Ohio does not currently allow you to set up a Domestic Asset Protection Trust to protect your own assets. But you can set up a trust that protects assets that you leave to a beneficiary other than yourself. This kind of trust is commonly referred to as a “spendthrift trust”. Many trusts that are
Dramatic Year-End Changes to Federal Gift and Estate Tax
As of January 1, 2013, the federal estate and gift tax “exemption amount” will go from $5 million to $1 million. The tax rate will increase from 35% to 55% (in some cases higher than 55%). While Congress may change this before year-end (or make retroactive changes early next year), there is no assurance that