Important Notice

To ensure compliance with the requirements imposed on us by IRS Circular 230 (31 C.F.R. 10.33 – 10.37, et. Seq.), we inform you that to the extent the information on this page mentions any federal tax matter, it is not intended or written and cannot be used, for the purpose of avoiding Federal Tax penalties.

The information contained in this website is for informational purposes only and is not and does not constitute legal advice on any subject. Receipt of this information does not create an attorney-client relationship. Do not act or refrain from acting based upon this information without seeking your own professional legal counsel.

Monday, March 11, 2013

Choosing Guardians for Minor Children

Many parents struggle with the idea of naming a guardian for their minor child(ren). This is understandable, as it is probably the hardest part of any estate plan from an emotional standpoint. Many clients like to separate the guardian from the trustee to achieve a system of checks and balances between the two. The guardian would have to work with the trustee to develop a budget and make sure that the needs of the child(ren) are being met.

Other clients name a single person to handle both jobs. There is no right or wrong answer. It depends on your own feelings, comfort level, and the people that you may have available to fill those positions.

Also consider contingencies. For instance, your sibling and her spouse may be a great choice, but what should happen if they are divorced? What happens if they move out of the area?

It is difficult to cover every possible contingency, but covering some of these potential issues in advance may be very helpful.

No comments: