Guardianship abuse in the United States is an urgent yet underrepresented problem. However, Nevada has taken legal action, and families can protect themselves through LLC strategies.
RENO, Nev. (PRWEB)
March 04, 2019
When your
parents reach the age when they require a paid nurse or regular visits
from you, it’s common for representatives within the legal system to
assume responsibility over their well-being. This unwarranted assumption
has led to some horrific stories about older couples being ripped from
their independence and forced to pay significantly more for a lower
quality of life.
Guardianship abuse is an underrepresented
problem throughout the United States. In the face of negative publicity,
some state governments have taken steps to deter guardianship abuse.
Specifically, Nevada has become more aware of problems and has acted
quickly.
James Hardesty, a Justice on the Nevada
Supreme Court and chair of the Nevada Supreme Court Permanent
Guardianship Commission, is pleased with the results of the reforms.
“Over the past year”, said Justice Hardesty, “we have seen dramatic
improvements with how guardianship abuse cases are handled.” Reforms
include giving potential wards the right to an attorney, creating a new
set of more productive statutes for both child and adult guardianships,
and staffing the Guardianship Compliance Office with an accountant to
review each estate.
However, it is clear that more judicial and
legislative changes are needed. In some cases, basic estate planning
whereby a living trust appoints a guardian when needed can be used to
limit state intrusions. Absent such foresight, given the actions already
taken and the actions yet to come, there is hope that Americans can
come together and make changes in order to protect our elder family
members and friends from these types of guardianship abuses.
Families Can Use This LLC Strategy Tip for Protecting Against Guardianship Abuse:
Consider holding your parents’ assets (brokerage accounts, real estate and/or personal residence) in one or more LLC’s. Your parents will serve as managers of these LLC’s. However, if a guardianship is later imposed, a specially drafted Operating Agreement can provide that the children or a trusted advisor (and not the state or any of their appointees) become the managers. From this position your successor manager will be better able to fight the guardian’s attempts to improperly sell assets.
Full Article & Source:
The Perils Of Guardianship Abuse: Corporate Direct's LLC Strategies To Protect The Elderly
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