Transitions: Conversations for Life's Biggest Decisions

Should you have a trust? In this episode of Transitions: Inheritance and our Aging Parents, Jeff Landau talks with estate planning attorney Antonio Rodriguez, a partner with Staker Rodriguez Law, about the biggest mistakes homeowners make when it comes to trusts, probate, and inheritance. They cover why estate planning isn't just for the wealthy, the risks of adding a child to title, why naming co-trustees can backfire, and how California's Prop 19 affects inherited property taxes. Whether you're a homeowner, a future trustee, or planning ahead for your family, this episode breaks down what you need to know — and the first steps to take.

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.

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

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

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

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

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

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

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

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

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

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.

• 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.

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.)

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.

• 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.

• 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

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 has served 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.

In this episode, I sit down with long-time friend and legal expert Richard Sperling, a seasoned family law attorney whose practice focuses on collaborative divorce mediation, premarital and postmarital agreements, and Marvin/palimony claims. With decades of experience in real estate law, business law, and mediation, Richard brings a unique, peace-focused perspective to complex family dynamics.

We take a fun, and deep dive into the intersection of real estate and family law, exploring:

• How real estate gets handled in divorces

• Why putting things in writing is always a good idea

• Common misunderstandings about ownership, equity, and verbal promises

• The value of premarital agreements and postmarital agreemens

• And why peacemaking might be the most underrated skill in law (and real estate!)

Whether you're a real estate agent, attorney, or someone navigating relationship transitions—this episode is packed with practical insight.

• How Richard transitioned from real estate law into family law and mediation

• The emotional intelligence involved in real estate and divorce negotiations

• When (and why) premarital agreements are enforceable—and what makes them invalid

• What happens when a spouse stays in the home post-divorce and how taxes are impacted

• The truth about common law marriage in California

• How gifts from parents during marriage are treated in divorce settlements

• Why cohabitation agreements are critical for unmarried couples buying property

"A verbal promise in a marriage isn't binding. But if you're not married, a verbal promise might be."

In this episode of 805 Talk, I speak with Katie Wilfong, a medical social worker and senior care planning expert, to discuss one of the most critical but often overlooked parts of aging: planning for healthcare needs before a crisis hits.

Drawing from a deeply personal family experience, my mother's journey through different healthcare needs, this conversation highlights the importance of proactive planning and how Katie's expertise helped guide my family through the overwhelming process after my mother's injury and subsequent needs between assisted living and memory care.

This recording is from a few years ago, in December of 2021.

We explore why creating a plan now can make all the difference when the unexpected happens.

We also discuss a service that Katie, and her business partner in Solo Aging Solutions, Ken Kossoff offer. What happens when someone is alone and doesn't have someone to name in the Advanced Healthcare Directive? Or has family, though no one that is relatively close by.

• The difference between an Advance Healthcare Directive and a POLST (Physician Orders for Life-Sustaining Treatment)

• Why choosing the right healthcare advocate is crucial—not just the oldest child

• How Solo Aging Solutions steps in when family isn't nearby or available

• The emotional costs of not planning ahead

• How local resources like Ventura County's senior programs can support families

• Why it's important to regularly review and update healthcare wishes

• How early planning can save families from making rushed, painful decisions during a crisis

"We plan for so many things in life—but we try to stay away from planning for when we're not as capable. Having these conversations early is truly a gift to your family."

—Katie Wilfong

"In a moment of crisis, you're overwhelmed. Having someone like Katie helping to navigate that maze was absolutely invaluable."

—Jeff Landau

In this episode, I speak with Kelila Heller, co-founder of Assisted Living Connections, an expert who helps families place their loved ones in assisted living and other similar type communities. We talk about one of life's toughest transitions: finding the right care for an aging parent or loved one.

Kelila, her partner Tami Podell, and their team have helped hundreds of families across Ventura and LA County navigate the emotional, financial, and logistical challenges of senior care—from independent living to memory care, assisted living, and beyond. With warmth, honesty, and deep expertise (including helping my family more than once), Kelila shares real-world guidance for making confident decisions during a stressful time.

🗝️ What You'll Learn:

• When is the right time to start planning for senior care?

• Assisted living vs. in-home care—what's the real cost?

• What are the types of senior care: independent, assisted, memory care, and residential board and care?

• How do families pay for care: Social Security, long-term care insurance, reverse mortgage, VA benefits, and more

• What red flags to look for when deciding if it's time to seek help

• How a senior placement advisor can make all the difference in finding the right fit

• How socialization, safety, and mental health factor into senior care decisions

• Why proximity to family members is crucial—and what happens if you wait too long

💡 Key Quotes:

"You don't have to hire us—our services are free. We're like a real estate agent for senior living."

"Planning early gives you options. Waiting until there's a crisis limits them."

—Kelila Heller

🔗 Resources Mentioned:

• Website: www.assistedlivingconnections.com

• Phone: 888-800-1811

• Coverage Area: Ventura & West LA County (with referrals available nationwide)

• Nonprofit Partner: Senior Concerns

In this episode we deviate from the focus on real estate and inheritance. I speak with business continuity expert David Gering of Business Resilience Solutions to discuss how individuals and businesses can prepare for disasters and disruptions. With over 15 years of experience, David shares practical insights into risk management, disaster preparedness, and business recovery. Whether you're a homeowner, business owner, or simply looking to be better prepared, this conversation is packed with actionable advice to help you navigate uncertain times.

✅ David's Background & Experience – How his firsthand experience with earthquakes, wildfires, and business disruptions shaped his career. ✅ Mindset & Disaster Readiness – Why preparation is critical and how stress impacts decision-making. ✅ Evacuation Planning – The importance of go bags, checklists, and what to do before leaving your home in a crisis. ✅ Lessons from Recent Wildfires – How wildfires have changed over the years and why modern fires are harder to fight. ✅ Communication During Disasters – Why cell phones may fail and how to establish alternative communication plans. ✅ Earthquake Preparedness – The impact of aftershocks and key takeaways from the Northridge Earthquake. ✅ Business Continuity Planning – How businesses can prepare for major disruptions by focusing on three key impact areas. ✅ Recommended Resources & Apps – Tools for staying informed and managing emergencies effectively.

• Always have a go bag ready at home and in your car.

• Plan for multiple disaster scenarios—fires, earthquakes, power outages, etc.

• Use checklists to ensure you don't forget essential items during an evacuation.

• Consider signing up for emergency alert systems (VC Alert, Alert LA County, Notify LA).

• Download useful apps such as Watch Duty (wildfire tracking), MyShake (earthquake alerts), and Audacy (radio streaming during emergencies).

• Businesses should create business recovery plans focusing on data/system loss, loss of workplace, and loss of personnel.

• Have alternative communication methods, such as out-of-state contacts and text-based messaging.

• Invest in a generator or backup battery to sustain critical power needs.

📌 Emergency Alert Systems:

• Ventura County Alerts: ReadyVenturaCounty.org/VC-alert

• LA County Alerts: Alert.LACounty.gov

• Notify LA: Emergency.LACity.gov/NotifyLA

📌 Recommended Apps:

• Watch Duty (wildfire alerts)

• MyShake (earthquake warnings)

• Audacy (radio streaming for real-time news)

📌 Mass Notification Platforms for Businesses:

• AlertMedia.com

• Everbridge.com

• OnSolve.com

📞 Phone: 805-630-9731 📧 Email: [email protected] 🌐 Website: ResilienceBCM.com

Preparation is key to ensuring safety and business continuity during disasters. By taking proactive steps today, you can improve your resilience and peace of mind. If you have questions or need professional guidance on business continuity planning, reach out to David Gering for expert advice.

Episode Summary:

In this insightful episode, I sit down with David Schneider, a seasoned estate planning attorney, to discuss the crucial aspects of estate planning. We explore common mistakes, the importance of having a trust, and how failing to plan can cost families tens of thousands of dollars. David shares real-life cases, explaining why estate planning is essential for every homeowner and how proper preparation avoids probate, delays, and unnecessary expenses.

Key Takeaways:

1. Why Every Homeowner Needs an Estate Plan

• In California, probate proceedings apply if a homeowner passes away with assets over $184,500.
• Probate is time-consuming and costly, eating up tens of thousands of dollars from estates.
• A revocable living trust ensures assets pass smoothly without probate delays.

2. Common Pitfalls in Estate Planning

• Not Funding the Trust: Many people create a trust but fail to transfer their home and assets into it. Without proper funding, the trust is useless.
• Failing to Update the Trust: Life changes (marriage, children, property purchases) require updates. Outdated trusts can cause legal issues.
• Misunderstanding Successor Trustees: Picking multiple co-trustees can cause family conflicts. It's often best to appoint one responsible person.

3. The Hidden Costs of Probate

• Attorney fees and executor fees are calculated based on the gross value of an estate, not the net equity.
• On a $1 million estate, probate fees alone can exceed $40,000.
• Personal representatives can charge the same amount as attorneys, doubling the cost.

4. Avoiding Legal Roadblocks

• If a homeowner becomes incapacitated (e.g., dementia), their spouse cannot automatically sell the home unless it's in a trust.
• Power of Attorney does not cover real estate transactions after incapacity unless properly structured.
• Naming a guardian for minor children is critical to ensure their care in case of an untimely death.

5. Administering a Trust: What Happens After Someone Passes?

• Successor trustees must follow California probate code, which includes formal notifications and legal procedures.
• Mistakes in trust administration can lead to lawsuits and prolonged court battles.
• Working with an estate planning attorney simplifies the process and ensures compliance.

Final Thoughts & Action Steps:

• If you've refinanced your home, check that your property is still in your trust. Lenders often remove it during refinancing.
• Estate planning is not just for the elderly—every homeowner should have a trust in place.
• Review and update your estate plan every 5-10 years or after major life events.

CONTACT INFORMATION:

David Schneider

https://www.drs-law.com/

(805) 374-8777

Honored to be interviewed by Wayne Baxter of One Capital Management. Wayne and I discuss all the benefits of buying a home in the Conejo Valley. We also discuss what is going on in the homeowners insurance market in general and in the area. If you have thoughts of buying a home in Thousand Oaks, Newbury Park, Agoura, Oak Park or Westlake Village, this episode is for you!