Where an individual is legally deemed as incapable of making important health related decisions for themselves, the legal remedy is for that person to have a guardian be legally appointed.

A person might be deemed as incapable of making important financial or health decisions for themselves for a variety of reason that include; being below the age of majority (being a minor), being or becoming mentally incapacitated or losing their mental faculties altogether (being in a coma) etc.

If a minor child or a person incapacitated as described above needs to manage financial matters legally deemed to be beyond their capabilities, a Conservator must be legally appointed. This Conservator will have the duty and ability to manage and protect the monies and assets of the incapacitated adult or minor child until such time as the age of majority is reached or the incapacitation ends.

Minors:

There are many ways to transfer ownership of assets to minors.

There are many reasons for such a transfer. Perhaps you want to provide for a grandchild’s future educational costs or perhaps you want to provide for their first car.

Whatever your reasons, you naturally want to give them the most you can without unnecessarily diminishing your gift by paying taxes and dues that are not required to be paid, if only you use the appropriate legal mechanism for the gift concerned.

Many estate, gift and income taxes could be saved if the giving is done in a properly executed manner.

Custodianships, guardianships and trusts are three different methods of making these types of gifts.