Important Update! On August 21, 2017, Governor Cuomo signed Assembly Bill A6743, amending Social Services Law §366. The signed legislation only adds the word “Individual” into the statute, and the changed wording will have significant implications for many individuals with disabilities.
The revised law allows individuals with disabilities under the age of 65 to establish their own first party special needs trusts to maintain eligibility for certain government benefits. The change conforms to the previously revised Federal statute. This change in the law will allow individuals who previously had to petition the court for authorization to establish a special needs trust for themselves because they did not have a parent, grandparent, or legal guardian to establish the trust on their behalf. This will allow easier access to many who seek to maintain their assets and obtain government benefits. If you are interested in creating your own first party special needs trust, please contact us.
Learn more about this legislation below:
- Click here to see the signed Bill.
- Read more on New York adopting the Special Needs Fairness Act policy.
- Register for our webinar: “Updates: Special Needs Planning, the ABLE Act and Guardianship” on September 12, 2017 at 12:00PM (EST)