Inheritance & Gift Tax
Inheritance and gift taxes are self-assessed, meaning taxpayers are responsible for calculating, filing, and paying the tax themselves. However, the process does not end with filing. The tax authority reviews each return and may reassess the tax if necessary. If a return is incomplete or contains errors, additional taxes and penalties may be imposed.
What Is Inheritance?
Inheritance is the transfer of a person’s assets and liabilities to their heirs upon death. * The recipient of inherited assets is responsible for filing and paying the applicable taxes.
What Is a Gift?
A gift is the transfer of property/assets from one person to another without compensation. * The recipient of the gift is responsible for filing and paying the applicable taxes.
If Any of These Concerns Apply to You, It Is Time to Prepare.
You expect an inheritance but have not prepared yet.
You want to transfer assets to your family in advance.
You want to plan the most appropriate method and timing.
Inheritance and Gift Tax Is Not Just About Filing. It Is About Planning.
Without proper planning, the tax burden can be significantly higher than expected, and liquidity issues may arise.
Reduce emotional burden.
Help your family avoid additional stress from audits or reassessments after the loss of a loved one.
Optimize tax outcomes.
Reduce the overall tax burden through strategic allocation, even with the same assets.
Transfer assets strategically.
Lower the tax burden by structuring asset transfers in advance.
Services Offered
Inheritance Tax Filing
- Representation for inheritance tax filing
- Valuation of inherited assets and liabilities
- Strategies to maximize deductions and exemptions
- Review of installment and in-kind payment options
Gift Tax Filing
- Representation for gift tax filing
- Valuation of gifted assets
- Pre-gift planning
- Review of installment payment options
Asset Transfer Planning
- Intergenerational asset transfer planning
- Business succession planning
- Real estate transfer strategies
Post-Filing Support
- Tax audit support and response
- Tax refund claims and appeals
- Assistance with organizing the deceased’s business and assets
Filing Deadline Notice
• Inheritance tax: within 6 months from the end of the month in which the date of death falls • Gift tax: within 3 months from the end of the month in which the gift was received
※ If you file within the deadline, you may qualify for a 3% deduction on the calculated tax amount.