Estate Planning with Sean Mullaney | MHFI 242 | Mile High FI Podcast

Doug chats with Sean Mullaney (The FI Tax Guy) about the essential elements of estate planning.  Sean covers the importance of planning for everyone (not just the wealthy), stresses the significance of having a will, updating beneficiary designations, and creating trusts to protect assets & ensuring financial security for loved ones.  Special attention is given to estate planning in regards to kids (providing guardianship) and working with the correct professionals to plan for taxes. The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Doug and the Mile High FI podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. Guest appearances on the podcast do not constitute their endorsement of any sponsors of the Mile High FI podcast. 👻 This episode is brought to you by GhostBed. Doug has the GhostBed Luxe Mattress and loves it! Take the 3 minute sleep quiz to see which mattress is right for you. Save 50% site-wide on your new mattress, pillow, and bedding over at GhostBed (coupon code: MILEHIGHFI) https://www.ghostbed.com/milehighfi Looking for help with your estate plan? Trust & Will provides online tools for creating, you guessed it... trusts and wills. For those who don't have any estate planning documents in place, this could be a good option to get started. We’re affiliates so we can earn a commission if you sign up. Thanks for the support. https://milehighfi.com/trustandwill Need a fee only advisor? Nectarine is a network of financial advisors where you just pay for investing & planning advice. Advisors don’t manage your money, sell products, or earn commissions. We’re affiliates so we can earn a commission if you sign up. Thanks for the support. https://milehighfi.com/nectarine If you have any tips for talking about death & estate planning come share over at Buy Me A Coffee. https://www.buymeacoffee.com/milehighfi Links (*Some affiliate links so we might earn a commission if you buy something) Connect with Sean Mullaney The FI Tax Guy: https://fitaxguy.com/ YouTube:    / @seanmullaneyvideos   Mullaney Financial & Tax: https://www.mullaneyfinancial.com/ The FI Tax Guy, “The Church IRA” https://fitaxguy.com/the-church-ira/ Sean’s podcast appearances Mile High FI: https://milehighfi.com/podcast/114-se... ChooseFI: https://choosefi.com/podcast-episode/... Stacking Benjamins: https://www.stackingbenjamins.com/tax... How To Money: https://www.howtomoney.com/tax-planni... Sean Mullaney, “Solo 401(k): The Solopreneur's Retirement Account” Kindle: https://www.amazon.com/dp/B0B9RPTSHC/... Paperback: https://www.amazon.com/dp/B0B9QTTHHP/... CampFI https://campfi.org/ Amy on MHFI episode 160 https://milehighfi.com/podcast/160-will/ Carl Jensen https://www.1500days.com/ MHFI Facebook group https://milehighfi.com/facebook Doug’s site https://dougcunnington.com/ Check out Producer Chris's new blog: Epic Financial Journey https://www.epicfinancialjourney.com/ --- Join the Mile High FI Club - It's our email list! http://milehighfi.club/ Support the Show (and get exclusive content!) https://milehighfi.com/donate Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won’t even make such a claim. You shouldn’t take the info as financial, legal, or tax advice. We aren’t certified financial planners or advisors. We’re not qualified for much. So get advice from professionals. -- The Mile High FI Website https://milehighfi.com/ On Apple Podcasts https://milehighfi.com/apple On Spotify https://milehighfi.com/spotify On Google Podcasts https://milehighfi.com/google E-mail doug@milehighfi.com 0:00 Introduction 2:59 Importance of estate planning 8:10 Four funnels 14:17 Beneficiary designations & revocable living trusts 20:52 Tips for discussing estate planning 25:42 Planning for kids 33:16 Working with financial planners & lawyers 36:43 Tax planning 45:53 Discussions with aging parents 52:45 Soundcheck - Home renovations