Estate Planning Newsletter

• A Trustee's Role
  Every trust must have a trustee to properly administer the elements of the trust. Trustees can be individuals, financial institutions or even organizations. A trustee follows the precise instructions of the trustor (or the... Read more.
• The Living Trust
  Unlike a will or some other types of trusts, which take effect upon the death of their creator, a “living trust” or “inter vivos trust” comes into effect during its creator’s lifetime. The creator of a... Read more.
• Distribution of a Missing Person's Property
  When an individual dies, their estate must be administered and distributed according to their previously established estate plan (if the decedent executed an estate plan prior to their death) or state intestate succession laws (if the... Read more.
• New Estate Tax Rates Bring Certainty
  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.

• Can You Deduct Estate Planning Fees From Your Tax Bill?
• Estate planning mistakes made by celebrities so you can avoid them yourself
• 6 joyful steps for end-of-life planning
• Tax Considerations When Transitioning Your Wealth
• Widow Wins Case Against Fertility Clinic That Gave Her Husband’s Sperm to His Mistress

Different Types of Guardians

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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