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.
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