Yes, for qualified long term care expenses. You’ll need to itemize deductions and medical expenses must also be at least 10% of your adjusted gross income in order to obtain a deduction. Some policies have a cap that varies by age range and others are not deductible. Please be sure to review your options with a qualified tax professional.

Yes, they can be. Consider the five year look-back provision. Also, remember that with an irrevocable trust you are giving up control of your assets. With respect to medicare planning a trust may be well worth it, but know that with a revocable trust you control the assets and medicare views it that way and factors the assets.

In general, yes. Make it part of the financial planing process. If you have an existing policy, considerate in the context of the larger financial planning activity. Does it still make sense given other aspects of your financial plan? Err on the side of keeping it enforced.

At what age should families start planning for long-term care? Great time to start is in your 40’s, definitely by the time you are in your 50’s. Plenty of families wait until well into their 60’s and may not be insurable. Bottom line: the longer you wait, the more expensive it can be and the more difficult it becomes to qualify.