GUARDIAN ANGEL

As Senior Vice President and Team Lead of Fifth Third Bank’s Guardianship and Special Needs Trust Services in Chicago, Priscilla Rodriguez has more than 25 years of experience working in the guardianship field and has made a career of protecting the financial interests of minors, disabled children, and disabled adults.

But as hundreds of clients attest, the role of guardian is much more than just making sure money is properly invested. Rodriguez gets involved in the lives of her young charges and some mentally impaired adults to make sure funds are well spent on housing, transportation, health care, and their daily needs, which are unique to each individual. She and her team go a step further by financially educating her clients, so those who will receive their funds at the age of majority, 18 years old, are prepared to handle their wealth.

“The guardianship court process itself requires some assistance in navigating. We build up an intimate relationship with the minor or disabled adult and their family because the needs are specific to their disability, family dynamics, and development needs. Whenever money is involved, there are a lot of emotions as well as strictly financial decisions,” Rodriguez says. So, Rodriguez and members of her team have been known to attend school graduations, birthdays, and other personal milestones with her clients and their families.

The investment side of a guardianship isn’t always straight-forward. It’s difficult enough for a competent adult to invest savings and retirement funds. But when money is awarded to a young child, or to anyone with a permanent mental disability the law steps in to provide certain protections for that individual along with the oversight of the Probate Court. It is in Probate Court, where a court appoints a Guardian of the Estate. Often the Guardian of the Estate is one of the city’s major banks, such as Fifth Third Bank, which has roughly 400 such guardianships with assets totaling more than $700 million.

Of course, many families name a financial institution as trustee of a substantial estate for investment purposes. But guardianships for minors or the mentally disabled come with additional responsibility. Not only must the funds be invested prudently according to Illinois law, but the guardian must act as administrator of the funds. This means paying the bills, preparing, and filing income tax returns, arranging for health care, and the purchase, modification, and management of the personal residence for these individuals.

Further, the Guardian of the Estate must serve as the liaison between the family and the court, since the court must approve all payments made from the guardianship estate and all actions taken by the Guardian of the Estate.

Rodriguez and the Fifth Third Guardianship team are financial advocates for their clients and while there is a fee for this service, many clients recognize and appreciate the value the team provides to the family and the disabled individual’s well-being. Above and beyond all the court fillings and tax returns that they handle, everyone on the team takes a personal interest in each of their clients.

Not all cases work out so smoothly. The team does its best to educate the minor and family members about financial responsibility but sometimes that can prove to be challenging. Often, Rodriguez and her team must have hard conversations when family requests for purchases such as luxury cars or homes that are not always in the child’s or disabled adult’s best interests. “That’s the tough part of the job,” Rodriguez says. But mostly we’re dealing with families who have the best interests of their child or family member at heart.” Because you never know when an unexpected death or family tragedy might strike, it’s important to have a well-prepared estate plan to cover all the contingencies. On the other hand, it’s reassuring to know there’s competent and compassionate help available when fate takes a wrong turn.

“Fifth Third Bank’s commitment to working with the most vulnerable clients through its dedicated and experienced guardianship estates and special needs trusts team, has solidified its reputation and credibility not only with the attorneys and the probate court system involved in these matters, but most importantly with families who need us most during a difficult time,” Rodriguez says.

Fifth Third Bank does not provide tax, accounting or legal advice. Please contact your tax advisor, accountant or attorney for advice pertinent to your personal situation. This commentary is intended for educational purposes only and does not constitute the rendering of investment advice or a specific recommendation on investment activities or trading. Fifth Third Private Bank is a division of Fifth Third Bank, National Association, which is an indirect subsidiary of Fifth Third Bancorp. Banking, investment and insurance products and services are offered through or made available by one or more of Fifth Third Bancorp’s indirect subsidiaries. Investments, investment services, and insurance: Are Not FDIC Insured | Offer No Bank Guarantee | May Lose Value | Are Not Insured By Any Federal Government Agency | Are Not A Deposit Insurance products made available through Fifth Third Insurance Agency, Inc.