Some states offer better asset protection alternatives than others. There are numerous factors to consider in deciding how good (or bad) a state is from an asset protection standpoint. These factors include:
· Whether or not the state has a Domestic Asset Protection Trust Statute
· Provisions of the state’s LLC statute
· The state’s homestead exemption and various other exemptions
· State court decisions, particularly those relating to the respective rights of debtors and creditors.
Since there are many different ways to measure how favorable or unfavorable a state is from an asset protection standpoint, commentators can disagree about which states are the best.
Ohio’s new Legacy Trust Statute, the provisions of its LLC statute, and various other state laws and policies offer excellent opportunities for protecting assets. This currently puts Ohio near the top of the list when it comes to state asset protection rankings.