Recently, the methods of donating heritage have become more diverse.
Jumped into the workforce during his youth… Donated over 10 billion won since 1995
Donation of death insurance money “for education”
Participation in various places as we hear about cases of legacy donations… Diverse asset types such as real estate and securities
“I decided to donate because I don’t want students to give up their studies because of money.”
Park Jong-ok (62), CEO of Seowon Compressor, explained the reason why he decided to donate the approximately 360 million won in death insurance money he would receive after his death. Donating a legacy means donating the property left behind after death to a non-profit organization, welfare organization, or foundation in advance so that it can be used for public interest purposes. In 2006, he pledged to leave the insurance money to the Community Chest of Korea (CCK) and asked that it be used for education.
● Donation of inheritance such as real estate, stocks, and insurance money
Mr. Park worked as a salesman at a compressor (air compressor) sales and repair shop since his teens. With his diligently saved salary, he opened a compressor sales shop in the Cheonggyecheon tool street in Jongno-gu, Seoul in the mid-1980s. He later expanded his business to wholesale and manufacturing, and amassed considerable assets. He said, “My family’s financial situation was difficult when I was young, so I had no choice but to enter society early,” and “I decided to donate my legacy in the hope that no young people would give up their education for financial reasons.”
In 2012, CEO Park was the first in Yongin, Gyeonggi Province to join the Honor Society (a group of high-value donors who donate more than 100 million won). His father, wife, and two children all joined in the donation, becoming “family members.” Last year, he became the first in the Gyeonggi Province to become a Gold Member of the Love Fruit Sharing Company (donors who donate more than 500 million won). CEO Park said, “I have been doing sharing activities since 1995 and have donated more than 10 billion won so far,” and “I could not give up donating even when business was difficult.”
Kim Hyun-hwa, who passed away from lung cancer last year, left behind 130 don (487.5 g) of pure gold. Her husband, Son Jeon-heon, left the gold to a fundraising organization to be used for the underprivileged. Son said, “I hope my wife will be happy in heaven because my inheritance is used for good things.”
The fundraising association’s legacy donations, which began in 2005, began with real estate donations and expanded to include insurance donations in 2012 and securities donations in 2014. Currently, various forms of legacy donations are being accepted. According to the fundraising association, a total of 58 legacy donations have been made so far this year, including 38 real estate donations, 4 securities donations, and 11 insurance donations.
● A virtuous cycle continues from ‘donation to donation’
Some people joined after hearing about donation cases through the media. Mr. Seung-yoon Lee (66), who had donated 10,000 won a month to fundraisers since his financially difficult times, decided to donate 50 million won of his death insurance money in 2013. Mr. Lee said, “I became interested after reading an article about the Honor Society in the newspaper,” and “I wanted to let my children know that the money I earn is not entirely mine and that I should give back to society.”
Kim Seong-mo (pseudonym) also participated in the 2016 legacy donation. He had a difficult life to the point that he had to receive financial support from a fundraising group in the past. He has continued to donate 10,000 won every month even after setting the fundraising group as the beneficiary of the death insurance. He said, “I decided to participate in the donation because I was grateful that it helped me get back to my daily life.”
The nephews of the late Mr. Hwang Geum-seon, who donated about 150 million won in his estate when he passed away last year, are considering donating his estate under the influence of the deceased. His nephew, Mr. Cho Young-bok (78), said, “My nephews and I have also started to think about donating again, following the deceased’s wishes,” and “I feel proud whenever people around me talk about the deceased’s donation.”
There are three main ways to donate your legacy. The most common way is to leave a will in a notarized document and promise to donate. You can also designate the beneficiary of insurance such as death benefits as the donation organization, or designate the beneficiary as the donation organization by entrusting it to a financial institution. You can also save on inheritance tax and gift tax by donating your legacy. Kim Byeong-jun, the chairman of the fundraising association, said, “We will continue to do our best to honor the noble will of the deceased who participated in the legacy donation and spread love for their neighbors.”
Reporter Park Kyung-min [email protected]
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2024-09-26 11:25:30