Special Needs Trust Fairness Act Signed into Law

On December 13, 2016, President Obama signed into law the Special Needs Trust Fairness Act. The new act allows first party special needs trusts to be established by mentally competent individuals with disabilities for their own benefit.  Prior to this, individuals could only create a trust through a parent, grandparent or legal guardian, or by petitioning the court.  The Special Needs Trust Fairness Act allows individuals with capacity to set up their own trust.

This law is effective as of December 13, 2016.  Specials needs trusts permit disabled individuals who receive benefits through programs such as Medicaid and Supplemental Security Income (SSI) to retain certain trust assets without disqualifying them from governmental assistance. [link]

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We welcome an opportunity to discuss these important issues with you.  Please contact Eve Koopersmith at 516-393-2282, Doris L. Martin  at 516-393-2205 or Michelle Lewis Salzman at 516-393-2504 to discuss these ideas further.