The $1.5 Million Mistake: Why Your Attorney's "Simple Will" Could Bankrupt You
Tom and Sarah sat across from me in my office. They were in their late 50s, and Sarah was shaking as she handed me a folder.
"We thought we had everything taken care of," she said quietly.
Inside was a "simple will" her father had signed fifteen years ago. He'd paid an attorney $800 for it. That attorney told him it was "all he needed."
Three months ago, Sarah's father passed away after two years in a nursing home. By the time Sarah called me, here's what had happened:
- The nursing home had eaten up over $340,000 of his savings
- His home sat empty for months during probate, costing another $18,000 in taxes, insurance, and maintenance
- Probate fees and attorney costs ate up another $13,000
- The family is now facing $47,000 in capital gains taxes they could have avoided
- And worst of all? Sarah's brother is threatening to sue over the will. He lived in another state and chose not to be involved in helping to care for his father or help in managing his affairs. Not being familiar with long-term care and what it costs, he is convinced that his sister and brother-in-law had “mismanaged” or “taken dad’s money”.
Total damage so far: $418,000. And counting.
"If only we'd known," Tom said. "If only someone had told us there was a better way."
I hear this same story often. And it makes me angry every single time.
Because here's the truth: It didn't have to happen this way.
The Real Cost of a "Simple Will"
Let me show you exactly how a simple will can cost your family $1.5 million or more—even if you think your estate is "too small" to worry about.
The Probate Trap: $20,000 + in Unnecessary Costs
When you die with a simple will - absent additional planning - everything you own goes through probate. That's a court process that can take 9 to 18 months (or longer if there are any complications).
Here's what probate costs in Minnesota and Florida:
Court filing fees: $400 to $525
Attorney fees: Typically ~3% of the estate value
Personal representative fees: Another 2-3% of the estate
Appraisal fees: $500 to $5,000+
Accounting fees: $2,000 to $10,000+
Bond premiums: $500 to $5,000 annually
For a $1 million estate, you could be looking at as much as $50,000 or more in probate costs.
But wait—it gets worse.
The Multi-State Probate Nightmare: Add Another $30,000 to $100,000
Here's something most attorneys won't tell you: If you own property in more than one state, your family will need to open separate probate proceedings in EACH state.
I see this constantly with my Minnesota and Florida clients:
- You retire to Florida but keep your home in Minnesota
- You own a lake cabin in Wisconsin
- You inherited a farm in Iowa that you rent out
- You have a timeshare in another state
Each property requires its own probate. Each probate means more attorney fees, more court costs, more delays.
I recently worked with a family that had to open probate in THREE states after their father passed. Their father had a home in Minnesota, a winter home in Florida, and a rental property in Arizona. They said they’d spent over $50,000 on attorney’s fees and court costs. Time to settle everything? Over two years and they still were not done.
Side note: After going through this with their dad’s estate, they were working with me to make sure this didn’t happen to their kids when they passed away.
And every month of delay costs your family more money in property taxes, insurance, maintenance, and lost opportunities.
The Medicaid Catastrophe: $200,000 to $600,000+ in Preventable Spend-Down
Now let's talk about the elephant in the room: long-term care costs.
Here's what most people don't know: Medicare does NOT pay for long-term nursing home care. If you need a nursing home, you're paying out of pocket—unless you qualify for Medicaid.
But Medicaid has a 5-year look-back period.
What does that mean?
If you try to protect your assets AFTER you need care, Medicaid will penalize you. They'll look back five years and count any gifts or transfers you made. Then they'll make you pay the nursing home out of your savings before Medicaid kicks in.
Current nursing home costs (as of 2025):
- Minnesota: $8,000 to $12,000+ per month
- Florida: $7,500 to $11,000+ per month
Let's do the math:
If you need three years of care (the average nursing home stay), that's $270,000 to $432,000+ straight out of your life savings. Money that could have gone to your spouse or your kids—gone.
And if your spouse is still alive? They could be left nearly broke, struggling to pay their own bills while you're in the nursing home.
This is where proper planning makes all the difference. But it has to be done RIGHT and it has to be done EARLY.
The Asset Protection Failure: $300,000+ Lost to Your Child's Divorce or Lawsuit
Let's say your estate survives probate. Let's say you didn't need nursing home care. Your kids finally get their inheritance.
Then this happens:
Your daughter gets divorced two years later. Her ex-husband's attorney argues that her inheritance is "marital property" because it was commingled with their joint accounts. She loses half of everything you left her.
Or:
Your son gets sued. Maybe it's a car accident. Maybe it's a business deal gone wrong. The judgment creditor goes after his assets—including the inheritance you left him.
Or:
Your daughter is diagnosed with cancer. She has health insurance. However, it didn’t cover everything. And during the treatment, she was out of work for a while and had to put many of her expenses on credit cards. She now needs to file bankruptcy to protect herself and the inheritance will go to creditors.
Without proper asset protection planning, the money you worked your whole life to save can be taken in a divorce, lawsuit, or bankruptcy.
A client recently told me about a friend of hers, whose father had left $600,000 to his three children through a simple will. Within five years:
- One child's inheritance was taken in a divorce: $200,000 gone
- Another child was sued and lost: $150,000 gone
- The third child made poor investments and lost: $100,000 gone
Only $150,000 of that original $600,000 remained.
The father's goal was to provide security for his children. Instead, his "simple will" let all his hard-earned money slip away.
The Tax Time Bomb: $100,000 to $500,000+ in Unnecessary Taxes
Depending on the size of your estate and how it's structured, your family could face:
Capital gains taxes: If your assets aren't properly structured, your kids could pay 15-20% capital gains tax
Estate taxes: Minnesota has an estate tax starting at $3 million. Florida has no state estate tax, but the federal estate tax kicks in at $13.99 million (as of 2025—but this could drop again in the future with a new administration)
Income taxes: Improperly structured retirement accounts can trigger massive tax bills
With proper planning, many of these taxes can be reduced or eliminated entirely. Without it? Your family could lose hundreds of thousands of dollars.
Let's Add It All Up: The True $1.5 Million Cost
For a family with:
- A $1.2 million estate
- Property in two states
- A three-year nursing home stay
- Children who face divorce or creditor issues
- Improper tax planning
The total financial damage:
- Probate costs (two states): $20,000+
- Nursing home spend-down: $270,000 - $400,000+
- Lost asset protection: $200,000 - $400,000+
- Unnecessary taxes: $10,000 - $30,000+
- Property maintenance during probate: $15,000 - $30,000
- Lost investment growth during delays: $50,000 - $150,000
Total: $500,000 to $1,300,000
And that's a conservative estimate. Many families lose even more.
But here's what really pushes it over $1.5 million—and potentially to $2.3 million or more:
The Hidden Costs Nobody Talks About
Opportunity cost: While your estate sits frozen in probate for 12-24 months, your family can't invest or use those assets. In a growing market, that's potentially thousands or even tens of thousands in lost growth.
Family conflict: When things go wrong, families fight. Contested probate cases can cost $100,000 to $500,000+ in additional legal fees.
Stress and time: Your children taking time off work, traveling for court dates, dealing with the emotional toll. While this isn't a direct dollar cost, it's real—and it's devastating.
Inflation and rising costs: If probate drags on for years (and trust me, I've seen it happen), costs keep rising.
When you add it all up, that "simple $800 will" can easily cost your family $1.5 million to $2.3 million or more.
Why Do Attorneys Keep Selling "Simple Wills"?
You might be wondering: If simple wills are so problematic, why do so many attorneys recommend them?
I've been practicing estate and elder law for almost 30 years. I've taught continuing education around the worl—including lawyers and financial professionals from the IRS, Treasury Department, and some of the largest banks and investment firms in America.
And I can tell you exactly why:
1. They Don't Know Better
Many general practice attorneys only dabble in estate planning. They learned basic wills in law school and never went deeper. They genuinely don't know about advanced planning strategies.
2. They Don't Practice Elder Law
Estate planning and elder law are two different specialties. An estate planning attorney might be excellent at preparing wills and trusts, but if they don't practice elder law, they won't know how to protect your assets from nursing home costs.
3. They Make More Money on Probate
Here's the uncomfortable truth: Some attorneys make most of their income from probate. They WANT your estate to go through probate because that's where they earn $10,000+ in fees.
A simple will costs them $1,500 to prepare. Then when you die, they bill your estate $10,000 for probate.
It's a business model. And it's profitable for them. But devastating for your family.
4. They're Not as Experienced
Estate planning is complex. Estate tax planning, asset protection planning, multi-state planning, Medicaid planning—these require years of specialized experience.
Many attorneys simply haven't handled enough complex cases to know what they don't know.
5. Your Plan is Outdated
Even if you worked with a good attorney 10 or 20 years ago, laws have changed. Your life has changed. Your estate has grown. Your kids' situations have changed.
An estate plan that was perfect in 2005 might be a disaster waiting to happen in 2025.
What You Should Have Instead: The Right Way to Protect Your Family
After almost three decades of practice, here's what I know works:
For Estate Planning (Net Worth $300,000 to $50+ Million):
Revocable Living Trust: Avoids probate, works in all states, helps keep your affairs private, can be designed to protect the money you leave for your kids in the event of a divorce, lawsuit, or bankruptcy, and even from being taxed as part of their estate
Pour-Over Will: Catches anything you forgot to put in your trust
Powers of Attorney: Protects you if you become incapacitated
Health Care Directive: Ensures your wishes are honored
Estate Tax Planning: For larger estates, strategies to minimize or eliminate estate taxes. Some of the strategies include bypass and credit shelter trusts, irrevocable life insurance trusts “ILITs”, spousal lifetime access trusts “SLATs”, charitable trusts like CRATs and CRUTs, grantor retained annuity trusts “GRATs”, qualified personal residence trusts “QPRTs”, intentionally defective grantor trusts “IDGTs”, and others can be used to save on taxes
Asset Protection Trust Planning: Protects what you leave your children from divorce, lawsuits, and creditors
Multi-State Property Planning: Ensures your real estate in multiple states avoids probate
For Elder Law Planning (Protecting Your Home from Nursing Home Costs):
Medicaid Asset Protection Trust: Protects your home and savings while still allowing you to qualify for Medicaid after the 5-year look-back
Strategic Gifting Strategies: Properly structured to avoid penalties
Spousal Protection Planning: Ensures a healthy spouse isn't left broke
Veterans Benefits Planning: Maximizes Aid & Attendance benefits
Crisis Planning: Even if you need care soon, there are strategies that can help
Real Stories, Real Results
Let me share what proper planning looks like:
Jim and Carol's Story:
Jim and Carol came to me at 68 and 66. They had a $1.8 million estate: home in Minnesota, winter home in Florida, retirement accounts, and a small rental property in Wisconsin.
Their previous attorney had given them simple wills.
We implemented:
- A revocable living trust to avoid probate in all three states
- Medicaid asset protection trust to protect their home and properties
- Asset protection provisions for their children
- Strategic tax planning for their retirement accounts
Result: When Jim passed away two years later, Carol was protected. When Carol needed nursing home care three years after that, their home and remaining savings were safe. Their children received $1.4 million—protected from their divorces and creditor claims.
Total saved: Over $800,000 compared to what would have happened with their simple wills.
Robert's Story:
Robert was 73 when his wife and daughter contacted our office. He'd had a stroke and needed nursing home care. He had $680,000 in savings and owned a home.
His will-based plan offered zero protection.
We implemented crisis Medicaid planning strategies—even though he needed care immediately.
Result: We protected a significant amount of money for his wife. Without our help, nearly all of it could have been spent on his care.
The Choice Is Yours—But the Clock Is Ticking
If you're reading this, you probably fall into one of two camps:
Camp 1: You have a simple will (or no plan at all), and you're realizing it's not enough.
Camp 2: You have an old estate plan that hasn't been reviewed in years, and you're worried it might not work anymore.
Either way, here's what I want you to understand:
Every day you wait is a day your family is at risk.
- If you become incapacitated tomorrow, is your family protected?
- If you need nursing home care next year, is your home and life savings safe?
- If you pass away, will your family face probate in multiple states?
- Is the money you're leaving your children protected from their future divorces and lawsuits?
These aren't hypothetical questions. These are real scenarios I deal with every single week.
What Makes Roulet Law Firm Different?
You might be wondering: "Chuck, why should I work with you instead of another attorney?"
Fair question. Here's what sets us apart:
Experience That Matters: I've been practicing estate and elder law for almost 30 years. I started my career at a large law firm and eventually became chair of the estate planning department at another large firm. I handle everything from simple planning to multi-million dollar complex estates.
Licensed in Both Minnesota and Florida: I'm one of the few attorneys who practices in both states. If you have property in both places (like so many of our clients do), I can help you with complete, coordinated planning.
National Recognition: I've been interviewed by USA Today, The Epoch Times, Live Life Large, and other national media. I teach continuing education to attorneys and financial professionals across the globe—including professionals from the IRS, Treasury Department, state revenue departments and some of the largest banks and financial firms in the world.
Big Firm Sophistication, Small Firm Personal Touch: You get the sophisticated planning strategies of a large firm, but with the personal attention and care of a smaller practice. You'll work directly with me and our experienced team.
We Focus on What Matters to You: Whether you're worried about probate, nursing home costs, protecting your children's inheritance, or all of the above—we create custom-tailored plans that address YOUR specific concerns.
Take the Next Step: Protect Your Family Today
Here's what I'd like you to do right now:
Option 1: Schedule Your Consultation
Call us today to schedule your consultation:
Florida Office (Venice): 941-909-4644 Minnesota Office (Minnetonka): 763-420-5087
Or fill out the contact form on this page and a member of our team will reach out to schedule your consultation.
During your consultation, we'll:
- Review your current situation
- Identify the gaps in your current plan (or lack of a plan)
- Show you what you need to protect your family
- Answer all your questions
- Give you a clear path forward
Option 2: Join My Upcoming Masterclass
Want to learn more first? Join us in my upcoming masterclass where I'll be revealing the strategies I use with my private clients to help them:
- Avoid probate (even with property in multiple states)
- Minimize or eliminate estate taxes
- Protect their home and life savings from nursing home costs
- Ensure the money they leave their kids is protected from divorce, bankruptcy, and creditors
- And much more
Click here to sign up for the masterclass
Option 3: Get My Book
If you're specifically concerned about protecting your home and life savings from nursing home costs, I've written a comprehensive book that reveals how to do it.
Download your free copy of "Save Our Home: How to Protect Your Home and Life Savings From Long-Term Care and Nursing Home Costs"
Click here to get your free book
The $1.5 Million Question
Let me leave you with this thought:
That simple will sitting in your drawer right now—the one that cost you $500 or $800 or maybe $1,500?
It might be the most expensive document you ever sign.
Not because of what you paid for it.
But because of what it's going to cost your family when you're gone.
You have a choice.
You can hope everything works out fine. Hope you never need nursing home care. Hope probate won't be too expensive. Hope your kids never get divorced or sued. Hope your old plan is still good enough.
Or you can take action today to protect your family from the $1.5 million mistake.
The choice is yours. But please, don't wait.
Your family is counting on you.
Call us today:
- Florida: 941-909-4644
- Minnesota: 763-420-5087
Or fill out our contact form and we'll reach out to schedule your consultation.
Let's make sure your legacy is protected—the right way.
