Senior Living
ASSISTING HAWAII’S KUPUNA
Hawaii may be paradise, but it’s not the easiest place to retire. Whether you’re still working or living on a fixed income, you need to be thoroughly prepared if you want to spend the rest of your days enjoying the island lifestyle. As someone with experience dealing with issues affecting seniors both in and outside of the real estate market, I can do more than just sell or buy your house. I can help connect you to resources and plan for a sustainable island retirement.
REAL ESTATE TAX STRATEGIES FOR SENIORS
Whether we call ourselves seniors, baby boomers, retirees, mature adults, we are still active participants in the housing market.
Last year 1,703 Honolulu properties were sold by homeowners over the age of 65. That’s out of 9,732 properties sold, which means our age group accounted for 17.5% of the real estate market.
For many, and perhaps for most, our home is our most valuable asset. The question you must ask yourself is: “Am I maximizing this asset’s value and enjoying the equity I have built?”
I’d like to share a couple of strategies as a Realtor and real estate investor. As I am not a Certified Public Accountant, please consider these strategies and then consult with your preferred tax guru.
First, I cannot overstate the importance of utilizing capital gains law. As most of us know, the federal tax code provides a $250,000 tax exclusion for capital gains earned in the sale of a home. Not only can a couple can claim a $500,000 exemption, but if a third person, for example an adult child, shares in ownership, they can claim an additional $250,000 deduction.
A second strategy is to place your home in the rental pool for one year prior to selling. This enables the homeowner to sell the property and reinvest in a similar property to delay any capital gain tax consequences. This is known as a “like-kind” or 1031 exchange. You may also be able to claim both the tax exclusion and the 1031 exchange benefits if you have lived in your home 2 of the last 5 years and you rented it out for the last year. This might come into play if you plan to move into Kahala Nui, Arcadia, or another senior residence before you sell your home.
These strategies are not “one size fits all.” It is most important to meet with your CPA, Realtor, financial advisor and any other professional that you know, like and trust!
Helping Seniors Seminar & Community Meeting
I recently organized a diverse panel of professionals to speak to the community about living alternatives and life planning for seniors. The panelists were:
Shari S. Motooka-Higa
- CSA, CLTC, SRES, CAPS
- Seniors Real Estate Specialist
- HomeStreet Bank- V.P.
Curt Kiriu
- CAPS, ILS CGR, CGP, CR, CF
- CK Independent Living Builders- President
- Phone: (808) 258-8158
Teri Ann Yanagi
- Sales Leader
- Hawaii Kai Independent and Assisted Retirement Living
- Phone: (808) 395-9599
- Email: teri.yanagi@holidaytouch.com
Daryn Murai
- Senior Living Counselor
- Kahala Nui
- Email: dmurain@kahalanui.com
Denise Mazzanti
- CAPS
- Professional Organizer
- Phone: (808) 284-6910
- Email: denise@itsyourmovehawaii.com
Stephen Reese
- Trust Attorney
- Phone: (808) 536-2800
- Email: steve.reese@shrlawhawaii.com
Judy Sobin
- RA, SRES
- East Oahu Realty
- Phone: (808) 358-8828
- Email: judysobin@hotmail.com
Oahu Senior Communities
| Active Independent | Assisted Living Community | Continuing Care Retirement Community |
| Arcadia Retirement Residence
1434 Punahou Street Honolulu (808) 941-0941 |
Arcadia Retirement Residence
1434 Punahou Street Honolulu (808) 941-0941 |
Arcadia Retirement Residence
1434 Punahou Street Honolulu (808) 941-0941 |
| 15 Craigside
15 Craigside Place at Nuuanu Avenue Honolulu (808) 523-7000 |
15 Craigside
15 Craigside Place at Nuuanu Avenue Honolulu (808) 523-7000 |
15 Craigside
15 Craigside Place at Nuuanu Avenue Honolulu (808) 523-7000 |
| Hawaii Kai Retirement Community
428 Kawaihae Street Hawaii Kai (808) 396-3331 |
Hawaii Kai Retirement Community
428 Kawaihae Street Hawaii Kai (808) 396-3331 |
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| Kahala Nui
4389 Malia Street Kahala (808) 218-7028 |
Hiolani Assisted Living at Kahala Nui
4389 Malia Street Kahala (808) 218-7016 |
Kahala Nui
4389 Malia Street Kahala (808) 218-7028 |
| Olaloa-Mililani
95-1050 Makaikai Street Mililani (808) 626-23-23 |
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| One Kalakaua Senior Living
1314 Kalakaua Avenue Makiki (808) 983-4400 |
One Kalakaua Senior Living
1314 Kalakaua Avenue Makiki (808) 983-4400 |
Hale Ola Kino- Health Center at One Kalakaua Senior Living
1314 Kalakaua Avenue Makiki (808) 983-4444 (Not a CCRC but provides LTC levels of care) |
| Pohai Nani Good Samaritan
45-090 Namoku Street Kaneohe (808) 247-6211 |
Pohai Nani Good Samaritan
45-090 Namoku Street Kaneohe (808) 247-6211 |
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| The Plaza at Punchbowl
918 Lunalilo Street Honolulu (808) 792-8800 |
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| The Plaza at Mililani
95-1050 Ukuwai Street Mililani (808) 626-8807 |
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| The Ponds at Punalu’u
53-594 Kamehameha Highway Punalu’u (808) 293-1100 |