Regulatory Compliance Flashcards

A guardian wishes to purchase the ward's car for personal use at fair market value. What is the compliant course of action?

Answer: Obtain prior court approval with full disclosure of the conflict

Self-dealing transactions are conflicts of interest that generally require full disclosure and court approval beforehand.

Which federal agency appoints and oversees fiduciaries for veterans who cannot manage their VA benefits?

Answer: Department of Veterans Affairs

The VA runs its own fiduciary program and appoints fiduciaries for incompetent beneficiaries independent of state guardianship.

Under the NGA Standards of Practice, a guardian should visit the person under guardianship at least:

Answer: Monthly

NGA standards call for the guardian to visit the person no less than monthly.

Under HIPAA, how is a court-appointed guardian with health care decision-making authority generally treated?

Answer: As the ward's personal representative

HIPAA (45 CFR 164.502(g)) treats a person with legal authority to make health decisions as the individual's personal representative.

The primary purpose of requiring a guardian to post a surety bond is to:

Answer: Protect the ward's estate against loss from guardian misconduct

A bond provides a recovery source if the guardian mismanages or misappropriates estate assets.

A guardian who is also the Social Security representative payee must handle the beneficiary's saved benefits by:

Answer: Holding them in an account titled to show the beneficiary's ownership

SSA requires conserved funds to be held in an account that clearly shows the beneficiary owns the money.

Which action typically requires prior court approval even when a guardian of the estate has broad powers?

Answer: Selling the ward's real property

Most state statutes require court authorization before a guardian or conservator sells a ward's real estate.