Sean Mullaney is an advice-only financial planner and the President of Mullaney Financial & Tax, Inc. Through Mullaney Financial & Tax, Sean provides advice-only financial planning for a flat fee. Sean writes the Plutus Award winning blog FITaxGuy.com on the intersection of tax and financial independence. He also has a personal finance YouTube channel ( and wrote Solo 401(k): The Solopreneur’s retirement account ( . 

Sean has discussed personal finance and tax on numerous podcasts, including ChooseFI, The Stacking Benjamins Show, How to Money, and BiggerPockets Money. He has been quoted in media outlets including The Wall Street Journal, The New York Times, and MarketWatch.

Sean entered financial planning as a career changer. In his previous career he worked for 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 Measure Twice Planners ( and the American Institute of Certified Public Accountants. For more on Sean’s professional background, please visit his LinkedIn profile here ( .

Sean and his wife Catherine live in Woodland Hills, California. Outside of professional pursuits, he enjoys spending time with his wife, travel, the comedy of Larry David and Jerry Seinfeld, and New York Jets football. 

The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Dave and the Financially Independent Teachers podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services.

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When it comes to receiving an inheritance, many people are unaware of the potential tax implications that come along with it. That’s where financial expert Sean Mullaney, also known as the “FI TAX Guy,” comes in to provide valuable insight and guidance on how to navigate this complex issue.

Sean Mullaney is a Certified Public Accountant and financial advisor who specializes in helping individuals and families achieve financial independence through smart tax planning strategies. In a recent interview, he discussed the importance of understanding how inheritance can impact one’s tax situation.

Mullaney explained that in the United States, inheritance is generally not considered income for tax purposes. This means that beneficiaries do not have to pay income tax on the assets they inherit. However, there are certain situations where taxes may come into play.

For example, if you inherit a retirement account such as an IRA or 401(k), you may be required to pay taxes on the distributions you receive from that account. Additionally, if you inherit assets that have appreciated in value, you may be subject to capital gains tax when you sell those assets.

Mullaney advises that it is crucial to consult with a tax professional when dealing with inheritance to ensure that you are properly managing any potential tax liabilities. He also suggests working with a financial advisor to create a comprehensive plan for how to best utilize your inheritance to achieve your financial goals.

In addition to tax considerations, Mullaney emphasizes the importance of having conversations with family members about their estate plans and wishes. By being proactive and transparent about these matters, you can help avoid conflicts and ensure that your loved ones are taken care of in the event of your passing.

Overall, Sean Mullaney’s expertise in tax planning and financial management makes him a trusted resource for individuals looking to make the most of their inheritance. By following his advice and working with qualified professionals, you can navigate the complexities of inheritance and taxes with confidence and peace of mind.