856 HB 1316 Guardian can invest in the Texas Tomorrow Fund with court approval. It is probably a good idea to modify existing guardianships so that this option is available, but it is not essential since a court order approving this investment is required. Modification is beneficial but not essential. If assets are actually invested in Texas Tomorrow Fund, existing guardianships should be modified. 865 SB 997 Procedure for tax-motivated gifts improved and list of permissible recipients is expanded.
Modification is very important of there is a potential taxable estate.
It is the author's opinion that, while many of the changes are irrelevant or unimportant with respect to existing guardianships, there are enough important changes that attorneys representing guardians promptly should seek modification of prior guardianships for purposes of all three statutes. By going forward with a modification request now, when the statutes have just passed, potential conflicts and breach of fiduciary duty issues may be avoided later. Ideally the courts supervising guardianships will enter blanket, administrative orders modifying guardianships to conform with the new legislation. No. 1 has indicated that he intends to do so. Attached hereto is a proposed form of a blanket administrative order.