Couverture de Transitions: Inheritance & Our Aging Parents

Transitions: Inheritance & Our Aging Parents

Transitions: Inheritance & Our Aging Parents

De : Jeff Landau
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 Every family faces transitions—some planned, others unexpected. On Transitions: Inheritance & Our Aging Parents, real estate advisor Jeff Landau helps families find clarity and confidence through life's biggest transitions. Each episode offers clear guidance on inherited real estate, trust administration, taxes, and preparing for what's ahead—without the guesswork or guilt. What happens to the family home? Should we sell it, rent it, or renovate? How do we balance caregiving, estate planning, and the emotional weight of inheritance? Real stories. Compassionate insights. Trusted advice. Because caring for our parents and protecting their legacy shouldn't come with confusion—it should come with understanding. Through conversations with estate planning attorneys, fiduciaries, and senior care professionals, Jeff brings clarity and compassion to the financial, emotional, and logistical realities families face. Because caring for our parents and protecting their legacy—and the family's inheritance—shouldn't come with confusion; it should come with understanding.Jeff Landau and 805 Talk - 2019 Economie Sciences sociales
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    Épisodes
    • Trust Administration from a CPA Perspective

      Trust Administration from a CPA Perspective
      Nov 17 2025
      What Trustees Need to Know About Inherited Property, Taxes & Trust Administration (with CPA Expert Sargis Isavi)

      When someone passes away, families are suddenly faced with real estate decisions, trust paperwork, tax responsibilities, and deadlines they never expected. Most trustees don't realize they've just taken on a legal and financial job — one that comes with liability, rules, and complex tax requirements.

      In this episode, I talk with Sargis Isavi, a CPA and Tax Manager with 25+ years of experience specializing in trusts, estates, and high-net-worth tax planning, to break down exactly what people need to know when inheriting property.

      This is one of the clearest conversations you'll hear on trust administration, step-up in basis, tax risks, trustee mistakes, and how to avoid costly penalties. All from a CPAs perspective.

      What You'll Learn in This Episode 1. What actually happens when someone inherits a property

      A step-by-step breakdown from a tax and accounting perspective of what trustees must do immediately after a loved one passes away.

      2. The CPA's real role in trust administration

      Most trustees think they only need an attorney — Sargis explains why a CPA is equally essential and how they work together.

      3. Should you keep using the decedent'CPA?

      Why trusts require a specialist, not a generalist CPA — and how the wrong choice can lead to thousands in penalties.

      4. The hidden tax traps trustees miss

      Trusts hit the highest federal tax bracket (37%) at just ~$13,450 of income. Sargis explains why this catches people off guard.

      5. Grantor vs. Irrevocable Trusts

      How they work, how taxes differ, and what trustees must understand before distributing anything.

      6. The biggest mistakes trustees make

      Including:

      • Commingling trust funds

      • Missing tax filing deadlines

      • Not securing trust assets

      • Poor record-keeping

      • Causing disputes among beneficiaries

      • Using the wrong professionals

      • Not understanding trust terms

      7. Step-up in basis: Why it matters

      Real examples of clients who saved hundreds of thousands simply by correcting a missed step-up.

      8. Estate & inheritance taxes — and the 2025 law changes

      Everything trustees must know about:

      • The $13.99M exemption

      • The possible drop to ~$7M

      • Which states tax estates

      • Form 706 & portability

      • Why "gross value" matters more than net value

      9. Why you NEED a real date-of-death appraisal

      Not from a real estate agent — from a licensed appraiser. Sargis explains why the IRS challenges BPOs and how to avoid future tax bills.

      10. Real client stories

      Sargis shares cases where expert CPA work resulted in:

      • $15,000 penalty abatement

      • $200,000 tax refund

      • Over $1M in reduced estate tax

        These examples show why who you hire matters.

      Key Takeaways

      • A will alone does NOT avoid probate.

      • Trusts must be funded or they're useless.

      • Trustees can be personally liable for mistakes.

      • Taxes on estates are complex — small errors can = big penalties.

      • Planning before death saves families money.

      • You need a team: CPA + Estate Attorney + Financial Advisor.

      • Always get your trust reviewed and updated regularly.
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      37 min
    • Why Most Californians Need a Trust (and How to Avoid Common Mistakes)

      Why Most Californians Need a Trust (and How to Avoid Common Mistakes)
      Oct 1 2025
      Why Most Californians Need a Trust (and How to Avoid Common Mistakes) Episode Summary Estate planning attorney Rebecca Goldfarb explains who in California should have a trust, why a trust is only one part of a complete plan, and the most common errors that derail families—often even when a trust already exists. We also cover special needs trusts, trustee selection, trust administration, probate hassles, and how to keep inheritances truly separate property for adult children. Key Takeaways A trust is one piece of a comprehensive estate plan (trust + powers of attorney + advance healthcare directive + correct asset titling/beneficiaries).Who should have a trust (CA):Parents with minor or young-adult beneficiaries (keep in mind that frontal lobe maturity is roughly 28–30+; use staggered distributions).Anyone with special needs beneficiaries (preserve public benefits with a special needs trust).Those with asset amounts that could trigger probate (a trust avoids court). Blended/complex families (prevent conflict with clear, detailed terms). Owning real estate is not required—trusts still make sense if other conditions apply.The sobering stat: Even among people who have trusts, very few plans actually (1) honor wishes, (2) avoid court, and (3) maintain family harmony—usually due to poor drafting, no funding, or lack of follow-through. Biggest mistakes Rebecca sees:Unfunded trusts (assets never retitled to the trust; schedules at the back of a trust are not proof of funding).Wrong trustees / co-trustees (some institutions won't accept co-trustees; pick capable, organized, neutral people).Outdated "AB split" language that auto-splits at first death without discussion—can freeze assets, create tax/admin headaches, and contradict the couple's actual intent.Vague life-estate clauses (who pays insurance, taxes, deductibles, repairs? spell it out). Handwritten edits on the original trust (don't do this—creates ambiguity and court fights). Trust administration basics (after death):Send 120-day notices before distributing funds; early payouts can bankroll a contest against you.Do a proper accounting and hold a reserve (taxes, reassessments, supplements).Communicate with beneficiaries to reduce anxiety and litigation risk. Special Needs Trusts: Use to preserve public benefits.Either standalone (irrevocable; others can contribute) or "birthed" from your main trust at death (revocable until then).Name long-term trustees + a way to appoint successors without court. Protecting your child's inheritance: Inheritances are separate property by law, but routine commingling (e.g., paying mortgage from marital earnings) can convert them. Consider requiring a prenup/postnup in the trust (education + clarity; reduces future conflict). Practical Tips You Can Use This Week Fund the trust: retitle real estate; update beneficiaries to the trust (where appropriate); confirm how each asset will pass.Add/video area: Durable Power of Attorney and Advance Healthcare Directive for each spouse/partner.Review every ~5 years or after life events (marriage/divorce, new child, death, move, major asset change).For real estate sales inside a trust: Trustees must act as prudent investors. "As-is" vs. renovate depends on risk tolerance, timeline, beneficiary dynamics, and clear documentation (consider date-of-death appraisal).Check unclaimed property (periodically search CA's database for you and your family). Memorable Lines "A successful estate plan should honor your wishes, avoid court, and maintain family harmony—most plans we review don't hit all three.""A schedule at the back of your trust is just a snapshot—not proof your trust is funded." Resources & Contact Goldfarb & Luu (Firm): goldfarbluu.com (Estate planning, special needs trusts, elder law. Site includes contact info and phone numbers.)
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      1 h et 5 min
    • Estate Planning for LGBTQ+ and Special Needs Trusts

      Estate Planning for LGBTQ+ and Special Needs Trusts
      Sep 11 2025
      🎧 Episode Overview

      In this essential episode I speak with seasoned estate planning attorney Judith Perez, who brings over 36 years of experience in trust administration, LGBTQ+ advocacy, and special needs planning.

      Whether you're in a same-sex partnership, caring for a loved one with special needs, or simply want your estate plan to reflect your values—this episode is a must-listen. We dive deep into the unique legal considerations that impact families often overlooked in traditional estate conversations.

      🔑 Key Takeaways

      • Why Everyone Over 18 Needs a Will, Advance Directive, and Durable Power of Attorney

        Estate planning isn't just for the wealthy. Judith explains the baseline documents everyone should have in place.

      • How Estate Planning Differs for LGBTQ+ Couples

        Learn the legal protections—and limitations—for same-sex partners, especially when not legally married.

      • Protecting Chosen Family with the Right Legal Language

        "Chosen family" has no legal standing unless you name them properly. Here's how to do it.

      • What Is a Special Needs Trust—and Why It Matters

        Discover the three types of special needs trusts, when to use them, and how they protect both assets and benefits.

      • Real Estate Pitfalls Without Proper Planning

        Judith shares real-life scenarios where families lost control of a home simply due to titling or missed trust language.

      • Why DIY Estate Planning Can Backfire

        From LegalZoom fails to probate nightmares—here's why hiring an experienced attorney makes a difference.

      • When to Have "The Talk" About Your Estate Plan

        Hint: It's sooner than you think. Learn how to start the conversation with loved ones.

      🧠 Who This Episode Is For

      • LGBTQ+ individuals and couples

      • Families with children or adult dependents with special needs

      • Homeowners unsure of how to structure their trusts

      • Adult children supporting aging parents

      • Anyone who hasn't created a will or trust yet

      👩‍⚖️ About Judith

      Judith Perez is an estate planning attorney practicing in California for over three decades. She specializes in working with LGBTQ+ families, same-sex couples, the elderly, and those caring for loved ones with disabilities. She currently serves as Chair of the Probate and Estate Planning Section of the San Fernando Valley Bar Association and was previously President of the National Association of Women Business Owners, Ventura County.
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      59 min
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