The Special Needs Trust Fairness Act of 2015 (Senate Report 114-99) modifies how revocable trusts are treated when they are for the benefit of someone with the purpose of meeting income requirements for Medicaid coverage.
The legislation expands the selection of people who have the opportunity to establish a special needs trust on behalf of an individual with disabilities.
Read on to learn more about this critically important act and how it helps to protect and support individuals with special needs.
Special Needs Trust Fairness Act of 2015
This important act allows non-elderly people with disabilities to open their own special needs trusts without the requirement of filing a petition in court. This reduces the length of time before the trust is officially established.
Before this legislation was passed, the only people who could establish a special needs trust for an individual with disabilities included:
- Parents
- Grandparents
- Legal guardians
- A court
In the past, an individual with special needs who wanted to establish a special needs trust for themselves had to file a petition with a court, and that could take several months to process.
No longer having to file a petition with a court in order to establish a first-party special needs trust speeds up the process tremendously.
We Can Help Individuals with Disabilities
If you or your loved one have special needs and you’d like to secure a financial future, don’t hesitate to reach out to our skilled team right away to learn more about the services we offer. We know how important it is to financially plan for the future, and we want to do everything possible to give you the confidence and support you or your loved one needs.
Call Legacy Enhancement Trust today at (888) 988-5503 or fill out the online contact form to learn how we may assist you!