Ohio House Bill 479, signed by the Governor on December 20, 2012 and effective in March of 2013, has a provision that specifically protects contributions to 529 plans.
A new provision was added to Section 2329.66 of the Ohio Revised Code to protect contributions to a so-called 529 plan. Funds held in such a plan
The Ohio Legacy Trust Act, which will become effective in March of 2013, cannot be used to avoid child support or alimony payments. The new statute (part of Ohio House Bill 479) provides creditor protection under certain circumstances for assets contributed to a legacy trust (also commonly known as a domestic asset protection trust). But
As of January 1, 2013, the annual federal gift tax exclusion has changed to $14,000 per donee. This means that during 2013 you can give up to $14,000 per donee without filing a federal gift tax return. So, for example, if you have three children – – you can give each of them $14,000 without
The so called “fiscal cliff” bill passed by the House of Representatives on January 1 sets the federal estate and gift tax exemption amount at $5 million for 2013 and thereafter. If Congress had not taken any action, the exemption amount would have fallen to about $1 million. The exemption will be adjusted for inflation
Ohio House Bill 479, signed by Governor John Kasich on December 20, 2012, will raise Ohio’s homestead exemption from its current $21,625 to $125,000. The new law amends Section 2329.66 (A)(1)(b) of the Ohio Revised Code to provide for the higher amount.
The original version of the legislation had provided for an unlimited homestead exemption.
Ohio now has a Domestic Asset Protection Trust statute. A new section 5816 of the Ohio Revised Code (the Ohio Legacy Trust Act) creates what is commonly known as a Domestic Asset Protection Trust. The new statute was signed into law by Governor Kasich on December 20, 2012 and will become effective in March of
Ohio House Bill 479 – – commonly known as the Ohio Asset Management Modernization Act (OAMMA) will affect a variety of asset protection strategies in Ohio. The new law was signed by Ohio’s Governor on December 20, 2012 and will become effective in March of 2013.
House Bill 479 authorizes legacy trusts in Ohio.
