NEW YORK (CBSNewYork/AP) – The family of a little girl who was killed when a yacht capsized during an Independence Day outing is setting up a memorial fund in her name.

A lawyer for the family of 8-year-old Victoria Gaines told Newsday that they formed a trust fund to help the family with expenses associated with the tragedy.

Gaines and two other children were trapped in the cabin of a 34-foot yacht called the Kandi Won when it flipped and sank on July 4 following a fireworks ceremony in the waters off Oyster Bay on Long Island. Twenty-four others escaped.

Funeral services for some of the children will be held this weekend.

Meanwhile, police and U.S. Coast Guard officials may not raise the submerged boat until Tuesday.

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