USA Law and Practice Contributed by: Christopher Boyett, David Scott Sloan, Max Angel and Eric Bracy, Holland & Knight LLP
8.2 Appointment of a Guardian The appointment of a guardian, conservator, or similar fiduciary in the United States is governed by state law, and in all jurisdictions, a court order is required. The Adult Guardianship and Protective Proceedings Juris - diction Act (UGPPA) has been adopted by the Dis - trict of Columbia and 46 states. The remaining states, including Florida, Michigan, Texas and Kansas, have enacted their own statutes. Guardianship A guardianship proceeding is typically initiated when a minor or an adult is legally determined to be incapa - ble of managing their personal or financial affairs. The process involves a petition, evaluations, and a judi - cial determination of incapacity. Once appointed, the guardian must submit periodic reports and remains under ongoing court supervision. Conservatorship Conservatorship is generally used when an indi - vidual is absent or missing – such as due to military deployment or disappearance – and their property requires management. The conservator is appointed by the court and must file regular financial reports and seek approval for major decisions. The conser - vatorship remains in effect until the absentee returns, or is declared deceased, or the court terminates the arrangement. Durable Powers of Attorney, Health Care Proxies and Living Wills To avoid court involvement, individuals often execute durable powers of attorney, health care proxies, and living wills, allowing them to designate trusted agents to manage financial and medical decisions without US-based professionals and institutions are increas - ingly focused on helping individuals prepare for longer life spans through structured financial wellness pro - grammes. These include education on budgeting, expense tracking, and disciplined saving habits. Indi - viduals are encouraged to start saving early and con - sistently, using strategies like dollar-cost averaging and diversified investment portfolios to manage risk judicial oversight. 8.3 Elder Law Financial Wellness Programmes
over time. Liquidity and accessibility of funds are also emphasised to ensure flexibility in later years. Retire - ment planning tools such as traditional IRAs, Roth IRAs, and back-door Roth IRAs are commonly used, along with strategies for maximising social security and dividend income streams. These approaches are designed to support sustainable withdrawal rates over 25-year to 35-year retirement horizons, based on his - torical market data. In addition, advisers are promoting the use of cash balance plans and wealth forecasting systems to help individuals estimate the amount needed to sustain desired spending levels in retirement. These models account for variables like asset allocation, savings rates, and retirement age. The goal is to align finan - cial capital with declining human capital as individuals age, ensuring that retirement income remains stable after taxes and inflation. Flexible Retirement Options As people live longer and remain active later in life, there is a growing emphasis on flexible retirement options, extended working years, and intergenera - tional wealth planning. This includes preparing for caregiving responsibilities and ensuring that financial plans accommodate both personal needs and those of aging parents or grandparents. Family offices and private wealth managers are adapt - ing to these trends by offering personalised, multi - generational financial advice, including strategies for care-giving, long-term care insurance, and aging. Planning often includes evaluating the affordability of remaining in the family home, funding home modi - fications, and co-ordinating with community-based support services. 9. Planning for Non-Traditional Families 9.1 Children Under US law, children born out of wedlock, adopted children, surrogate children, and posthumously con - ceived children may inherit and be included in a class of beneficiaries, subject to specific legal requirements.
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