This paper uses data for Spain from the Survey of Health, Ageing and Retirement in Europe (release 2.3.1) to model the determinants of the quality of life of the elderly, paying special attention to their intergenerational relations. The aim is to study CASP-12 (a social functional index) and explore the effect of interdependency in terms of the transfer of the resources of time and money between the elderly and other family members. To do so, we estimate a latent class model to explore the determinants of wellbeing. This allows us to distinguish between two different subpopulations, whose quality of life is modeled in different ways and who potentially would require different types of public care policies.