May 2012

Many Asset Protection Considerations Depend on State Law

By Ken Laino on May 23, 2012

Posted in Asset Protection Strategies/Alternatives, Ohio law

Asset protection statutes and case law vary significantly from state to state.

More than ten states have enacted Domestic Asset Protection Trust (DAPT) legislation; but most states have not.
There is still not a single reported court decision upholding (or striking down) DAPT legislation. Not only can state statutes vary, but in the future,

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Collapse of Major Law Firm — Another Reminder That Disaster Can Strike At Any Time

By Ken Laino on May 2, 2012

Posted in Benefits of Asset Protection Planning

As reported by Peter Lattman in The New York Times yesterday and today, a major New York law firm — Dewey & LeBoeuf — is on the verge of bankruptcy. The firm was aiming to become a global powerhouse in corporate law. At its peak, it had more than 1,300 lawyers in 26 offices…

Proposed Legislation Would Make Ohio a Leading Asset Protection Jurisdiction

By Ken Laino on May 1, 2012

Posted in Domestic Asset Protection Trusts, Ohio law

Ohio House Bill 479 — commonly known as the Ohio Asset Management Modernization Act (OAMMA) –would make Ohio a leading asset protection jurisdiction. The proposed legislation would:

Permit a so-called Domestic Asset Protection Trust (DAPT).
Provide an essentially unlimited homestead exemption, similar to those in Florida, Texas and several other states.
Specifically protect inherited IRAs.

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