A parent of minor children designates a person to care for his minor children in the event that some tragedy befalls her and perhaps her spouse as well. Generally a guardian is responsible for the day to day care of minor children. The day to day care includes providing a home and supervision for a child. It includes providing food and clothing and everything else a parent might provide a child. When a parent designates a guardian it is his or her hope that the guardian will also provide love and emotional support for the child. A guardian takes the place of the parent when the parent passes away while the child is still a minor.
A guardian can be designated as both the caregiver and the individual responsible for the assets left for the child. Sometimes, however, a parent designates a different person or bank to be the trustee for the assets left to provide for the care of minor children. The law provides flexibility so that a parent can designate the best care giver for the child, and also provide that an individual (or bank or trust company) who is financially savy can manage the trust assets.
Getting Legal Help
Working as a team with an estate planning attorney you can create plan which preserves assets, minimizes taxes and protects loved ones. Experienced Estate Planning Attorney Elga Goodman can help you understand your options for tax-saving and trust strategies.
Call us today at 973-841-5111.
Posted in: Estate Planning