Eldercare Financial Planning

Life Resource Planners of the Treasure Coast 

1717 Indian River Blvd. Suite 301 

Vero Beach FL 32960 
(772) 567-7970 ext. 101


What is Eldercare Financial Planning?

'Traditional' Financial Planning is typically oriented towards developing a plan that addresses a client's  accumulation, protection, and distribution of assets in a tax efficient manner and   over a client's lifetime (retirement planning). Elder Care Financial Planning, also known as 'Life Resource Planning' is a sub-sect of 'Traditional' Financial Planning that takes these same financial planning principles and applies them specifically to the matter of paying for long-term (Chronic) health care and related financial issues. It is also about identifying the 'Financial Resources', that in some cases are 'overlooked',  that can be utilized by a family to afford the quality care for their loved one.

 Under Standards of Professional Conduct, the Board of Certified Financial Planners provides that the following basic subject matter typically be addressed in the planning process:

  • Financial statement preparation and analysis.
  • Retirement  planning, Retirement cash flow planning  and  public benefits (Medicare and Social Security Benefits).
  • Identification of financial resources available for Long Term Healthcare (Chronic Care) needs.
  • Estate planning.
  • Risk management and insurance.
  • Income tax planning.

Using this process we develop for our clients a "Life Resource Plan" that is designed to help answer:

  • Will there be enough to pay for healthcare and retirement?  How should money be positioned?  Will money run out?  When?  What next?
  • What venue would provide the best level of care based upon the available resources? At home? Adult Daycare? Assisted Living or Nursing Home?
  • What about other financial resources?  Are there other programs or financial resources that we may have overlooked?  Things like existing old Life Insurance policies and Annuities, home equity or IRA's.  What about Medicare, Hospice, Medicaid and government programs or community-based free programs? 
  • What benefits are available to Veterans and their spouses/widows. How do these Veteran benefits are coordinate with other benefit programs?
  • What happens when the person receiving VA or government  benefits passes away (or the spouse predeceases)?  Can the State look to the estate for compensation?  Which  assets can they seek, which can they not?  Is the home protected? 

Life Resource Planners of the Treasure Coast