President Obama just signed a new law that allows First Party Special Needs Trusts to be established by mentally competent individuals for their own benefit. This is a major “fix” to the current law which only allows First Party Special Needs Trusts to be set up by a parent, grandparent, guardian or a court. For
Special Needs
Adults with Special Needs May Soon Be Able to Streamline the Process to Establish First Party Special Needs Trusts on Their Own: A Review of the Special Needs Trust Fairness Act
By Jenny Flom on
In 1993, Congress enacted Section 1917(d)(4)(A) of the Social Security Act, authorizing the establishment of special needs trusts (also called first-party trusts and self-settled trusts). First-party special needs trusts enable disabled individuals to set aside their funds to pay for supplemental care while enabling those individuals to remain eligible for government benefits. See 42 U.S.C.…
Adults with Special Needs May Soon Be Able to Streamline the Process to Establish First Party Special Needs Trusts on Their Own: A Review of the Special Needs Trust Fairness Act
Posted on
In 1993, Congress enacted Section 1917(d)(4)(A) of the Social Security Act, authorizing the establishment of special needs trusts (also called first-party trusts and self-settled trusts). First-party special needs trusts enable disabled individuals to set aside their funds to pay for supplemental care while enabling those individuals to remain eligible for government benefits. See 42 U.S.C.…
ABLE Accounts for Disabled Individuals – Senate is now ABLE to Act
By Daniel B. Axman on
On December 3, 2014, the House of Representatives passed legislation that would allow qualifying disabled persons to establish tax-free savings accounts similar to 529 plans to pay for a host of expenses, including, but not limited to, housing, transportation, and medical expenses. The Achieving a Better Life Experience (ABLE) Act of 2014 is expected to…
Inheritance and the Importance of Creating a Special Needs Trust
By Tishya M. Signorelli on
Posted in Special Needs Trusts
An inheritance left to a person with special needs must be distributed to a special needs trust to avoid jeopardizing such person’s government benefits. A special needs trust can be created during lifetime or through a person’s Will upon death. If a special needs trust is not properly established, this creates a myriad of problems…