By Carl Zacharia
Have you ever wondered what would happen to your life savings if your spouse needed nursing home care after you’re gone?
The average cost of nursing home care in Florida now exceeds $10,400 per month. Without proper planning, your spouse could be forced to spend down nearly everything you’ve worked so hard to build before qualifying for assistance.
The Estate Planning Gap Most Attorneys Miss
Most Wills are drafted to leave everything to a person’s surviving spouse. And while this sounds like a caring plan, it can actually create a financial disaster. If your Will provides for your spouse to inherit your entire estate, and he or she later needs long-term care, those assets must be spent down before Medicaid will help.
So, what is the unintended result? Your children and/or other heirs may receive little or nothing of your legacy.
Our Exclusive Protective Provision
At Zacharia Brown, our personalized estate plans include a specific provision that most attorneys don’t offer—a flexible protection mechanism that is activated only when needed. This provision will:
• Protect your spouse by ensuring they have resources for quality care.
• Preserve your legacy by protecting assets for your children and heirs.
• Provide flexibility to address different levels of care needs (from in-home support to nursing facilities).
• Create a safety net through a special needs trust structure; and
• Give control to someone you trust to make the right decisions.
How It Works
1. If your spouse is healthy when you pass away, they can inherit normally—no restrictions.
2. If your spouse needs or may soon need care, your personal representative can:
• Place a portion of your estate (from 33% to 100%) into a protective trust.
• Ensure that your spouse gets proper care without spending everything; and
• Preserve remaining assets for your children or other beneficiaries.
3. Your spouse receives support from both:
• Government benefits they qualify for more quickly, and
• The protected trust assets for additional comforts and needs
Real-Life Scenario
Without Protection: John passes away and his Will leaves his $400,000 estate to his wife Mary. John had been taking care of Mary, who had been dealing with physical and cognitive issues, and she now needs nursing home care without John there to help. Mary must spend down her inheritance to $2,400 before qualifying for Medicaid. John and Mary’s children receive nothing of their parents’ lifetime of work.
With Protection under Zacharia Brown’s Estate Plan: John’s will includes our special provision, and when he passes, his executor places his $400,000 estate in a special needs trust. Mary qualifies for Medicaid much sooner while still benefiting from trust funds for extra comforts. When Mary later passes away, $285,000 remains to pass on to their children.
Don’t Let Your Life Savings Disappear
The standard “I love you” or sweetheart Will (everything to spouse) can be a costly mistake. Zacharia Brown’s approach balances caring for your spouse while protecting your family legacy. We include both the ‘everything to spouse’ provision you want AND a protective escape hatch if your spouse later needs expensive long-term care. This provides you with the best of both worlds – simplicity when things go right, and protection when they don’t.
Bonita Springs
26811 South Bay Drive, Suite 260
Bonita Springs, FL 34134
(239) 345-4545
Lakewood Ranch
8470 Enterprise Circle, Suite 300
Lakewood Ranch, FL 34202
(239) 345-4545