§ 33-15-37.1 Minimization of taxes –Estate planning. – (a) The superior or probate court, upon the petition of a conservator, limitedguardian or guardian, other than the guardian of a minor, and after notice bypublication as the court directs and other notice to all persons interested,may authorize the conservator, limited guardian or guardian to exercise any andall powers over the estate and business affairs of the ward which the wardcould exercise if present and not under disability. The court may authorize thetaking of such action, or the application of any funds as are not required forthe ward's own maintenance and support, in any fashion as the court shallapprove as being in keeping with the ward's wishes, so far as they can beascertained, or which the conservator, guardian or limited guardian candemonstrate is in the best interest of the ward. In ascertaining and carryingout the ward's wishes, or in determining which actions are in the ward's bestinterests, the court may consider, but shall not be limited to minimization ofcurrent or prospective state or federal income, estate and inheritance taxes,and providing for gifts to charities, relatives and friends as would be likelyrecipients of donations or future inheritances from the ward.
(b) This action or application of funds may include, butshall not be limited to, the making of gifts, to the conveyance or release ofthe ward's contingent and expectant interests in property including maritalproperty rights, and any right of survivorship incident to joint tenancy ortenancy by the entirety, to the exercise or release of the ward's powers asdonee of a power of appointment, the making of contracts, the creation ofrevocable or irrevocable trusts of property of the ward's estate which mayextend beyond the ward's disability or life and for which the ward may or maynot be a beneficiary, the exercise of options of the ward to purchasesecurities or other property, the exercise of the ward's right to elect optionsand to change beneficiaries under insurance and annuity policies, and thesurrendering of policies for their cash value, the exercise of the ward's rightto an elective share in the estate of the ward's deceased spouse, and therenunciation or disclaimer of any interest acquired by testate or intestatesuccession or by inter vivos transfer.
(c) The guardian, limited guardian or conservator in thepetition shall briefly outline the action or application of funds for whichapproval is sought, the results expected to be accomplished thereby and the taxsavings, if any, expected to accrue. The proposed action or application offunds may include gifts of the ward's personal property or real estate. Giftsmay be for the benefit of prospective legatees, devisees or heirs apparent ofthe ward, or may be made to individuals or charities in which the ward isbelieved to have an interest. The conservator, limited guardian or guardianshall also indicate in the petition that any planned disposition is consistentwith the intentions of the ward insofar as they can be ascertained, or areotherwise in the best interest of the ward. If the ward's intentions cannot beascertained, the ward will be presumed to favor reduction in the incidence ofthe various forms of taxation, and the partial distribution of the ward'sestate during his or her lifetime, as provided in this section. Theconservator, limited guardian or guardian shall not, however, be required toinclude as a beneficiary any person whom there is reason to believe would beexcluded by the ward.
§ 33-15-37.1 Minimization of taxes –Estate planning. – (a) The superior or probate court, upon the petition of a conservator, limitedguardian or guardian, other than the guardian of a minor, and after notice bypublication as the court directs and other notice to all persons interested,may authorize the conservator, limited guardian or guardian to exercise any andall powers over the estate and business affairs of the ward which the wardcould exercise if present and not under disability. The court may authorize thetaking of such action, or the application of any funds as are not required forthe ward's own maintenance and support, in any fashion as the court shallapprove as being in keeping with the ward's wishes, so far as they can beascertained, or which the conservator, guardian or limited guardian candemonstrate is in the best interest of the ward. In ascertaining and carryingout the ward's wishes, or in determining which actions are in the ward's bestinterests, the court may consider, but shall not be limited to minimization ofcurrent or prospective state or federal income, estate and inheritance taxes,and providing for gifts to charities, relatives and friends as would be likelyrecipients of donations or future inheritances from the ward.
(b) This action or application of funds may include, butshall not be limited to, the making of gifts, to the conveyance or release ofthe ward's contingent and expectant interests in property including maritalproperty rights, and any right of survivorship incident to joint tenancy ortenancy by the entirety, to the exercise or release of the ward's powers asdonee of a power of appointment, the making of contracts, the creation ofrevocable or irrevocable trusts of property of the ward's estate which mayextend beyond the ward's disability or life and for which the ward may or maynot be a beneficiary, the exercise of options of the ward to purchasesecurities or other property, the exercise of the ward's right to elect optionsand to change beneficiaries under insurance and annuity policies, and thesurrendering of policies for their cash value, the exercise of the ward's rightto an elective share in the estate of the ward's deceased spouse, and therenunciation or disclaimer of any interest acquired by testate or intestatesuccession or by inter vivos transfer.
(c) The guardian, limited guardian or conservator in thepetition shall briefly outline the action or application of funds for whichapproval is sought, the results expected to be accomplished thereby and the taxsavings, if any, expected to accrue. The proposed action or application offunds may include gifts of the ward's personal property or real estate. Giftsmay be for the benefit of prospective legatees, devisees or heirs apparent ofthe ward, or may be made to individuals or charities in which the ward isbelieved to have an interest. The conservator, limited guardian or guardianshall also indicate in the petition that any planned disposition is consistentwith the intentions of the ward insofar as they can be ascertained, or areotherwise in the best interest of the ward. If the ward's intentions cannot beascertained, the ward will be presumed to favor reduction in the incidence ofthe various forms of taxation, and the partial distribution of the ward'sestate during his or her lifetime, as provided in this section. Theconservator, limited guardian or guardian shall not, however, be required toinclude as a beneficiary any person whom there is reason to believe would beexcluded by the ward.
§ 33-15-37.1 Minimization of taxes –Estate planning. – (a) The superior or probate court, upon the petition of a conservator, limitedguardian or guardian, other than the guardian of a minor, and after notice bypublication as the court directs and other notice to all persons interested,may authorize the conservator, limited guardian or guardian to exercise any andall powers over the estate and business affairs of the ward which the wardcould exercise if present and not under disability. The court may authorize thetaking of such action, or the application of any funds as are not required forthe ward's own maintenance and support, in any fashion as the court shallapprove as being in keeping with the ward's wishes, so far as they can beascertained, or which the conservator, guardian or limited guardian candemonstrate is in the best interest of the ward. In ascertaining and carryingout the ward's wishes, or in determining which actions are in the ward's bestinterests, the court may consider, but shall not be limited to minimization ofcurrent or prospective state or federal income, estate and inheritance taxes,and providing for gifts to charities, relatives and friends as would be likelyrecipients of donations or future inheritances from the ward.
(b) This action or application of funds may include, butshall not be limited to, the making of gifts, to the conveyance or release ofthe ward's contingent and expectant interests in property including maritalproperty rights, and any right of survivorship incident to joint tenancy ortenancy by the entirety, to the exercise or release of the ward's powers asdonee of a power of appointment, the making of contracts, the creation ofrevocable or irrevocable trusts of property of the ward's estate which mayextend beyond the ward's disability or life and for which the ward may or maynot be a beneficiary, the exercise of options of the ward to purchasesecurities or other property, the exercise of the ward's right to elect optionsand to change beneficiaries under insurance and annuity policies, and thesurrendering of policies for their cash value, the exercise of the ward's rightto an elective share in the estate of the ward's deceased spouse, and therenunciation or disclaimer of any interest acquired by testate or intestatesuccession or by inter vivos transfer.
(c) The guardian, limited guardian or conservator in thepetition shall briefly outline the action or application of funds for whichapproval is sought, the results expected to be accomplished thereby and the taxsavings, if any, expected to accrue. The proposed action or application offunds may include gifts of the ward's personal property or real estate. Giftsmay be for the benefit of prospective legatees, devisees or heirs apparent ofthe ward, or may be made to individuals or charities in which the ward isbelieved to have an interest. The conservator, limited guardian or guardianshall also indicate in the petition that any planned disposition is consistentwith the intentions of the ward insofar as they can be ascertained, or areotherwise in the best interest of the ward. If the ward's intentions cannot beascertained, the ward will be presumed to favor reduction in the incidence ofthe various forms of taxation, and the partial distribution of the ward'sestate during his or her lifetime, as provided in this section. Theconservator, limited guardian or guardian shall not, however, be required toinclude as a beneficiary any person whom there is reason to believe would beexcluded by the ward.
