Section 700.5205 - Court appointment of limited guardian; requirements(1) The court may appoint a limited guardian for an unmarried minor upon the petition of the minor's parent or parents if all of the following requirements are met:(a) The parents with custody of the minor consent or, in the case of only 1 parent having custody of the minor, the sole parent consents to the appointment of a limited guardian.(b) The parent or parents voluntarily consent to the suspension of their parental rights.(c) The court approves a limited guardianship placement plan agreed to by both of the following parties: (i) The parents with custody of the minor or, in the case of only 1 parent having custody of the minor, the sole parent who has custody of the minor.(ii) The person or persons whom the court will appoint as the minor's limited guardian.(2) A minor's parent or parents who desire to have the court appoint a limited guardian for that minor and the person or persons who desire to be appointed limited guardian for that minor must develop a limited guardianship placement plan. The parties must use a limited guardianship placement plan form prescribed by the state court administrator. A limited guardianship placement plan form must include a notice that informs a parent who is a party to the plan that substantial failure to comply with the plan without good cause may result in the termination of the parent's parental rights under chapter XIIA of 1939 PA 288, MCL 712A.1 to 712A.32. The proposed limited guardianship placement plan shall be attached to the petition requesting the court to appoint a limited guardian. The limited guardianship placement plan shall include provisions concerning all of the following: (a) The reason the parent or parents are requesting the court to appoint a limited guardian for the minor.(b) Parenting time and contact with the minor by his or her parent or parents sufficient to maintain a parent and child relationship.(c) The duration of the limited guardianship.(d) Financial support for the minor.(e) Any other provisions that the parties agree to include in the plan.1998, Act 386, Eff. 4/1/2000.