If you calculate it very simply with an Internet inheritance tax calculator,
- 87.3 million won in inheritance tax if 1 billion won is inherited
- If you inherit 2 billion won, inheritance tax will be 426.8 million won
- If you inherit 3 billion won, inheritance tax will be 814.8 million won
- If you inherit 4 billion won, inheritance tax will be 1,251.3 million won
- If you inherit 5 billion won, inheritance tax will be 1.73 billion won
- KRW 2.948.8 billion in inheritance tax if inherited 7.5 billion won
- If you inherit 10 billion won, inheritance tax will be 41 billion won
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For reference, there are no inheritance taxes in the United States, but only six of the 50 U.S. states (Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania).
However, there is a federal state tax, which is charged on the deceased’s assets, and as of 2024, there is no state tax on assets under $13.61 million (= 18.57 billion won).
Of the 50 states, 12 states and DC have state state tax, while New York has state state tax. However, there are no assets less than $6.94 million (=9.5 billion won), so if a New Yorker inherits about 9 billion won,
- Federal/state inheritance tax = 0
- Federal/state tax = 0
According to 2023 statistics, the average amount of assets that Americans inherit is $739,000 (=1.01 billion won). People who live in the above six states and have to pay inheritance tax are said to move to another state to avoid inheritance tax, or if they give $18,000 (=24.5 million) per person as a gift to relatives and acquaintances to lower the inheritance amount below the limit, they do not have to pay inheritance tax. Of course, it is necessary to carefully consider whether paying inheritance tax is beneficial or giving cash gifts to relatives and acquaintances and paying or not paying inheritance tax.
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To briefly summarize the 2023 U.S. statistics,
- In the last 10 years, 17% of adults in the United States have inherited,
- Over the next 10 years, 15% of adults in the United States are expected to inherit,
- 58% of them expect cash, 43% expect a house, 28% expect stocks/bonds, 24% expect life insurance, 21% expect bail, 14% expect to inherit their pension.
- Adults who expect to inherit over the next 10 years are estimated to inherit about $739,000 (=1.01 billion won),
- When inherited, 37% of them pay off their debts, 35% are considered retirement measures, and 26% are kept to be passed on to their children.
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https://www.newyorklife.com/newsroom/2023/new-york-life-wealth-watch-great-wealth-transfer