Guardianship Administration and Accounting

Does your parent need a Guardian? If Dad becomes mentally incapacitated to the point where he should not be handling his own financial affairs, he may need a guardian. We work with many attorneys who specialize in guardianships. They can apply to the Court to have a Financial Guardian appointed and a Personal Guardian also if necessary.

If no family member is available or suitable, Urbach & Avraham, CPAs Partner, Pamela Avraham, can serve as Financial Guardian. Pamela is a Registered Guardian by the National Guardianship Association. Working with Urbach & Avraham, CPAS is unique because we truly know what you're going through. Our personal experiences include Pamela Avraham's story about how she protected her father's assets and CPA Claire Snow's story about her elderly mother's aid had been writing large checks and forging her mother's signature.

Accounting Obligations of Financial Guardians

Our CPA firm assists family member Financial Guardians with the myriad of accounting and tax requirements.

• Investing Liquid Assets
• Locating assets of ward
• Handle tax matters
• Preparing court accountings
• Establishing a budget for the ward’s personal and health needs
• Review and update of all insurance policies
• Review of terms of any traditional or reverse mortgages
• Maintaining real estate of ward

In contrast to a Power of Attorney who has the right to handle many of these functions, the Guardian is Court-appointed and has the obligation to perform all these jobs.

In all states, the Guardian must file an annual report of the financial affairs of the incapacitated person. In NJ, many counties require that the Guardian of the Estate file an onerous accounting annually: the Periodic Comprehensive Accounting Form or a formal court accounting. Both types of accountings are complex. The Comprehensive Form requires numerous attachments to substantiate the figures reported. Urbach & Avraham can prepare these accountings for you.

Is Mom relocating to a Care Facility? Or to your home?

We can assist with all the logistics of moving your relative from her home to your home or to a care facility. We can coordinate the following:

• Moving of your parent's possessions to the new location
• Relocators who assist in selecting furniture and possessions suitable for smaller quarters
• Relocators who distribute remaining home contents to relatives and/or charity
• Engaging certified real estate appraisers to determine value of home
• Working with suitable real estate agent to sell the home
• Working with elder law attorneys to file Court motion for approval to sell home

We can coordinate the entire relocation process to relieve you of this tremendous burden. Contact us at 732-777-1158 to learn more or request a consultation through our website now.