Care is Expensive!
10 Ways to Pay for Care: Wealth Management
Presented By Andy Thiem, Wealth Advisor, Senior Portfolio Advisor at Lake House Private Wealth Management
When it comes to the cost of care—whether for aging parents, a spouse, or ourselves—the numbers can be overwhelming. But here’s the truth: the single most powerful step you can take toward financial security and peace of mind is creating a financial plan.
Not tomorrow.
Not “someday.”
Now.
After nearly a decade as a wealth advisor, I’ve learned that the financial plan is the most impactful product we offer—and it costs nothing. A good plan affirms where you are, reveals areas for improvement, and gives you the confidence to move forward with clarity.
Think of it as a living document—fluid enough to adapt to life’s curveballs, yet structured enough to provide real direction. It’s not just about numbers. It’s about aligning your goals, dreams, and values into a tangible roadmap that answers the question:
“How will we make this work?”
Through collaboration and coordination, that “someday” dream becomes a step-by-step action plan.
At Lake House Private Wealth Management, we use an outcome-oriented planning framework. It begins with a discovery meeting, where we discuss what truly matters to you. From there, we collect data, outline your priorities, and organize everything into three key “buckets”:
- Needs: The essentials—must-haves like care expenses and basic living costs.
- Wants: The lifestyle goals—travel, hobbies, or family experiences.
- Dreams: The long-term vision—charitable giving, legacy goals, or generational wealth.
Each bucket is layered with objectives and ranked by importance. The result? A balanced, holistic plan that reflects your real life.
Using Technology to Bring Your Plan to Life
One of my favorite planning tools is Money Guide Pro, a platform that turns financial planning into a visual, interactive experience.
It models probabilities of success—showing where you are now, where you want to be, and how to get there. Using Monte Carlo simulations (a thousand different “what-if” scenarios), it gives you a percentage likelihood of reaching your goals.
Our sweet spot: 80–100% probability of success.
Why does that matter? Because proactive planning helps you avoid reactive mistakes—those costly decisions made in moments of uncertainty or crisis. A strong plan helps you stay the course, even when life throws you a curveball.
The Power of Budgeting and Automation
Another key component of financial wellness is monthly budgeting. Automating your bills, savings, and investments simplifies life and strengthens discipline.
Here’s how to start:
- Track what’s coming in and going out.
- Identify your discretionary income.
- Set automatic transfers to an investment account—then forget about it.
Early and consistent investing unleashes the power of compound growth—the true engine of wealth creation.
My own journey started young. My dad helped my brother and me open custodial brokerage accounts when we were just kids running our “Poop Patrol” lawn care business. Twenty years later, those early dollars—combined with steady investing—continue to grow.
The lesson? Time and consistency beat timing and complexity.
Advanced Wealth Strategies to Support Care Planning
Beyond the basics, there are several strategic tools that can strengthen your financial foundation and fund care needs more efficiently:
- Tax-Optimized Planning
Build flexibility through multiple “tax buckets”: taxable, tax-deferred, and tax-free. This allows for efficient withdrawals and opportunities like tax-loss harvesting and backdoor Roth conversions. - Health Savings Accounts (HSAs)
These are one of the best-kept secrets in wealth planning. They grow tax-free and can be used for qualified medical expenses—even for family members who are dependents. - Life Insurance Retirement Plans (LERPs)
By overfunding permanent life insurance, you can grow funds tax-deferred and later access them tax-free through loans. - Cash Balance Pension Plans
Ideal for business owners or high-income professionals who’ve maxed out their 401(k)s—allowing for even greater retirement contributions. - Family Caregiving Funds or Special Needs Trusts
Dedicated savings accounts designed specifically for caregiving expenses can bring families together around a shared purpose—and relieve financial stress when it matters most.
The Bottom Line: Plan Now, Not Later
Every family situation is unique. What works for one may not be right for another. But one thing remains true across the board:
A personalized, well-thought-out plan—made today rather than in a moment of crisis—can make all the difference.
Whether you’re planning for care, retirement, or legacy, start the conversation now. Build your roadmap. Gain your confidence.
Because peace of mind isn’t just about having money.
It’s about knowing you’ve made a plan to make it work.
If you want to continue this conversation or need guidance, I’m here.
Andy Theim
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Our country is entering a new chapter, one we have never seen before… over 100 million people are 50 years of age or older, and the need for care is going to be more and more prevalent. We are dreaming of a nation where aging and care are understood and become part of our normal conversations with family.
To make this a reality, we need your help!