What happens when an older adult needs to sell a longtime home, move into senior living, or begin thinking seriously about what will happen to their assets and family in the future? These decisions can involve capital gains taxes, real estate, estate planning, senior living, caregiving and family dynamics—and waiting until a crisis occurs can make everything much more difficult.
In this special three-part Answers for Elders conversation, host Suzanne Newman is joined by Cory Boldroff, a certified senior real estate planner, to explore the many financial and personal decisions that come with aging and real estate. They discuss capital gains taxes when selling a home, the primary residence exclusion, cost basis, second homes, 1031 exchanges, inherited property and the step-up in basis. The conversation also looks at why seniors and their families should explore their options before a property is sold rather than discovering potential tax and financial consequences at closing.
The final part brings the conversation home in a very personal way, as Cory interviews his father, Danny Boldroff, about aging, senior living and estate planning. Danny shares how visiting and volunteering at senior living communities changed his perception of what senior living can be, and why older adults should consider where they would want to go if they could no longer safely remain at home. Cory and Danny also discuss living trusts, communicating an estate plan with adult children, preventing family conflict, and the idea of “blessing your kids while you're alive” by using your resources to help family members during your lifetime.
Throughout the episode, one message comes through clearly: you don't know what the future holds, but you can plan for the possibilities. Whether you're an older adult thinking about selling your home, an adult child helping an aging parent, or a family beginning conversations about senior living and inheritance, planning ahead can help reduce confusion and family conflict later. Cory emphasizes the value of building a “power team” of professionals—including financial, tax, insurance, estate and real estate professionals—so families can look at the bigger picture together.
Note: The discussion is educational and illustrates planning concepts and personal experiences; individual tax, legal, financial and estate-planning circumstances vary. Families should consult qualified professionals regarding their own situations.
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