  The Astro2020 Decadal Survey recognizes time-domain astronomy as a key
science area over the next decade and beyond. With over 30 years of HST data
and the potential for 20 years of JWST operations, these flagship observatories
offer an unparalleled prospect for a half-century of space-based observations
in the time domain. To take best advantage of this opportunity, STScI charged a
working group to solicit community input and formulate strategies to maximize
the science return in time-domain astronomy from these two platforms. Here, the
HST/JWST Long-Term Monitoring Working Group reports on the input we received
and presents our recommendations to enhance the scientific return for
time-domain astronomy from HST and JWST. We suggest changes in policies to
enable and prioritize long-term science programs of high scientific value. As
charged, we also develop recommendations based on community input for a JWST
Director's Discretionary Time program to observe high-redshift transients.
