Estate Planning for Permanent Residents and Citizens: Korean families who have lived in the U.S. for a long time often still have assets remaining in Korea. These can include an apartment in Seoul, fixed deposits in Korean banks, a share of rural land inherited from parents, along with assets in the U.S. such as a house, a 401(k) retirement account, and life insurance, all belonging to one family. While these assets may seem manageable during life, after death, they will each be subject to the laws, registration offices, and tax authorities of different countries.
Bank Citizenship Information Gathering Executive Order ‘Underway,’ Re-examining Korean Account Management In the United States, bank accounts are the most basic infrastructure of daily life. The process of receiving salaries, paying rent, paying for children's education, and sending remittances to one's home country all revolve around bank accounts. However, in the past few months, discussions surrounding this ‘taken-for-granted' aspect have been moving rapidly within the executive branch. An executive order mandating banks to directly verify customers' citizenship status
