Follow
Share

Any examples of what a financial guardianship report should include?

Find Care & Housing
Yes please. Is there such a thing? I think my sister's guardianship decree requires an annual one, but in 8 years, I've never seen one. She is developmentally challenged and gets SSI so it would be small. There is also a chunk of money monthly from the government meant to keep ppl at home instead of institutions that requires tight expense justifications but that is omitted from her financial descriptions. I think it might belong there. Guardian spends the funds for her.
Helpful Answer (0)
Reply to ThereIsNoTry
Report

Try this link: www.familylawselfhelpcenter.org

I used it to learn as well as to get the forms required in Nevada. This is not only the law but has some videos with it. I spent several hours reviewing everything.

The only real problem I had was figuring in the depreciation of the vehicle which was jointly owned and registered.
The forms did not separate depreciation like it did in the other areas of expenses vs income.
Consulting with an CPA or an Elder Care Lawyer may become necessary depending on the total value of the estate.

Good luck and study hard.
Helpful Answer (0)
Reply to OldSailor
Report

If you are taking on the Social Security Representative Payee there may be a yearly report requirement from them as well. I am not certain what guidance may be on their site.
For myself I am the Trustee of my brother's Trust and I am the POA for financial. He is quite competent, so at this point he guides and directs me in his wishes. I keep a full set of files. EVERYTHING is in it. The receipts each month from his assisted living would be one folder. His Social Security is another. His Supplemental health is another. His charge card payments is another (always a copy of the check, the bill, and what the bill is for detailed. His taxes in another folder.
Then there is an account book. Each month. Amount in. Amounts out by check. I send him a monthly accounting and have a folder for that. This one sheet accounting would be quite good for anything as has who a check was paid to, number of check, what check is for. If there is activity such as a CD due, then how it was rolled over, added to, subtracted from (in the case of more needed in his own account. He has also his own account for spending money.
I keep a diary of any activity, and concerns, any slight problems and how they were handled, and by whom and with phone numbers.
So those who told you to gather the assets, list the assets, manage the assets the best way you are able in his interest, keep meticulous records including copies of checks, forms, releases, deeds, taxes and sales in case they are asked for so that you can put your hand right on any questions about anything.
I would spend an hour of time with an elder law attorney. This may be paid out of the elder's finances as it is in their interest and in the management of their money. Be certain you have all the knowledge and information and guidance you may need. If this is done wrong it is not a good thing, and would be too late to remedy.
It sounds like a lot. Really, dependent on how well the elder was organized when you took over, it may not be. After a year of dealing with things, everything from voter registration to writing to medicare to get shared information, to supplemental to get added to the contacts list, and etc. it is now easy. But it did take about a year of anxiety for someone not really familiar.
Do know that there ARE fiduciaries, and you may want to hire one to manage the money and bills if you feel unable to do it.
Wishing you good luck. IF you have a monthly accounting of every cent in and every cent out, of the assets when you took over and the assets every 3 months, then I would think this would be enough to start to hand over in court if asked; if they want details they will be in your folders. Point is you do not do a thing without need, without proof.
Helpful Answer (0)
Reply to AlvaDeer
Report

Your question should be directed to an elder law attorney.
Helpful Answer (0)
Reply to Llamalover47
Report

Excellent answers above - it is state-specific, but the general format is typically the same. Over the course of the previous reporting year: Money in = received income. Money out = what did you spend it on. A minus B = C, amount carried forward to the next year, and how invested (checking acct, savings acct, MMA, etc.)
Helpful Answer (3)
Reply to mumtothree
Report

If you have a lawyer, they can help. (You probably had to engage one to get the guardianship.) When my lawyer became less helpful, I engaged a different one. If you are also conservator, the legal fees *can* be paid by the protected person.
Helpful Answer (0)
Reply to OldernWiser
Report

Is your problem that you want to see an example of a completed form? I had the same problem and the court didn’t have one. What I ended up doing was sending a draft to and asking for feedback.
I have no idea why they make it so hard. Good luck!
Helpful Answer (0)
Reply to EverHopeful1
Report

In my state (CO) a form was provided online, which I filled out (online) and printed off. I also created a spreadsheet in Excel that I used as my mother’s check register, using a color code for categories (housing, taxes, medical, etc.) that the report required information about. A copy of the spreadsheet, along with bank statements, were required attachments. I blacked out her account numbers on the statements. Complete copies of the report had to be sent to my four siblings.
Helpful Answer (1)
Reply to CNonnaP
Report
Dexter7 Mar 29, 2020
How did you google it to find the one for Colorado?
(0)
Report
I agree that you should check with your state requirements. I had to do a report only once a year, but I kept records for all expenses during the whole year. When the guardianship ended at my father’s death, I made a thorough report of settling my father’s estate. This last report was quite a lot of work, but I had never done anything like that before and it gave me a huge sense of accomplishment that I could do something like that. Please be encouraged that you will be able to accomplish the guardianship requirements! We here on this site are with you on this! You can do it!
Helpful Answer (2)
Reply to Caregiversister
Report

Helpful Answer (0)
Reply to gladimhere
Report
gdnlmurray Mar 20, 2020
This link is not valid.
(0)
Report
Those forms here, Las Vegas, are available on line. Check with the on line web site for Clark County, Nevada. It includes all of the reports required here but it should give you much of the information you require.
Helpful Answer (0)
Reply to OldSailor
Report

I would think they will send you a form with info to fill in and telling you what paperwork you need to include.
Helpful Answer (0)
Reply to JoAnn29
Report

Ask a Question

Subscribe to
Our Newsletter