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Money Guy Show
Are We Headed for a Recession?
Sep 27, 2023
Learn how to prepare your financial strategy for a possible upcoming recession. Explore the risks of adding children to real estate deeds and investment accounts. Understand the debate between saving a smaller down payment or a larger one for a first home. Get recommendations on buying life insurance and the importance of risk management.
31:00
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Quick takeaways
- Consider alternatives like payable-on-death accounts, power of attorney, or revocable trusts instead of adding children to bank accounts or property deeds.
- Balance the decision of saving for a larger down payment with other financial goals and follow the financial order of operations to maximize wealth accumulation over time.
Deep dives
The importance of not adding children to bank accounts
One common mistake that many people make as their parents age is adding their children to their bank accounts or property deeds. However, this can create major complications, including potential gift tax issues and loss of valuable tax planning strategies. Instead, it is recommended to explore alternatives like payable-on-death accounts, granting access through a power of attorney, or setting up a revocable trust.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode