Maxine Aaronson, Attorney at Law
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Estate Planning Newsletter

  • Irrevocable Funeral Trusts
    If you are concerned that the cost of skilled nursing care or other long-term care will exhaust your savings and saddle your heirs with your funeral and burial expenses, then you may want to consider adding an Irrevocable Funeral Trust... Read more.
  • Income Tax Limitations on the Charitable Deduction
    Taxpayers who make contributions to qualified charitable organizations are entitled to a tax benefit in the form of a charitable deduction on their income taxes. However, the issue becomes more complex when a non-U.S. citizen makes a... Read more.
  • Transferring Assets to Minors-Custodial Accounts
    Minors have no legal capacity to manage property. Thus, transferring property and other assets to minors can be problematic. For example, parents or other adults may wish to convey a small amount of property to a minor without investing... Read more.
  • Valuation of Securities for Estate Tax Purposes
    In 2001, Congress passed legislation incrementally increasing the amount exempt from federal estate taxes and completely eliminating estate taxes in the year 2010. However, the legislation contains a “sunset” provision... Read more.
Estate Planning News Links

Guardianships

In certain cases, a minor may need to be assigned a legal guardian either because a parent is not able to care for the minor, or because the existing guardian is not competent. When a guardian is appointed, he/she will have the same custodial rights as the minor's parent.

Guardians are appointed by a court, upon application or nomination and approval, or the court may select and appoint an appropriate guardian at its discretion.

Types of Guardians

Guardian of the person:

  • Provides or arranges for the minor's residence
  • Arranges for medical treatment for the minor

Guardian of the estate:

  • Manages the minor's property
  • Invests the minor's money
  • Provides financial support and educational opportunities to the minor

Guardian of the person and estate

  • Has the combined powers of the above 2 types of guardians (custody and management of property)

Guardian of specific property:

  • Cares for certain item(s) of property belonging to the minor

Guardian ad Litem:

  • Appointed for limited, short-term purpose of prosecuting or defending a legal proceeding on behalf of the minor

Guardianship Not Permitted

  • A minor cannot have a guardian if he/she is married or has been married
  • If the minor has been married but cannot care for himself/herself, a conservator may be appointed

Termination

A guardianship will end upon the occurrence of one of the following:

  • The minor dies
  • The minor becomes 18 years old
  • The guardian dies
  • Resignation or removal of the guardian
  • A court order terminating the guardianship