By: Melody Lynch
Per AARP, an estimated 1.3 million American adults are under guardianship, with approximately 85% being over age 65. In the wake of revelations that professional guardian, Rebecca Fierle, signed Do Not Resuscitate orders for a plethora of elderly wards in her care without knowledge or approval by family members, you may be wondering how to protect your family in the event that guardianship is necessary or appropriate.
A guardianship is a wonderful vehicle to assist seniors and their families in certain difficult situations. Filing a petition for appointment of a guardian over a loved one is a difficult decision that involves discernment and guidance.
Five factors for consideration prior to filing a petition for guardianship include:
(1) Whether the senior has adequate estate planning documents in place such that a less restrictive alternative to guardianship exists?
(2) Whether the existing estate planning documents are subject to challenge for lack of capacity, undue influence, or lack of proper execution?
(3) Whether the senior has a valid power of attorney and if so, whether that POA is sufficient to address the present needs?
(4) Whether the senior experienced recent or worsening cognitive decline as a result of dementia or other illness?
(5) Whether a family member, neighbor, or other person is taking advantage of the senior?
Depending on your answer to the above questions, guardianship may be the right arena to address the needs of your family. Once you decide to proceed with a petition for guardianship, the next step is to determine which type of guardianship is appropriate for your situation. Check back for future posts to learn more about the types of guardianships and call us if we may help guide you regarding a possible guardianship action.
As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members. (Our prior discussion can be found here.) Today, Treasury issued a report announcing that it proposes revoking the proposed regulations. This is good news for taxpayers.
By: Amanda Wilson
Last summer, we discussed the IRS’s issuance of new Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members. (Our prior discussion can be found here.) Earlier this year, the Trump Administration issued an executive order instructing the Treasury Department to review all significant tax regulations issued after December 31, 2015 and identify any regulations that impose an undue burden on taxpayers. The Treasury Department and IRS have completed this review, and have identified eight burdensome regulations that should be reformed. The good news for taxpayers is that the Proposed Regulations under Section 2704 are on this list.
The next step is for the Treasury Department and IRS to recommend their proposed reform for these regulations, which could range from modification to outright repeal. We will have to wait and see what they propose, but for now, the fact that the Treasury Department and IRS targeted these Section 2704 regulations for reform is a big step in the right direction.
We will keep you updated as this process moves forward.
