In the case of gift or inheritance, the National Tax Service’s follow-up investigation is carried out for a long period of 10 to 15 years, so even if it seems to have saved taxes right away, it could be a problem later. At that time, you may have to pay more taxes than you are now. It is advised to exclude taxes and clarify the meaning of the gift if there is any consideration. It is better to give the grandchildren when they have a steady conversation about what the stock means, how to look at it, what kind of company this company is, and so on, rather than’I’ll give you stocks instead of Sebae money’ one day. ”
-If this kind of conversation is steadily held at home, I think I will naturally study economics.
“right. This is a common practice in foreign families. If the grandchildren are adolescents, it is also good to open two stock bankbooks, one to hand over the stocks they want to give to the child, and one to create an opportunity through cash donation so that the child can trade stocks. Of course, all are possible within the tax-free range. It’s a great help in choosing and investing in a company and having a good economic idea through the experience of that company growing or disappearing.”
-When it comes to gifting or inheritance, I only thought about saving tax, but the CEO doesn’t seem to think that tax is very important.
“When it comes to gift-inheritance, when it comes to priorities to be considered, taxes are second to me. The first is family unity. As you can see, there are many cases of quarrels between brothers and sisters in sharing property. My job is to help the donation be made peacefully without such contention. A gift is a’gift’ in English. I think we need to make an effort to make this gift meaningful. If you donate 100 million won in cash, the gift tax is about 4 million won. I think it’s more important to make sure that the recipient can spend this money well in the future, rather than trying to pay this tax less. Otherwise, you may experience 100 million won disappearing in an instant.”
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-How is inheritance and gift different?
“The crucial difference between inheritance and bestowal is in timing. Inheritance is when a person dies, the property owned by that person is transferred to a person with rights and obligations. Inheritance and gift have the same tax rate, so you can choose whether to inherit or gift. For example, in the case of stocks, if there is a high possibility that profits will increase due to long-term investment, it is better to give them. This is because there is no additional tax on the tax incurred after the gift is given. However, if you receive a gift, you should know that it is advantageous in terms of tax only to keep it for 5 years.”
-If you put a certain amount into your stock account with the concept of annual salary money, do you have to report it each time?
“It is not difficult to report. You can connect to Hometax on the Internet and report the details of remittances to your account as proof. Until the age of 19, if it does not exceed 20 million won, it is tax-free, so you do not have to worry about tax.”
-Are there any trends in inheritance or gift?
“Recently, my mind about inheritance or gift has changed actively. Korea still has more real estate donations and inheritances than stocks. The transfer tax and ownership tax will increase in June this year, but multi-homed people have a plan to donate to Lee Cham because the ownership tax is higher than the gift tax. I read an article a while ago, and it was said that last year, the number of apartment donations in Gangnam, Seocho, and Songpa in Seoul increased by 123%.”
-In the case of stock donation, there is a cash gift and an in-kind gift. Is there a tax difference?
“Cash is displayed as an amount, so you only have to pay a fixed tax. In the case of spot, the amount varies depending on the market price on the day the stock is given. Therefore, when giving a gift in kind, it is advantageous when the price of the stock falls.”
-There seems to be a case of quarrels between families over property inheritance issues on holidays.
“When the holidays come every year, families have to gather and have fun, but there are many cases that do not. In that sense, Corona 19 is even grateful. When parents have wealth and are elderly, new families, such as son-in-law or daughter-in-law, are created, creating an invisible gap between children.”
-Then what should I do to have a harmonious holiday?
“It is better not to mention property only on holidays. Although the holidays are long, the physical time is short to positively tell the story. If parents have property, it would be nice to know that parents are looking for and making plans before their children speak up. Like the famous line in the movie, I want to say, “All parents have plans.”
-In the past, there were gender differences in inheritance of property, inheritance of the eldest son, but what about now?
“It used to be, but now children are equally 1:1. The reason there was an inheritance of the eldest son in the past was the preferential treatment for the eldest son to have elderly parents. But now, just because he’s the eldest son, he doesn’t have more parents, so he has become equal. As a result, a new culture of’filial piety contracts’ is emerging.”
-I heard the’filial piety contract’. Isn’t it a conditional gift that presents conditions to children instead of inheriting property in advance?
“right. When the word of filial piety first came out in the media in the past, I thought that I should do this too, but these days my thoughts have changed. It was right that form dominates the content. It is sad to have a filial piety contract to enlist parents, but it is okay if you have economic power and are healthy, but as the old saying,’There is no filial piety for a long illness’, I think that a’filial piety contract’ is absolutely necessary when sick.”
-Are there more people writing filial piety contracts than in the past?
“It’s a cautious part, so it’s not increasing noticeably, but there were many inquiries about it. I also recommend it first to those who are concerned about inheriting to children who need financial help. Some people contacted me because they actually wrote it.”
– If there is a case that you thought was the most ideal gift while consulting.
“many. The best thing among them was when the donor and the recipient came together. In general, only the donor consults, but he hears my story about the donation and brings my child to me to tell my child. It is memorable that the meaning of the gift I think was conveyed better.”
-There seems to be the opposite case. What are some examples of gift or inheritance that should be avoided most?
“I inherited because my children reached the age they would inherit, but when I couldn’t keep the property, the relationship between parents and children was bad. That happened when we were not ready for each other, such as a conversation about property inheritance.”
-Actually, the relationship between siblings is distorted due to inheritance.
“There are many such cases. In this case, most of the parents have done it wrong. For example, when the first child buys a house, he pays 100 million won, and the second child keeps it secret. Second, I learned this later, and misunderstood. As it was money-related, it seemed to hurt the thought that he was excluded. Even if the problem was solved later, after the death of the parents, the brotherhood could not be restored and there were often cases of lawsuits against the remaining property.”
-If you have any tips for inheriting property without contention
“It is unconditionally disclosed. And there must be a justification. It is said that the person’s heart goes even when you give him a piece of bread, but even more so with wealth. Don’t think it’s giving you money, you should give it your heart. That way, the hearts of each other are not hurt.”
-What does the CEO think about inheritance or gift?
There is a saying, “’Hosa Yupi’s Personnel Famous (虎死留皮 人死留名)’. I say’Hosa Yupi’s personnel oil painting’. If a tiger dies and leaves its skin, a person must die and leave peace.”
/ Reporter Jeong Hye-sun [email protected]
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