WHEN IS A GUARDIANSHIP NECESSARY?

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A guardianship is necessary when you have a loved one or a family member that can no longer take care of themselves, and they haven’t put in place the proper estate planning tools like a durable power of attorney, a health care surrogate or a living will, or a revocable living trust and transferred their assets into the trust, such that somebody needs to step in and manage the person’s medical care, and manage the person’s assets because your loved one is now incapable of doing so. Another instance which shocks people, let’s say your minor child inherited $20,000 from Grandma, and Grandma did not set up a trust for that child. Well, any minor child that inherits assets over $15,000, has to have a guardianship which, again, comes as quite a shock to many unsuspecting children and grandchildren. Have any more questions? Contact us today to schedule a free consultation! Doane & Doane – Top rated Tax & Estate Planning Attorneys