In 1993, a monumental change was made by the United States Congress, affecting the landscape of estate planning. It was in that year when Congress granted special needs trusts a legal status.
This allowed parents, family, and other interested parties invest in the well-being of a person with disabilities. As defined in Section 7-1.12 in the Estates, Powers & Trusts Law, anyone with a cognitive, mental or physical disability can be provided for with the creation of a special needs trust in Long Island.
The trust, often a standalone legal document, contains the details and instructions of how the assets funded in it should be used to care for the beneficiary. The trustee who manages the trust is then the one providing the beneficiary with the required funds to meet supplemental needs.