Estate Planning Newsletter

• 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.
• Making Charitable Bequests with Non-U.S. Assets
  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.
• Replacing an Estate Executor or Administrator
  State laws and procedures typically govern the administration of an estate. For this reason, the law varies among jurisdictions. However, in 1969, a “Uniform Probate Code” (Uniform Code) was introduced. Since that time,... Read more.
• Tax Treatment of Contaminated Property
  The Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) imposes liability for the investigation and cleanup of contaminated real property without regard to whether the landowner created or allowed the... Read more.

• A trust fund gives you control over your money after you’re gone, and it’s not just for the super rich
• When Adult Children Can Be Required To Pay For Their Parents’ Long-Term Care
• 4 Ways To Improve Your Estate Plan
• The Most Important Estate Planning Documents
• 3 Estate Planning Documents Every College Student Needs

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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