I'm a financial planner. Most people don't understand long-term care costs.

Tyler End has had to have money conversations with his mom, who is in her 70s. Courtesy of Tyler End Tyler End says decumulating wealth requires planning, just like accumulating it did. He says he often sees people plan for worst-case scenarios, skipping over more likely ones. Understanding Medicare and Medicaid is critical, he adds. This as-told-to essay is based on a conversation with Tyler End, cofounder and CEO of Retirable. It has been edited for length and clarity. Death and long-term...