Special Needs Trust Fairness Act of 2015

Special Needs Trust Fairness Act of 2015

DC

June 25, 2015 – Please join us in urging Congress to pass Senate Bill 349, the “Special Needs Trust Fairness Act of 2015.”

The bill, introduced by Sen. Chuck Grassley (R-IA) earlier this year, is supported by the National Structured Settlements Trade Association (NSSTA), the Special Needs Alliance, the National Academy of Elder Law Attorneys, Easter Seals and The Arc.

What a difference a word can make.

The bill simply seeks to modify existing law by adding “the individual” to language identifying those who are capable of establishing a Special Needs Trust (SNT). When the Omnibus Budget Reconciliation Act of 1993 was passed, a technical error resulted in excluding individuals from those able to create their own trust.

While there are certainly situations where disabled individuals cannot create their own trust, allowing those who are fully capable eliminates an unnecessary complexity to the process of establishing a Special Needs Trust.

Our firm is frequently involved in coordinating benefits with Special Needs Trust beneficiaries who can benefit from the power of Special Needs Trusts combined with structured settlement benefits.

We applaud Sem. Grassley for his ongoing leadership and look forward to this bill becoming law.

Image courtesy of Vichaya Kiatying-Angsulee at FreeDigitalPhotos.net.

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