For families who have spent decades building and preserving wealth, preparing for the possibility of future care can be an important part of a comprehensive financial strategy. Even with retirement savings, insurance, and an estate plan in place, long-term care can introduce financial and personal decisions that require thoughtful preparation.
In an article for Kiplinger,“What You Need to Know About Long-Term Care Before You Need It,”Jesse Giordano, CFP®, CAP®, RLP®, CBEC®, explores why planning for long-term care involves more than determining whether a family has enough assets to cover the cost. It also means considering how those assets are structured, how accessible they are, and how future care decisions may affect a spouse, family members, and broader estate goals.
Jesse discusses the distinction between medical and custodial care, along with the roles that Medicare, long-term care insurance, personal assets, and liquidity may play in funding future needs. Understanding these resources in advance can help families take a more coordinated approach if health, mobility, or cognitive needs change.
The article also considers where and how care may be provided. While aging in place may be the preferred option, families should consider whether the home can accommodate changing needs, what level of support may be required, and how those decisions fit within the broader financial and estate plan.
Planning for long-term care before it is needed gives families more time to understand their options, communicate their wishes, review financial and legal arrangements, and identify the people who may need to step in. Jesse highlights the importance of putting a plan in place early, when families have more time and flexibility to make thoughtful decisions about future care.