Probate Court Conservatorship
If a person becomes unable to manage business and financial affairs, and there is no Power of Attorney or ownership arrangement that grants authority to someone to manage the assets, Conservatorship proceedings must be opened in Probate Court.
Conservatorship can include a Petition to Expand the Authority of a Conservator that allows the Conservator to transfer assets to family members. Section 5-407(d) of the Massachusetts Probate Code lists the powers that can be given to a Conservator to make gifts and create trusts to hold property of the person's estate. This process can save assets that would otherwise go to pay for nursing home and medical costs. This Conservatorship process is required if there you don't have a valid Power of Attorney with gifting and trust making powers.
I can help family members manage difficult circumstances that require consideration of income and estate taxation, long term care costs and probate. My office also handles the routine functions of inventory and accounting that go with Conservatorship. Call us at (413) 567-5600.