Special Needs Trust Fairness Act Passes Senate Committee
The Special Needs Trust Fairness Act is one law many people have been waiting a long time for. Thankfully, it became one step closer to becoming a reality when it made it out of the Senate Finance Committee last week.
The Special Needs Trust Fairness Act seeks to fix a critical oversight in the law currently governing Special Needs Trust. That oversight is that a disabled person can only take advantage of a Special Needs Trust that is established by certain people. They cannot create their own Texas Special Needs Trust.
If it becomes law, the Special Needs Trust Fairness Act will allow disabled individuals to take advantage of a Texas Special Needs Trust for themselves so they can set aside their own assets for expenses and items that government benefits does not pay for.
What do you think about the Special Needs Trust Fairness Act? We would love to hear from you in the comments section below.
Here is the text of the Special Needs Trust Fairness Act:
SECTION 1. SHORT TITLE.
This Act may be cited as the “Special Needs Trust Fairness Act of 2015”.
SEC. 2. FAIRNESS IN MEDICAID SUPPLEMENTAL NEEDS TRUSTS.
(a) In General.—Section 1917(d)(4)(A) of the Social Security Act (42 U.S.C. 1396p(d)(4)(A)) is amended by inserting “the individual,” after “for the benefit of such individual by”.
(b) Effective Date.—The amendment made by subsection (a) shall apply to trusts established on or after the date of the enactment of this Act.