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. Ohio is now one of approximately 15 states that allows this kind of trust, commonly known as a domestic asset protection trust.
The new statute also increases Ohio’s homestead exemption to $125,000; regulates the use and enforceability of certain loan covenants in non-recourse commercial loan transactions; and makes other changes that will affect asset protection planning.