Senate Committee Approves Special Needs Trust Fairness Act
On June 24, 2015 the Senate Finance Committee approved The Special Needs Trust Fairness Act. The Act was first introduced to the Senate on 2/3/15 and now that it’s been approved by the Senate Finance Committee it will be up for vote by the Senate.
A little background on Special Needs Trusts and what would be the outcome if the Special Needs Fairness Act passes:
• By establishing a Special Needs Trust, people with disabilities can supplement daily living
expenses when their government benefits alone are insufficient and in turn protect themselves against the risk of impoverishment.
• Current law dictates that only a parent, grandparent, legal guardian of a disabled
individual, or a court can establish a special needs trust.
• If passed into law, disabled individuals, who have the capacity, will be able to create their
own special needs trusts.
Ultimately, the objective of the Special Needs Fairness Act is to enable persons with disabilities to the extent they are able to take responsibility for their own life decisions and finances.