The Three Biggest Estate Planning Mistakes (Part 3) - The Disability Dilemma

The most expensive planning mistake a person can make is to overlook the threat to their life savings posed by the rising cost of long-term care. To pay the average cost of nursing care without depleting your nest egg, you will need to set aside liquid assets valued at $2 million, earning a 4% annual rate of return, to generate $6,667 per month ($80k per year), that the average nursing home bed costs. If you don’t have $2 million to set aside for long-term care, don’t worry. There is hope; if you plan!