One huge expense awaiting a large percentage of Americans near the end of their lives is long-term care.

Coming up with the money to pay for a nursing home, an assisted living facility or other such care isn't always easy. What many seniors and their families don't realize, however, is that there are tax deductions they can take advantage of that would give them extra money to help with long-term care expenses.

There are also tax-advantaged ways they can exit out of a life insurance policy they don't need anymore, which could help them solve some of the financial challenges they face.

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Some of those potential tax deductions or strategies for seniors include: