US Asset Management Success Strategies
 |
Description
Book Introduction
First-generation immigrant American lawyer John Chung tells us directly.
Legal tax-saving and long-term asset growth strategies that cut through the U.S. tax system.
A total asset management roadmap that designs your family's life and future.
Complete Guide to IRAs, Living Trusts, Life Insurance, Real Estate, and Annuities
A complete plan encompassing tax savings, children's study abroad, and family immigration.
Legal tax-saving and long-term asset growth strategies that cut through the U.S. tax system.
A total asset management roadmap that designs your family's life and future.
Complete Guide to IRAs, Living Trusts, Life Insurance, Real Estate, and Annuities
A complete plan encompassing tax savings, children's study abroad, and family immigration.
index
Prologue: The American Dream Still Remains
〈PART 1〉
Understanding the U.S. Tax System: Tax Savings Before Investing
001 Favorable tax benefits in the United States
002 Types and Background of Taxes
003 Checks and Balances
004 The difference between tax avoidance and tax evasion
005 Income Tax Planning: One Step Ahead
006 Income Tax Planning Strategy 1: Not All Income Is Created Equal
007 Income Tax Planning Strategy 2: Reduce your income tax this year or reduce your income tax in the future.
008 Income Tax Planning Strategy 3: From Income Tax Carryover to Income Tax Exemption
009 Gift and Inheritance Planning
010 Gift vs.
succession
011 Benefits that alleviate inheritance tax concerns
012 Smart Asset Transfer through Living Trusts
013 Retirement Planning for Financial Freedom
014 Four Ways to Secure Income in Retirement
〈PART 2〉
A comprehensive asset management strategy essential for living in the United States.
: Investing, tax saving, retirement planning, and even inheritance
I.
Living Trust
015 The Concept and Understanding of Living Trusts
016 Benefits of a Living Trust
017 When to Consider a Living Trust
018 Types of Trusts: Revocable vs.
Irrevocable
019 Why Revocable Living Trusts Are Suitable for the General Public
020 Common Misconceptions About Living Trusts
021 US Trust Strategy 1: ILIT (Life Insurance Trust)
022 American Trust Strategy 2: Dynasty Trust
023 US Trust Strategy 3: GRAT (Grantor-Retained Annuity Trust)
024 US Trust Strategy 4: QPRT (Personal Residence Trust)
025 US Trust Strategy 5: IDGT (Intentionally Defective Trust)
026 US Trust Strategy 6: NING (Nevada Income Tax Avoidance Trust)
027 US Trust Strategy 7: CRT (Charitable Remainder Trust)
028 US Trust Strategy 8: Charitable Trust (CLT)
029 US Trust Strategy 9: Special Needs Trusts (SNTs)
030 US Trust Strategy 10: APT (Asset Protection Trust)
031 US Trust Strategy 11: SLAT (Spouse Life Access Trust)
032 US Trust Strategy 12: MAPT (Medicaid Asset Protection Trust)
II.
US real estate investment
033 Utilizing Tax Savings to Invest in US Real Estate
034 Is the transfer tax the bomb of the future?
035 Donald Trump's exquisite tax savings
036 Strategies to overcome tax law pitfalls
037 Tax benefits for foreign investors
Real Estate Investment: The Power of Time
III.
Life Insurance and Annuities
039 Safety Net for Family and Society: Life Insurance
040 The Evolution of Life Insurance
041 Cash Value Formation and Investment Options of Life Insurance
042 How Life Insurance Works: 3 Steps
043 Tax Benefits and Investment Flexibility of Life Insurance
044 Real Estate vs.
Life Insurance: Comparing the Pros and Cons of Investment
045 Applying for American Life Insurance in Korea
046 Advantages of American Insurance Products Over Korean Insurance
047 Annuity that provides income until age 100
048 Main Types and Features of Annuities
049 A Perspective on the Profitability of Annuities
050 Harmony between annuities and investment portfolios
051 Annuity Inheritance Options
052 Retirement Income Planning Using Annuities
The Value of 053 Annuities: Lifelong, Uninterrupted Cash Flow
IV.
Individual Retirement Accounts (IRAs) for Individuals and Businesses
054 Limitations of the U.S. Social Security System and the Role of Individual Retirement Accounts
055 U.S. Individual Retirement Account Information 1: Traditional IRA
056 US Individual Retirement Account Information 2: Roth IRA
057 U.S. Individual Retirement Account Information 3: 401(k)
058 U.S. Individual Retirement Account Information 4: Solo 401(k)
059 US Individual Retirement Account Information 5: SEP IRA
060 US Individual Retirement Account Information 6: SIMPLE IRA / SIMPLE 401(k)
061 U.S. Individual Retirement Account Information 7: Defined Benefit (DB) Plan
062 US Individual Retirement Account Information 8: HSA (Health Savings Account)
063 U.S. Individual Retirement Account Information 9: 529 Plan
064 Retirement Account Selection Strategies from the Worker's Perspective
065 Retirement Account Selection Strategies from an Employer's Perspective
066 Retirement Account Planning Case Study
067 Roth IRA vs.
Traditional IRA
V.
Social contribution and inheritance of wealth
068 Advantages of Establishing a Family Foundation
069 Tax benefits for family foundations
070 Family Foundation's Operational Methods and Limitations
071 The enormous influence of the Bill Gates Foundation
072 Tax Savings and Inheritance Succession through Family Foundations
073 Charity Trust
074 Tax-free benefits and investment effects of CRT
075 CRT Utilization Strategies for Optimal Results
Situations suitable for considering a 076 CRT
〈PART 3〉
Koreans and Investing in the U.S.: A Guide to Immigration and Cross-Border U.S. Taxes
077 Trust for Foreign Investors
Advantages of FGT over direct investment
Who can benefit most from 079 FGT?
080 Rumors and Truths About Being Hit with a Tax Bomb When Obtaining U.S. Permanent Residency
081 Pre-Immigration Tax Planning (PIP)
082 PIP #1: Korean Real Estate Handling
083 PIP #2: Operating a Business in Korea
084 PIP Tax Savings Through Check-the-Box
085 Other Various PIP Plans
086 The Concept and Application of the Foreign Tax Credit (FTC)
087 Things to keep in mind to properly receive FTC benefits
088 Income Deduction System for Long-Term Residents Abroad
089 Tiebreaker provisions of the Korea-US Tax Agreement
090 Results of applying tiebreaker
091 Failure to report overseas financial accounts results in a 30% fine?
092 Enhanced Foreign Account Forgiveness Program (SFCP)
093 Pardon based on normal considerations
094 Exit Tax
095 Are concerns about citizenship renunciation taxes justified?
096 International Mobile Workers and Public Pension Systems
097 Key Contents of the Korea-US Social Security Agreement
FAQs on the Korea-U.S. Social Security Agreement
099 Preliminary steps to protect my pension rights
Epilogue: The American Dream, from Design to Implementation
〈PART 1〉
Understanding the U.S. Tax System: Tax Savings Before Investing
001 Favorable tax benefits in the United States
002 Types and Background of Taxes
003 Checks and Balances
004 The difference between tax avoidance and tax evasion
005 Income Tax Planning: One Step Ahead
006 Income Tax Planning Strategy 1: Not All Income Is Created Equal
007 Income Tax Planning Strategy 2: Reduce your income tax this year or reduce your income tax in the future.
008 Income Tax Planning Strategy 3: From Income Tax Carryover to Income Tax Exemption
009 Gift and Inheritance Planning
010 Gift vs.
succession
011 Benefits that alleviate inheritance tax concerns
012 Smart Asset Transfer through Living Trusts
013 Retirement Planning for Financial Freedom
014 Four Ways to Secure Income in Retirement
〈PART 2〉
A comprehensive asset management strategy essential for living in the United States.
: Investing, tax saving, retirement planning, and even inheritance
I.
Living Trust
015 The Concept and Understanding of Living Trusts
016 Benefits of a Living Trust
017 When to Consider a Living Trust
018 Types of Trusts: Revocable vs.
Irrevocable
019 Why Revocable Living Trusts Are Suitable for the General Public
020 Common Misconceptions About Living Trusts
021 US Trust Strategy 1: ILIT (Life Insurance Trust)
022 American Trust Strategy 2: Dynasty Trust
023 US Trust Strategy 3: GRAT (Grantor-Retained Annuity Trust)
024 US Trust Strategy 4: QPRT (Personal Residence Trust)
025 US Trust Strategy 5: IDGT (Intentionally Defective Trust)
026 US Trust Strategy 6: NING (Nevada Income Tax Avoidance Trust)
027 US Trust Strategy 7: CRT (Charitable Remainder Trust)
028 US Trust Strategy 8: Charitable Trust (CLT)
029 US Trust Strategy 9: Special Needs Trusts (SNTs)
030 US Trust Strategy 10: APT (Asset Protection Trust)
031 US Trust Strategy 11: SLAT (Spouse Life Access Trust)
032 US Trust Strategy 12: MAPT (Medicaid Asset Protection Trust)
II.
US real estate investment
033 Utilizing Tax Savings to Invest in US Real Estate
034 Is the transfer tax the bomb of the future?
035 Donald Trump's exquisite tax savings
036 Strategies to overcome tax law pitfalls
037 Tax benefits for foreign investors
Real Estate Investment: The Power of Time
III.
Life Insurance and Annuities
039 Safety Net for Family and Society: Life Insurance
040 The Evolution of Life Insurance
041 Cash Value Formation and Investment Options of Life Insurance
042 How Life Insurance Works: 3 Steps
043 Tax Benefits and Investment Flexibility of Life Insurance
044 Real Estate vs.
Life Insurance: Comparing the Pros and Cons of Investment
045 Applying for American Life Insurance in Korea
046 Advantages of American Insurance Products Over Korean Insurance
047 Annuity that provides income until age 100
048 Main Types and Features of Annuities
049 A Perspective on the Profitability of Annuities
050 Harmony between annuities and investment portfolios
051 Annuity Inheritance Options
052 Retirement Income Planning Using Annuities
The Value of 053 Annuities: Lifelong, Uninterrupted Cash Flow
IV.
Individual Retirement Accounts (IRAs) for Individuals and Businesses
054 Limitations of the U.S. Social Security System and the Role of Individual Retirement Accounts
055 U.S. Individual Retirement Account Information 1: Traditional IRA
056 US Individual Retirement Account Information 2: Roth IRA
057 U.S. Individual Retirement Account Information 3: 401(k)
058 U.S. Individual Retirement Account Information 4: Solo 401(k)
059 US Individual Retirement Account Information 5: SEP IRA
060 US Individual Retirement Account Information 6: SIMPLE IRA / SIMPLE 401(k)
061 U.S. Individual Retirement Account Information 7: Defined Benefit (DB) Plan
062 US Individual Retirement Account Information 8: HSA (Health Savings Account)
063 U.S. Individual Retirement Account Information 9: 529 Plan
064 Retirement Account Selection Strategies from the Worker's Perspective
065 Retirement Account Selection Strategies from an Employer's Perspective
066 Retirement Account Planning Case Study
067 Roth IRA vs.
Traditional IRA
V.
Social contribution and inheritance of wealth
068 Advantages of Establishing a Family Foundation
069 Tax benefits for family foundations
070 Family Foundation's Operational Methods and Limitations
071 The enormous influence of the Bill Gates Foundation
072 Tax Savings and Inheritance Succession through Family Foundations
073 Charity Trust
074 Tax-free benefits and investment effects of CRT
075 CRT Utilization Strategies for Optimal Results
Situations suitable for considering a 076 CRT
〈PART 3〉
Koreans and Investing in the U.S.: A Guide to Immigration and Cross-Border U.S. Taxes
077 Trust for Foreign Investors
Advantages of FGT over direct investment
Who can benefit most from 079 FGT?
080 Rumors and Truths About Being Hit with a Tax Bomb When Obtaining U.S. Permanent Residency
081 Pre-Immigration Tax Planning (PIP)
082 PIP #1: Korean Real Estate Handling
083 PIP #2: Operating a Business in Korea
084 PIP Tax Savings Through Check-the-Box
085 Other Various PIP Plans
086 The Concept and Application of the Foreign Tax Credit (FTC)
087 Things to keep in mind to properly receive FTC benefits
088 Income Deduction System for Long-Term Residents Abroad
089 Tiebreaker provisions of the Korea-US Tax Agreement
090 Results of applying tiebreaker
091 Failure to report overseas financial accounts results in a 30% fine?
092 Enhanced Foreign Account Forgiveness Program (SFCP)
093 Pardon based on normal considerations
094 Exit Tax
095 Are concerns about citizenship renunciation taxes justified?
096 International Mobile Workers and Public Pension Systems
097 Key Contents of the Korea-US Social Security Agreement
FAQs on the Korea-U.S. Social Security Agreement
099 Preliminary steps to protect my pension rights
Epilogue: The American Dream, from Design to Implementation
Detailed image
Into the book
The difference between tax avoidance and tax evasion
As legal tax savings become more widely known and implemented, individuals and households will increase their spending and investment with increased cash flow, and communities will become more revitalized.
In the process, the collected tax revenue is not reduced, but rather efficiently redistributed to where it is most needed, thereby improving the quality of public services.
To make this virtuous cycle a reality, the author is tasked with uncovering hidden paths in tax law and disseminating them to the local community in a language everyone can understand.
--- p.27
When to Consider a Living Trust
There's a common misconception that living trusts are only for the very wealthy, but they're actually useful for anyone with a certain amount of wealth.
Especially in the case of Koreans, there are many cases where they have assets across Korea and the United States, or where some of their family members reside in Korea.
--- p.81
Excerpts from Donald Trump's exquisite tax savings
Trump has demonstrated that he can minimize taxes despite his enormous profits by making the most of tax-saving strategies within the limits of the tax law.
His case demonstrates how systematically real estate investment and tax benefits can be utilized, all within legal boundaries.
--- p.128
The enormous influence of the Bill Gates Foundation
The Bill & Melinda Gates Foundation is a channel through which Bill Gates's vast wealth is given back to society, while also serving as a foundation for expanding his influence around the world.
However, this cannot be viewed simply as a 'good deed' of giving money to others.
This is because Bill Gates is achieving public good through this foundation while enjoying the maximum tax benefits permitted by law.
--- p.284
A 30% fine for not reporting overseas financial accounts?
Many people currently living in the United States or who have immigrated to Korea are concerned about reporting their overseas financial accounts.
I had several accounts in Korea, but I didn't know I had to report them, so I didn't do it. I'm thinking of doing it now, but I heard the fines are huge.
After hearing rumors that some people even end up in jail, I sometimes wonder if it wouldn't be better to just give up my permanent residency and citizenship and come back to Korea.
--- p.363
Generation-skipping gift and inheritance planning
If first-generation immigrants have acquired permanent residency and settled in the United States and are likely to inherit a large fortune from their parents in their home country, they should consider generation-skipping gifts and inheritance.
Generally, when a child residing in the United States inherits from a parent who dies abroad, there is no separate inheritance tax in the United States at that stage.
However, the problem is that the property inherited in this way is eventually included in the child's estate, and when the child dies and the property is passed on to the grandchild, it becomes subject to US inheritance tax.
As legal tax savings become more widely known and implemented, individuals and households will increase their spending and investment with increased cash flow, and communities will become more revitalized.
In the process, the collected tax revenue is not reduced, but rather efficiently redistributed to where it is most needed, thereby improving the quality of public services.
To make this virtuous cycle a reality, the author is tasked with uncovering hidden paths in tax law and disseminating them to the local community in a language everyone can understand.
--- p.27
When to Consider a Living Trust
There's a common misconception that living trusts are only for the very wealthy, but they're actually useful for anyone with a certain amount of wealth.
Especially in the case of Koreans, there are many cases where they have assets across Korea and the United States, or where some of their family members reside in Korea.
--- p.81
Excerpts from Donald Trump's exquisite tax savings
Trump has demonstrated that he can minimize taxes despite his enormous profits by making the most of tax-saving strategies within the limits of the tax law.
His case demonstrates how systematically real estate investment and tax benefits can be utilized, all within legal boundaries.
--- p.128
The enormous influence of the Bill Gates Foundation
The Bill & Melinda Gates Foundation is a channel through which Bill Gates's vast wealth is given back to society, while also serving as a foundation for expanding his influence around the world.
However, this cannot be viewed simply as a 'good deed' of giving money to others.
This is because Bill Gates is achieving public good through this foundation while enjoying the maximum tax benefits permitted by law.
--- p.284
A 30% fine for not reporting overseas financial accounts?
Many people currently living in the United States or who have immigrated to Korea are concerned about reporting their overseas financial accounts.
I had several accounts in Korea, but I didn't know I had to report them, so I didn't do it. I'm thinking of doing it now, but I heard the fines are huge.
After hearing rumors that some people even end up in jail, I sometimes wonder if it wouldn't be better to just give up my permanent residency and citizenship and come back to Korea.
--- p.363
Generation-skipping gift and inheritance planning
If first-generation immigrants have acquired permanent residency and settled in the United States and are likely to inherit a large fortune from their parents in their home country, they should consider generation-skipping gifts and inheritance.
Generally, when a child residing in the United States inherits from a parent who dies abroad, there is no separate inheritance tax in the United States at that stage.
However, the problem is that the property inherited in this way is eventually included in the child's estate, and when the child dies and the property is passed on to the grandchild, it becomes subject to US inheritance tax.
--- p.340
Publisher's Review
Author's Note
“Our asset strategy must change on the global stage called the United States.”
As a first-generation immigrant born in Korea and immigrating to the United States, I studied the American tax, legal, and financial systems more thoroughly than anyone else to prepare for life in a new environment.
In the process, I clearly realized one truth.
There are unique rules for asset management in the US, and those who understand and utilize them will ultimately win!
I am JP
Building on his practical experience at global companies such as J.P. Morgan & Co. and KPMG, he now serves as the CEO of JC&Company Group, assisting numerous Korean clients with asset management, tax savings, inheritance, and retirement planning.
In the process, I learned that countless people feel overwhelmed when faced with decisions big and small, such as investing in the U.S., immigration, children's education abroad, real estate, and inheritance.
I believe this book will serve as a practical guide for those people.
From the difference between tax avoidance and tax evasion to living trusts, IRAs, life insurance, U.S. real estate, and even the U.S.-Korea tax treaty and reporting of foreign financial accounts! This book explains complex systems in an easy-to-understand manner, enabling immediate practical application.
I hope this book will serve as a solid "first blueprint" for someone's advancement into the United States.
And ultimately, I sincerely hope that your American dream becomes a reality.
“Our asset strategy must change on the global stage called the United States.”
As a first-generation immigrant born in Korea and immigrating to the United States, I studied the American tax, legal, and financial systems more thoroughly than anyone else to prepare for life in a new environment.
In the process, I clearly realized one truth.
There are unique rules for asset management in the US, and those who understand and utilize them will ultimately win!
I am JP
Building on his practical experience at global companies such as J.P. Morgan & Co. and KPMG, he now serves as the CEO of JC&Company Group, assisting numerous Korean clients with asset management, tax savings, inheritance, and retirement planning.
In the process, I learned that countless people feel overwhelmed when faced with decisions big and small, such as investing in the U.S., immigration, children's education abroad, real estate, and inheritance.
I believe this book will serve as a practical guide for those people.
From the difference between tax avoidance and tax evasion to living trusts, IRAs, life insurance, U.S. real estate, and even the U.S.-Korea tax treaty and reporting of foreign financial accounts! This book explains complex systems in an easy-to-understand manner, enabling immediate practical application.
I hope this book will serve as a solid "first blueprint" for someone's advancement into the United States.
And ultimately, I sincerely hope that your American dream becomes a reality.
GOODS SPECIFICS
- Date of issue: August 25, 2025
- Page count, weight, size: 412 pages | 737g | 152*224*30mm
- ISBN13: 9788927775416
- ISBN10: 8927775414
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