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Click the brochure below to learn more about Guardianships (PDF).
Guardianships
- Financial Decisions
- Special Needs Trusts
- Personal Decisions
- How to Become a Guardian
- Benefits of Guardianship
Click here to see our Guardianships Brochure (PDF). |
For those individuals who do not have advance directives, the inability to make personal and financial decisions can result in the need for a court-appointed guardian.
Financial Decisions
A guardian can make a broad range of financial decisions on behalf of an incapacitated person. The guardian is usually a family member or close friend, who can be given the power to:
- collect and invest the person's assets
- expend assets and income on any of the person's needs
- sell the person's residence
- protect the person's assets in such a way as to maximize government benefits (such as SSI and Medicaid)
- make gifts of the person's assets to his or her loved ones
Special Needs Trusts
A guardian can set up a Special Needs Trust. The trust will allow a trustee to hold the person's assets for his or her benefit without compromising Medicaid eligibility, subject to certain conditions. This is a vital planning tool for all incapacitated persons under age 65 who have assets.
Personal Decisions
A guardian can also make important personal decisions for the incapacitated person regarding routine and major medical and dental treatment; living arrangements; educational and training opportunities, and the application for government benefits including SSI and Medicaid.
How to Become a Guardian
Your attorney petitions the appropriate court and asks that the court appoint you (or, if you wish, someone else) as guardian. The court decides whether or not a guardian is needed, who should be appointed, and what financial and/or personal decision-making powers the guardian should have. Once appointed, the guardian can begin to act on behalf of the incapacitated person.
Benefits of Guardianship
- Protection of assets from loss or waste
- Access to money to make necessary expenditures
- Investment of the assets according to a prudent investment plan
- Medicaid planning
- Special Needs Trusts
- Sale of residence
- Medical and dental treatment decision-making
- Living arrangements
- Health care decisions
- Tax and estate planning
- Creation of living trusts
© Copyright 2008 Vincent J. Russo & Associates, P.C. All rights reserved.