The Maryland Guardians Account (MGA) is an investment account that is available to Maryland residents. It enables families to save funds for a minor's future educational or other related expenses. MGA accounts allow parents, guardians, or other family members to save for the future of their children or other loved ones. Funds in an MGA account can be used for qualified educational expenses, such as tuition, fees, books, and room and board. The money in the account can also be used to pay for job training, special needs, and other related expenses. The Maryland Guardians Account is offered by the Maryland College Investment Plan and is administered by T. Rowe Price. Funds can be invested in a variety of options, including mutual funds, stocks, bonds, and money market accounts. Contributions to an MGA account are not tax-deductible, but any earnings on the account are tax-exempt. There are three types of Maryland Guardians Accounts: Savings, Growth, and Aggressive Growth. The Savings account is the most conservative and is best for those who want to minimize risk and preserve capital. The Growth account is designed for individuals who are willing to accept more risk and can benefit from the potential of long-term growth. The Aggressive Growth account is the most aggressive and is best suited for those who are comfortable with more risk and are looking for the potential of greater returns.
Maryland Guardians Account
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FAQ
To obtain guardianship over a minor child, you should file a petition for guardianship in the name of the minor child. Guardianship forms and instructions can be found on the Maryland Courts website.
In Maryland, guardianship determinations are made by a judge, and depending on the nature of the petition, the petitioning process can take somewhere from a few months to a year before an individual is appointed.
?There are two types of guardianship appointments: A guardian of the person is authorized by the court to make decisions for the disabled person about their health care, shelter, and any other daily needs. A guardian of property is a person or agency appointed by the court to manage the property of a disabled person.
A guardianship is usually indefinite, though the ward may petition the court at any point to end the guardianship if they feel the situation is no longer necessary. A temporary guardianship, meanwhile, typically ends after a set date.
Guardianship of the Person One person can serve as both guardian of the person and guardian of the property, or different people may serve in each role. After the Court appoints a guardian of the person, the guardian has the same rights, powers and duties that a parent has toward an unemancipated minor child.
This includes providing for everyday needs, such as food, clothing, housing, health (e.g., consent to medical care and medical decisions), and social decisions (e.g., fostering and preserving family relationships). This can also include arranging for services and care for the disabled person (e.g., home health aide).
