On the latest episode of “Health Futures – Taking Stock in You,” host Bob Roth welcomed financial planning expert David Monheit of Landmark Financial to discuss comprehensive financial planning for aging adults and the importance of preparing for long-term care needs.
For the full episode, CLICK HERE.
You can also find this on any of the following podcasts:
At Cypress Homecare Solutions, we understand that aging well requires more than just physical health—it demands financial wellness too. The recent episode of our radio show “Health Futures – Taking Stock in You” explored this critical aspect of aging with certified public accountant and financial advisor David Monheit from Landmark Financial Wealth Management Services.
The Journey to Financial Expertise
David Monheit, a Phoenix native, followed in his father’s footsteps to become a CPA, eventually building his own practice and expanding into comprehensive financial planning. His approach integrates tax preparation services with financial advisory work—a powerful combination that helps clients maximize their investment returns while minimizing tax burdens.
“If you could design that portfolio investment plan correctly with the tax return in mind, that’s a great combination right there,” Monheit explained during the show.
The Importance of Comprehensive Financial Planning
As Bob Roth emphasized throughout the episode, “If you fail to plan, then you plan to fail.” This philosophy drives Monheit’s work with clients at different life stages:
- For younger adults: Creating investment strategies and regular contribution plans to build wealth
- For middle-aged individuals: Planning for children’s education, weddings, and eventual retirement
- For seniors: Ensuring assets will support them through their final years, including potential long-term care needs
Using sophisticated financial planning software, Monheit conducts Monte Carlo analyses for his clients—running thousands of simulations to determine the probability of financial success based on their specific circumstances and goals.
Planning for Long-Term Care Needs
A significant focus of the conversation was the importance of planning for potential long-term care needs. As Roth pointed out, “70% of our population 65 and older is going to be using long-term care services for three months or more.”
Monheit outlined several approaches to managing this substantial financial risk:
Types of Long-Term Care Insurance:
- Traditional policies: Pay-as-you-go coverage similar to auto insurance
- Asset-based policies: Life insurance hybrids that can convert assets (like $100,000) into much larger care benefits (like $500,000)
- CCRC (Continuing Care Retirement Communities): Facilities that provide guaranteed care for life after passing financial and health qualifications
Monheit shared success stories of clients whose financial planning and insurance strategies protected their assets while ensuring they received high-quality care when needed.
Special Considerations for Solo Agers
The conversation touched on the unique planning needs of “solo agers”—older adults without children or close family to help with care decisions. This growing demographic (approximately one-third of adults 65+ and up to 70% in some retirement communities) requires especially thorough planning.
Monheit described working with solo aging clients to create sustainable income streams and insurance coverage that would support them through all stages of aging, regardless of their care needs.
The Value of Professional Guidance
Throughout the episode, both Roth and Monheit emphasized the importance of working with qualified professionals to navigate complex financial and care planning decisions. This is especially crucial for those who:
- Have relocated from other states (as plans may need updating to comply with Arizona laws)
- Are part of blended families with complex inheritance considerations
- Are aging without nearby family support
- Have significant assets to protect while ensuring care needs are met
Taking the First Step
As we at Cypress Homecare Solutions often witness, planning ahead can make all the difference in maintaining dignity, independence, and quality of life as we age. The insights shared by David Monheit reinforce the importance of addressing not just the physical aspects of aging, but the financial foundations that support our choices and care options.
Whether you’re planning for yourself or helping a loved one, considering both healthcare and financial planning together creates the strongest foundation for healthy aging. To learn more about comprehensive care planning, contact Cypress Homecare Solutions at 602-264-8009 or visit CypressHomeCare.com.
This information is provided for general educational purposes only and should not be considered financial advice. Please consult with qualified financial and legal professionals regarding your specific situation.
Listen to the full episode of “Health Futures – Taking Stock in You” on our website at CypressHomeCare.com/media/radio-show.
