When individuals cannot manage their finances, courts can appoint guardians. Financial guardianship is for those who need help handling money.
With Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax, which in 2017 affects only estates over $5.49 million, fewer than 1 percent of estates. With no estate tax, do you still need a trust?
If a loved one is experiencing memory loss or suddenly making poor decisions, you may want the court to appoint a guardian, which requires a declaration of incompetence.
For most people, the durable power of attorney is the most important estate planning instrument available — even more useful than a will.
