Estate Planning Newsletter

• Offering Your Estate to a Charity
  It is possible to set up a trust for charitable purposes. Charitable trusts are quite common, but certain requirements must be met. Purpose of a Charitable Gift Reasons for charitable gifts funded through... Read more.
• The Passing of Assets to Named Beneficiaries from a Totten Trust
  A decedent’s assets may be transferred upon their death to their heirs or other beneficiaries through probate. “Probate” is the legal process by which a court determines who receives a decedent’s assets under... Read more.
• Marital Deductions & Non-Citizen Spouses
  A QDOT is a specific type of marital deduction trust that is designed to ensure that non-citizen spouses will eventually pay any taxes that may be due upon distribution of the principal from the trust, even if the surviving spouse... Read more.
• Estate Tax Rates in 2013
  Much to the relief of many, the American Taxpayer Relief Act of 2012 (“2012 Tax Act”) was enacted in the beginning of 2013, making permanent many of the tax benefits that were scheduled to expire at the end of 2012. The... Read more.

• Recent Tax Court Case Has Important Lessons On How To Do Estate Planning Right!
• Ending a marriage? Don’t get divorced from financial reality in the process
• Why The Biden Administration Is Motivating Wealthy Families To Address Their Estate Plans
• With Change Looming, Fine Tune Your Year-End Planning Strategies
• Why is Estate Planning More Important Now Than Ever Before?

Obligations of a Guardian

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

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