The Tax Strategies Every Family Overlooks in a Senior Living Transition (with CPA Chris Torres)

If you’re helping aging parents — or preparing for your own future — today’s episode could save your family thousands of dollars.

Most families don’t realize that senior living transitions come with massive tax implications — and when planned correctly, huge tax benefits too. But very few ever find out about them… until it’s too late.

In this episode, I’m joined by Chris Torres, CPA, of Irvin, Abrahamson & Company, CPAs Inc. — a family-run Palo Alto tax firm serving the community since 1965. Chris has been with the firm for more than 20 years, carrying on his father Bert’s legacy and guiding families through the complex tax decisions that come with retirement, caregiving, senior living, and legacy planning.

Chris helps families understand:
• How to use senior living entrance fees and monthly fees as major medical tax deductions
• How strategic timing can wipe out your tax bill in the year of a senior move
• The huge advantages of Roth conversions when done at the right moment
• How caregiver wages, home modifications, and travel for medical care may be deductible
• Why adult children in the “sandwich generation” should help parents talk through finances without overstepping
• The tax traps senior families fall into — and how to avoid leaving money on the table
• Why early planning is the difference between “running out of money” and aging confidently

This episode is packed with actionable guidance for families, caregivers, financial advisors, senior living professionals, and anyone planning a transition in the next 5–10 years.

About Today’s Guest — Chris Torres, CPA
Chris has been with Irvin, Abrahamson & Company, CPAs Inc. (IACO) for over 20 years. IACO has been serving Palo Alto and the surrounding Bay Area since 1965. Chris’ father, Bert, joined the firm in 1983 and became managing partner about 25 years ago. Since then, IACO has become known for its family-oriented culture, long-term client relationships, and personal touch in handling tax and financial matters.

Chris specializes in individual and business taxation and deeply values the multi-generational clients who trust IACO with their planning needs. His mission is to help seniors and their families protect their assets, preserve their legacy, and make smarter tax decisions during some of life’s biggest transitions.

Contact Chris:
📧 Email: [email protected]
📞 Phone: (650) 856-6161 ext. 308
📠 Fax: (650) 856-6191

📄Show notes: https://simplifyseniortransitions.com...

📞 Schedule a FREE consultation at: www.simplifyseniortransitions.com
📲 DM me on Instagram: @soldbydale
🎧 Listen to every episode of the podcast: www.simplifyseniortransitions.com/podcast

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