06/03/2026
Wednesday Wisdom: Long-term care is one of the biggest expenses many families never see coming.
With more baby boomers reaching retirement age and people living longer, the need for care is growing fast. That demand, combined with caregiver shortages and inflation, is causing long-term care costs to rise across the country.
For many families, the numbers can be shocking. A private nursing home room can exceed $100,000 per year. Assisted living may cost $50,000 to $70,000 annually. Even part-time in-home care can add up to several thousand dollars each month. Over a lifetime, long-term care costs can often exceed $250,000.
Many people assume Medicare will cover these expenses, but Medicare generally does not pay for long-term custodial care. That misunderstanding can leave families scrambling, spending down savings, taking on debt, or making rushed decisions during a crisis.
Planning ahead gives families more options.
A thoughtful estate plan can help protect assets, clarify decision-making authority and prepare loved ones for the “what ifs.” In some cases, families may also benefit from elder law guidance, Medicaid planning or long-term care insurance.
The earlier you plan, the more choices you may have.
At Goldfarb & Luu, we help families think beyond today so they can better protect their future, their dignity and the people they love most.
