It has been a little more than two years since Ohio became one of the top asset protection jurisdictions in the United States. Many people -- including many attorneys--are still not fully aware of this dramatic development. But word is slowly getting out. We are getting more and more inquiries about Ohio’s Legacy Trust Statute and other Ohio asset protection alternatives.
The Ohio Asset Management Modernization Act (Ohio House Bill 479) was signed by the Governor on December 20, 2012 and became effective in March, 2013. This law authorized asset protection trusts in Ohio; increased the homestead exemption to $125,000 ($250,000 for a married couple); and made some other asset protection improvements in Ohio law. Shortly before that, another Ohio statute made significant asset protection improvements to Ohio’s limited liability company statute. That law (Ohio House Bill 48) became effective on May 4, 2012. The combination of these relatively recent Ohio statutes has made Ohio a top asset protection jurisdiction. Ohio residents now have far greater asset protection alternatives. And residents of other states can, under the right circumstances, also take advantage of these new Ohio laws.
Business owners, physicians and other professionals, real estate developers, high net worth individuals, and others whose assets may be at above average risk, are slowly becoming more aware of the asset protection alternatives that are now available in Ohio. Ohio residents can also sometimes take advantage of asset protection laws in other states. This is increasingly less necessary, however, since the alternatives now available in Ohio are some of the best in the country.