By elder law attorney Rick Law, founder of the Estate Planning Center at Law Elder Law, and Senior Advocate in the western suburbs of Chicago in Illinois.
A limited guardian is appointed by taking away certain rights of an individual and giving certain rights.
For example, the person with disabilities may lose the right to contract but may retain the right to receive $500 a month of personal discretionary spending money.
In certain cases, limited guardianships may cause trouble down the line…
The parties may attempt to settle a guardianship dispute before trial by agreeing to the appointment of a limited guardian of the respondent’s person, estate, or both. Practically speaking, however, the appointment of a limited guardian can pose problems in the future.
For example, for a respondent with a diagnosis of progressive dementia, the duties and powers of the guardian and the legal disabilities that must be included in the limited guardian order will change over time based on the very nature of the respondent’s disability.
In addition, the duties and powers of the limited guardian must be specifically laid out in the order to distinguish between the authority of the limited guardian and the powers retained by the respondent. As a result, your elder law practitioner may be forced to go into court on multiple occasions to modify the terms of the limited guardianship as the respondent’s disability progresses.
It is because of situations like this that you should not wait for a diagnosis to get your affairs in order. An elder law, guardianship, and senior estate planning attorney possesses the skills and experience to help you and your family navigate the ins and outs of aging.
Too many families needlessly lose everything they have. Don’t let that be you. If you need help paying the overwhelming cost of long term care, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!