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SERVICING CENTRAL NJ FOR OVER 25 YEARS

Estate and Trusts

Guardianships

Urbach & Avraham provides Guardianship services

Does your parent need a Guardian?

If Dad becomes mentally incapacitated to the point where he should not be handling his own financial affairs, he may need a guardian. If Dad didn’t execute a proper Power of Attorney appointing someone in charge of his finances, he unfortunately will need a Financial Guardian. We work with many attorneys who specialize in the field of guardianships. They can apply to the Court to have a Financial Guardian appointed and a Personal Guardian also if necessary. A family member, if appropriate, may be appointed as the Financial Guardian.

If no family member is available or suitable, Urbach &Avraham Partner, Pamela Avraham, can serve as Financial Guardian. Pamela is a Registered Guardian by the National Guardianship Association. She has been active in the Guardianship Association of New Jersey for over 15 years and currently serves as its Treasurer.

What are my duties as Dad’s Financial Guardian?

We, at Urbach & Avraham, assist family member Financial Guardians with the myriad of accounting and tax requirements. The Financial Guardian has many duties which include the following:

  • Locating assets of the ward
  • Establishing a budget for the ward’s personal and health needs
  • Income tax planning
  • Filing US and State Income Taxes
  • Resolving open tax issues with the IRS and state tax divisions
  • Preparing Court Accountings for the Court and interested parties
  • Insuring all assets of the wards
  • Structuring cash flow while minimizing income taxes
    • Required minimum distributions from pension plans
    • Sale of securities
    • Sale of real estate
  • Maintaining real estate of ward
  • Estate planning
  • Investing ward’s assets
    • In compliance with Prudent Investment Act
  • Payroll taxes for home health aides

Our tax experts can work with you to assist you with these complex issues. A well-structured financial plan for your ward, will maximize the assets available for his health care. By planning initially, the compliance requirements of being Financial Guardian will be met and the ward will enjoy the highest level of medical services.

Please call for a free consultation to discuss how we assist you with your duties as Financial Guardian.