3433: [Part 2] Transferring a Primary Residence to Children by Sean Mullaney of FI Tax Guy on Legacy Decisions

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3433: Sean Mullaney outlines the potential pitfalls of using joint tenancy or outright gifts when transferring a home to adult children. From unexpected capital gains tax and loss of control to legal complications and family disputes, he explains why revocable living trusts often provide a safer, more tax-efficient alternative. Read along with the original article(s) here: https://fitaxguy.com/2020/08/ Quotes to ponder: "Capital gains taxes generally aren’t an issue after the original owner’s death. But they can be an issue before his or her death." "Transferring an interest in your home to another person relinquishes some of your control over the property." "Adding multiple adult children to the title as joint tenants with rights of survivorship can create issues after the parent’s death." Episode references: IRS Form 709: https://www.irs.gov/forms-pubs/about-form-709 Learn more about your ad choices. Visit megaphone.fm/adchoices