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Episode 3432:
Sean Mullaney breaks down the key legal and tax considerations for parents looking to pass their home to their children, whether they’re minors or adults. From the flexibility of revocable living trusts to the potential pitfalls of joint tenancy, this episode offers a clear, practical guide to making informed decisions while avoiding costly mistakes.
Read along with the original article(s) here: https://fitaxguy.com/2020/08/
Quotes to ponder:
"It is often best to work with a lawyer to transfer the primary residence to a revocable living trust."
"The best thing about a revocable living trust: as long as the grantor(s) is/are alive, the trust is fully revocable! So mistakes can be easily fixed."
"Parents placing their primary residence in their own revocable living trust does not necessitate the filing of a federal gift tax return (Form 709)."
Episode references:
IRS Publication 551: https://www.irs.gov/publications/p551
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