{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Trust Administration from a CPA Perspective","description":" 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\u2019t realize they\u2019ve just taken on a legal and financial job \u2014 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\u2019ll 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\u2019ll 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\u2019s real role in trust administration Most trustees think they only need an attorney \u2014 Sargis explains why a CPA is equally essential and how they work together. 3. Should you keep using the decedent\u2019CPA? Why trusts require a specialist, not a generalist CPA \u2014 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 \u2014 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 \u201cgross value\u201d matters more than net value 9. Why you NEED a real date-of-death appraisal Not from a real estate agent \u2014 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\u2019re useless. Trustees can be personally liable for mistakes. Taxes on estates are complex \u2014 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.   ","author_name":"Transitions: Inheritance & Our Aging Parents","author_url":"https:\/\/podcasts.apple.com\/lu\/podcast\/805-talk\/id1454188013","html":"