Elder & Disability Law Update – Special Needs Trust Fairness Act – Persons With Disabilities Can Now Establish and Fund Their Own Trusts
On December 7, 2016, the U.S. Senate approved the 21st Century Cures Act (H.B. 34) that became law effective December 15, 2016. Significant to disabled individuals, this legislation includes the Special Needs Trust Fairness Act, which finally rights what has long been considered an error in prior law regarding establishment of First-Party Special Needs Trusts for disabled individuals with mental capacity.
For the first time, persons with disabilities can now establish and fund their own special needs trust without the need to do so by a parent, guardian, or the court. Should you have any questions on this new law, please contact our office.