Daeryun Law Firm launches Future Family Business Succession Center... “Proposed cross-border succession solution”

Presenting a three-dimensional strategy with a team of lawyers, accountants, and tax accountants
Daeryun “Combining human infrastructure and global know-how... we will provide a customized master plan”

Daeryun Law Firm announced on the 27th that it has officially launched the ‘Future Family Business Succession Center’, which will be in charge of next-generation succession strategies in line with the rapidly changing tax environment and increasingly complex asset transfer trends.

The Daeryun Future Family Business Succession Center was established to proactively respond to rapidly changing internal and external environments, such as the acceleration of entry into a super-aging society, changes in related regulations such as family business inheritance deductions, diversification of sources of wealth, and diversification of asset portfolios. In particular, we plan to focus on minimizing inheritance and succession risks that can occur not only among wealthy individuals and entrepreneurs, but also in ordinary families, and on helping to ensure a stable transfer of wealth to the next generation.

Daeryun Future Family Business Succession Center goes beyond simple legal advice and provides a ‘one-stop total solution’ covering the entire succession process, including ▶ optimized will and trust design, ▶ governance structure reorganization according to family business succession, ▶ transfer strategy for special assets such as unlisted stocks and overseas assets, and ▶ inheritance tax and gift tax savings plan. It also supports succession strategies for domestic as well as overseas assets such as the United States.

The composition of core personnel has also been completed. Attorney Ho Gyu-chan (Judicial Research and Training Institute 36th class), who served as head of the legal team at various financial conglomerates, leads the first half. Attorney Ho is regarded as a practitioner who is well-versed in not only financial and management legal affairs, but also the design of complex trust structures such as testamentary trusts and family business succession trusts. The succession method through a trust goes beyond simple asset transfer and requires sophisticated strategies such as ▶ smooth succession of management rights through a living trust, ▶ simultaneous resolution of retention and livelihood security issues through the division of stock beneficial rights, and ▶ maintenance of family business permanence through a joint beneficiary structure of heirs. Attorney Gyu-Chan Ho has practical experience in establishing various trust-based succession models.

In addition, accountant Park Soo-jin, who has extensive experience in tax diagnosis and tax due diligence through his experience at Samil Accounting Corporation, tax accountant Gyu-cheol Lee, who worked as a tax official at the National Tax Service for 25 years and performed various tax affairs including corporate tax, income tax, and value-added tax, and tax accountant Joo-hee Lee, who has presented practical and result-oriented solutions through representation in tax appeal procedures such as pre-tax adequacy review, plan to join forces to establish a three-dimensional strategy.

Daeryun Law Firm plans to provide asset management solutions that transcend domestic and international borders based on its solidly established Manpower. In particular, the launch of the Future Family Business Succession Center is more meaningful in that it simultaneously meets global demand. On the 21st (local time), Daeryun held a seminar on ‘New York real estate investment and Korean-American asset succession and tax strategy’ for overseas Koreans through the US local corporation ‘SJKP LLP’. Based on this, we plan to expand our integrated advisory capabilities to encompass overseas real estate investment, cross-border inheritance and family business succession, and the needs of customers with overseas assets.

In addition, in commemoration of the launch of the Future Family Business Succession Center, Daeryun plans to hold a private seminar for unions and associations with executives and employees and companies that have signed MOUs under the theme of ‘Inheritance and family business succession strategies for future generations.’ Through this, the purpose is to provide more in-depth guidance on the complex succession issues faced by entrepreneurs and owner families and to strengthen expertise and reliability so that actual succession design and execution can be entrusted to Daeryun.

Based on this, we plan to expand our integrated advisory capabilities to encompass overseas real estate investment, cross-border inheritance and family business succession, and the needs of customers holding overseas assets, including those in the United States.

Attorney Ho Gyu-chan of Daeryun Law Firm said, “Successful family business succession is an important task that goes beyond the simple transfer of wealth and connects the permanence of the company and the family philosophy.” He added, “We will provide the optimal customized master plan to our clients by combining Daeryun’s professional human infrastructure and global know-how.”

[Law Leader Reporter Son Dong-wook twson@lawleader.co.kr]

[View full article]
Law Leader - Daeryun Law Firm launches Mirae Family Business Succession Center... “Presenting a cross-border succession solution” (link)
Sejeong Ilbo - Daeryun Law Firm launches Future Family Business Succession Center... “Building a cross-border succession solution” (Shortcut)
Taxation and Finance News - Daeryun Future Family Business Succession Center launched... Providing a total succession solution (link)
Korea Economic TV - Daeryun Law Firm launches Future Family Business Succession Center... Presenting a cross-border succession solution (link)
Money S - Daeryun Law Firm officially launches 'Future Family Business Succession Center'... Integrated consultation throughout the process (go here)