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Long-Term Care Planning

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Introduction to Long-Term Care Planning

The advisors at Smith Complete Wealth help clients prepare for the financial and personal challenges that may arise from needing long-term care later in life. Long-term care planning is not simply about purchasing insurance. Instead, it's an ongoing process of evaluating potential care needs, protecting assets where appropriate, and creating a strategy that aligns with your family, finances, and retirement goals.

Effective long-term care planning touches many areas of your financial life, including retirement income, investment management, estate planning, healthcare decisions, and legacy objectives. Because health needs, family dynamics, and financial circumstances can change over time, we regularly revisit your strategy and coordinate with other professionals when appropriate. No two long-term care strategies at Smith Complete Wealth look alike because every family faces unique opportunities, concerns, and priorities.

Long-term care insurance policies contain exclusions, limitations, costs, and restrictions. Benefits and availability may vary by carrier and state. Clients should review policy details carefully and consult appropriate professionals regarding their individual situations.

Please keep in mind that insurance companies alone determine insurability and some people may be deemed uninsurable because of health reasons, occupation, and lifestyle choices.

Webinar: "Planning for the Healthcare Costs You Can't Predict"

Watch a recording of the October 2026 webinar where Les Smith and Clay Mallard discussed healthcare costs in retirement, including Medicare decisions, HSA strategies, long-term care options, and ways to prepare for healthcare costs that could otherwise derail your goals.

Watch on YouTube

Long-Term Care Planning Before and During Retirement

As retirement approaches, many people focus on investment returns and retirement income while overlooking one of the largest potential expenses they may face: long-term care.

Planning ahead can help provide greater flexibility if care becomes necessary later in life. Decisions surrounding insurance coverage, retirement income sources, healthcare directives, and estate planning often work best when addressed before a health event occurs.

We help clients evaluate how long-term care considerations fit within their overall retirement strategy. By integrating these discussions into the planning process, families may be better positioned to navigate unexpected healthcare challenges while maintaining confidence in their financial future.

What Should Your Long-Term Care Strategy Be Designed to Accomplish?

Long-Term Care Planning at Smith Complete Wealth is proactive and highly personalized. Rather than waiting until a health event occurs, we help clients think ahead and develop strategies designed to provide flexibility and confidence. We'll work together to evaluate potential care needs and identify solutions that fit within your overall financial plan.

Asset Preservation Strategies

We'll discuss approaches that may help protect assets intended for retirement income, spouses, heirs, or charitable goals. Every family's priorities are different, and we'll help ensure long-term care considerations are incorporated into your overall financial strategy.

Family Care Considerations

Many long-term care decisions impact not only the individual receiving care but also spouses, children, and other loved ones. We'll help facilitate conversations around caregiving expectations, family responsibilities, and ways to prepare for future decisions before they become urgent. Documenting preferences for living arrangements, care settings, and caregivers gives family members a starting point. These conversations should also consider family caregivers' capacity and when professional care may be needed.

Understanding Your Care Risks

We'll discuss the likelihood of needing long-term care and how those potential needs could impact your retirement lifestyle, family relationships, and financial resources. Understanding these risks is often the first step toward creating a thoughtful strategy. According to the Administration for Community Living, someone turning 65 has almost a 70% chance of needing some type of long-term care services and supports during their remaining years. How much care you may need depends on your health and circumstances.

Long-Term Care Insurance Evaluation

We'll help you evaluate whether traditional long-term care insurance, hybrid policies, or other protection strategies may be appropriate for your situation. Together, we'll review potential costs, benefits, coverage options, and how these solutions fit within your broader financial plan. Evaluating long-term care coverage includes understanding benefit limits, waiting periods, and potential out-of-pocket costs.

Retirement Income Protection

We'll examine how future healthcare and long-term care expenses could affect your retirement income strategy. Planning ahead may help reduce the risk that significant care expenses disrupt your retirement lifestyle or draw down assets more quickly than anticipated.

Healthcare Funding Options

We'll review the various ways long-term care expenses may be funded, including personal assets such as personal savings and retirement accounts, insurance solutions, retirement income sources, and other available resources. Understanding your options can make it easier to make informed decisions later. Medicare generally does not cover ongoing custodial long-term care, including assistance with daily living. Medicaid may help eligible individuals pay for care, subject to state requirements. See Medicare’s long-term care coverage guidance.

Ongoing Review and Coordination

Long-term care planning is rarely a one-time event. We'll regularly review your strategy as your health, finances, retirement goals, and family circumstances evolve. We also encourage collaboration with attorneys, insurance professionals, and healthcare decision-makers when appropriate. An elder law attorney can help review legal documents, including advance directives that record treatment wishes and a durable power of attorney for healthcare naming someone to make medical decisions when you cannot. See the National Institute on Aging’s advance care planning guidance.

Why Families Choose Smith Complete Wealth for Long-Term care planning

Smith Complete Wealth offers a broad range of financial planning services and connections to those services we don't have in-house. We're differentiated by the care and attention we give to each client, seeing each person as an individual while bringing our depth of experience with similar people to create a customized plan tailored to your circumstances and goals.

We believe long-term care planning works best when it's integrated into your broader financial plan rather than treated as a standalone insurance decision. Our advisors take the time to understand your retirement goals, family dynamics, financial resources, and legacy objectives so we can identify planning opportunities that fit your overall strategy.

Founded by a former professional athlete, Smith Complete Wealth follows a disciplined approach to helping clients pursue their financial goals. We're not swayed by fear-based sales tactics or one-size-fits-all solutions. Transparency, accountability, and intellectual rigor remain central to our process as we help clients make informed decisions about their future.

How We Develop Your Personalized Approach to Long-Term Care Planning

We believe long-term care planning should be as individual as the people we serve. That's why we begin by understanding your complete financial picture, retirement goals, family circumstances, healthcare concerns, and long-term objectives.

From there, we evaluate potential risks and identify strategies that may fit your situation. These strategies are coordinated with your broader financial plan to help ensure all aspects of your financial life work together. Our advisors continuously seek new knowledge and planning insights through industry education, professional networks, and advanced financial planning technology. While we're always looking for ways to better serve our clients, we never lose sight of what matters most: the relationships we build and the continued trust our clients place in us.

We want your process from prospect to joining the Smith Complete Wealth family to be as easy as possible. We generally follow these steps when bringing on a new client:

Contact us by calling the office at (931) 674-2082 or clicking the "Contact Form" button at the bottom of this page.
Initial Conversation: We'll schedule a brief introductory call to learn more about you, your goals, and what you're looking for. This is usually done as a 5- to 10-minute phone call. During the Initial Conversation, we'll get you scheduled for a Deep-Dive Conversation if it seems like a good fit.
Deep-Dive Conversation: You'll meet with one of our financial advisors, during which they'll review your current financial situation, retirement objectives, healthcare concerns, and family goals. We'll gather the information needed to develop personalized recommendations.
Final Conversation: We'll present our recommendations, explain potential planning opportunities, and discuss how we can help you implement and maintain your strategy.

Once you become a client, we'll continue reviewing your situation as your financial life, health considerations, and planning needs evolve.

Who We Help With Long-Term Care Planning

We work with individuals and families in all stages of life, from hardworking professionals and business owners to pre-retirees and retirees seeking a thoughtful approach to protecting their future. While many of our clients are located throughout Middle Tennessee, including Williamson, Maury, Davidson, and Cheatham counties, we proudly serve clients across Tennessee and throughout the country.

We're honored to work with blue-collar families, manufacturing and utility professionals, small business owners, and others who value personalized advice that connects long-term care planning to their broader financial goals. We do not currently have a minimum asset requirement for new clients. We simply enjoy working with good people who value hard work, honesty, and thoughtful planning.

Long-Term Care Planning FAQs

We know many of the questions you have require answers unique to your situation. Below we’ve provided answers to some of the more general questions that our prospective clients typically ask.

What is long-term care planning?

Long-term care planning is the process of preparing financially and personally for the possibility of needing assistance with daily activities due to aging, illness, injury, or cognitive impairment. It involves evaluating potential care needs and developing strategies to address them.

What is considered long-term care?

Long-term care generally refers to services that help individuals perform everyday activities, such as bathing, dressing, eating, transferring, and personal care. Care may be provided at home, in assisted living communities, adult day care centers, or nursing facilities. For those hoping to remain in their own home, home modifications and in-home care may support safer daily living as needs change. See the National Institute on Aging’s guidance on aging in place.

Do I need long-term care insurance?

The answer depends on your health, financial resources, family situation, and overall goals. Long-term care insurance is one possible solution, but it's not the only approach. We help evaluate whether insurance or alternative funding strategies, including self-funding, may be appropriate for your circumstances.

When should I start planning for long-term care?

Generally, earlier planning provides more options and flexibility. Many people begin evaluating long-term care strategies during their pre-retirement years, although planning can be beneficial at nearly any stage of adulthood.

How much could long-term care cost?

Costs vary significantly depending on the type of care, location, frequency of services, and length of care needed. Understanding these potential costs is an important part of developing a comprehensive retirement strategy. CareScout’s 2025 Cost of Care Survey reported a national annual median cost of $129,575 for a private room in a nursing home and $114,975 for a semi-private room. Non-medical home care was $80,080 annually based on 44 hours per week; local costs and individual care needs vary.

Can long-term care planning help protect my retirement assets?

Thoughtful planning may help families prepare for future care expenses while balancing retirement income, legacy goals, and financial flexibility. The appropriate strategy depends on your personal circumstances and objectives.

What if I never need long-term care?

One of the goals of planning is to evaluate multiple outcomes and identify strategies that fit your overall financial situation. Depending on the selected solution, certain insurance products may provide benefits beyond long-term care needs, while other approaches focus on maintaining financial flexibility.

How does long-term care planning fit into my overall financial plan?

Long-term care planning works best when coordinated with retirement planning, investment management, tax planning, estate planning, and risk management. Looking at the full picture helps ensure important financial decisions are aligned with your long-term goals.

If you have other general questions about Smith Complete Wealth, check out our full FAQ page or reach out and ask. We’d love to meet you.

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Ready to Take the Next Step?

If you’re feeling unsure about your current long-term care strategies, we’d love to talk. There’s no need to have it all figured out before partnering with a financial advisor like Smith Complete Wealth—helping you sort through those questions and make informed decisions is part of the long-term care planning process.

Give our office a call at (931) 674-2082 or complete the Contact Form:

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My ServicesLong-Term Care Planning

How I Help Introduction to Long-Term Care Planning