2168: [Part 1] Transferring a Primary Residence to Children by Sean Mullaney

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 13 January 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Sean Mullaney of FI Tax Guy talks about transferring a primary residence to children. This is part 1 of 2. Episode 2168: [Part 1] Transferring a Primary Residence to Children by Sean Mullaney Sean Mullaney is a financial planner and the President of Mullaney Financial & Tax, Inc. Mullaney Financial & Tax, Inc. offers fiduciary, fee-only, hourly, and advice-only financial planning. Sean established Mullaney Financial & Tax, Inc. after a lengthy career in public accounting. He worked in the tax departments of both Deloitte & Touche and PwC, including over 6 years in PwC’s Washington National Tax Services practice. Sean is a Certified Public Accountant licensed in California and Virginia. He is a member of the American Institute of Certified Public Accountants and an associate member of the National Association of Personal Financial Advisors. Sean has degrees in accounting, law, and taxation and a certificate in financial planning. The original post is located here: https://fitaxguy.com/transferring-a-primary-residence-to-children/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This episode is brought to you by London Business School.
0:03.8	Looking to accelerate your business, or understand the opportunities in AI or ESG, are you thinking
0:09.3	about taking the plunge into entrepreneurship, or about what leadership skills will take
0:13.6	you to the next level?
0:15.0	To listen to the latest insights and discussion from Albus Faculty, subject experts and industry
0:20.4	insiders, look for podcasts from London Business School.
0:23.8	Navigate the now and be prepared for what's next with London Business School.
0:30.2	This is Optimal Finance Daily, episode 2168, transferring a primary residence to children,
0:37.0	part 1, by Sean Mulaney of 5TaxKai.com, and I'm your host and personal finance enthusiast,
0:44.0	Diana Mariam. I have a bit of a longer post, so I'll read the first half today and then finish
0:49.6	the rest for you tomorrow. So with that, let's dive into part 1 and start optimizing your life.
0:55.2	Transferring a primary residence to children, part 1, by Sean Mulaney of 5TaxKai.com
1:06.0	How do you pass your family's house to your children? It's a pressing question and involves
1:13.0	significant tax, legal and emotional considerations. Unfortunately, it's a topic about which there
1:19.2	is much confusion. This blog post discusses some of the important considerations, but as
1:25.2	a blog post, it can only scratch the surface. Anyone looking to efficiently pass on their home
1:31.3	is well advised to consult with their own lawyer, tax professional and in some cases their
1:36.1	banker as well. Minor Children To my mind, the primary planning objective of
1:42.7	married couples with minor children is to account for what happens if both spouses die.
1:48.6	Such couples would want their children taking care of in the most flexible manner possible.
1:53.9	Generally speaking, in such situations, it's often best to work with a lawyer to transfer the
1:59.2	primary residence to a revocable living trust. In the event of both spouses' deaths, the house
	...

Transcript will be available on the free plan in -808 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Optimal Living Daily LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Optimal Living Daily LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.