Asset Protection Law Journal

Asset Protection Law Journal

Helping individuals and businesses take advantage of asset protection laws

Category Archives: Ohio law

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Asset Protection Beyond the Grave: Claims Against a Deceased Person’s Assets

Posted in Asset Protection Strategies/Alternatives, Estate Planning, Ohio law
In 2017 there have been a variety of discussions among leading estate planning attorneys about the extent to which Ohio law now protects a deceased person’s assets from the claims of a creditor.  For many years it has been clear that a creditor could make claims against the probate assets (assets passing under a will)… Continue Reading

Reflections on 2016 Ohio Asset Protection Developments

Posted in Limited Liability Company, Ohio law, Ohio Legacy Trusts
During 2016, Ohio continued to stand out as one of the best asset protection jurisdictions in the country.  I have noticed that more people are becoming aware of the significant opportunities offered by Ohio’s Legacy Trust statute.  As I have mentioned in earlier posts, an Ohio Legacy Trust is an excellent way to protect your… Continue Reading

Ohio Statute Specifically Covers Single Member LLCs

Posted in Limited Liability Company, Ohio law
Ohio amended its limited liability company statute earlier this year.  As I explained in prior posts on June 16 and July 15, 2016, the amendments strengthened the asset protection provisions of the statute. One of the most important changes was the addition of Ohio Revised Code §1705.031.  This section specifically provides that Ohio’s limited liability… Continue Reading

Some States Dramatically Better Than Others For Asset Protection

Posted in Asset Protection Strategies/Alternatives, Ohio law
A recent article in The New York Times provides a good reminder that some states are much better than others with respect to asset protection. The article by Patricia Cohen is titled “States Vie to Shield the Wealth of the 1 Percent”.  By authorizing certain kinds of trusts and providing other ways to shelter assets,… Continue Reading

Ohio LLC Statute Now Provides More Protection For Members, Managers and Officers

Posted in Limited Liability Company, Ohio law
As I noted in a recent post, significant changes to Ohio’s LLC statute (contained in Senate Bill 181) became effective on July 6.  Among these changes are provisions making it harder to impose personal liability on members, managers or officers for the debts of the company. The new law specifically states that the failure of… Continue Reading

Significant Changes to Ohio’s LLC Statute Become Effective on July 6, 2016

Posted in Limited Liability Company, Ohio law
Ohio Senate Bill 181– which becomes effective on July 6, 2016 — will make some important asset protection improvements to Ohio’s limited liability company statute. Ohio’s LLC law is already an excellent one from an asset protection standpoint. The new changes will make it even better. The new changes include: More specific charging order protection… Continue Reading

Growing Awareness of Ohio as a Top Asset Protection Jurisdiction

Posted in Limited Liability Company, Ohio law, Ohio Legacy Trusts
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… Continue Reading

Ohio is Currently One of the Best States for Asset Protection

Posted in Asset Protection Strategies/Alternatives, Ohio law, Ohio Legacy Trusts
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… Continue Reading

Ohio Court Pierces Corporate Veil and Holds Transfers to Shareholder Were Fraudulent

Posted in Fraudulent Conveyances, Ohio law, Piercing the Corporate Veil
A recent decision by the Ohio Court of Appeals (Second District) held that the City of Springfield, Ohio was entitled to “pierce the corporate veil” of the defendant corporation in order to reach the shareholder’s assets.  The court further held that transfers totaling about $900,000 to its shareholder (proceeds from the corporation’s sale of real… Continue Reading

Ohio Legacy Trust Can Be A Good Prenuptial Tool

Posted in Divorce and Prenuptial Agreements, Ohio law, Ohio Legacy Trusts
Ohio Revised Code §5816.03 (C) provides that certain creditors can defeat the spendthrift provisions of an Ohio Legacy Trust.  This includes claims for child support and alimony.  But the applicable provisions of the Ohio statute only apply to a “spouse or former spouse.” This means that if an Ohio Legacy Trust is formed before you… Continue Reading

Affidavit of Solvency is a Reminder to Plan Before You Have Creditor Problems

Posted in Domestic Asset Protection Trusts, Ohio law, Ohio Legacy Trusts
Ohio Revised Code §5816.06 requires an affidavit of solvency each time you transfer assets to an Ohio Legacy Trust.  This is a fairly standard provision for transfers to Domestic Asset Protection Trusts in other states as well.  In Ohio, failure to timely file such an affidavit may be used as a basis for an action… Continue Reading

Who Needs an Ohio Legacy Trust?

Posted in Asset Protection Strategies/Alternatives, Domestic Asset Protection Trusts, Ohio law, Ohio Legacy Trusts
Here are some of the people who should at least consider setting up an Ohio Legacy Trust: Business owners CEOs and Directors Physicians Accountants Attorneys People considering marriage Others who are willing to part with total control of a portion of their assets The following chart (prepared by my partner, Paul Fidler) provides some general… Continue Reading

Information About Ohio Legacy Trusts

Posted in Asset Protection Strategies/Alternatives, Ohio law, Ohio Legacy Trusts
The link below provides some general information about Ohio legacy trusts. The material is from a presentation given by my firm on March 26, 2013 (the day before the Ohio Legacy Trust Statute took effect).  www.ssrl.com/attachments/download/106/Ohio%20Asset%20Management%20Modernization%20Act.pdf This new kind of trust is not for everyone. But for some Ohio residents, it could be a valuable way to… Continue Reading

New Laws In Ohio Offer Much Better Asset Protection Alternatives

Posted in Domestic Asset Protection Trusts, Limited Liability Company, Ohio law
The Ohio Legacy Trust Act (part of Ohio House Bill 479) becomes effective on March 27, 2013.  Ohio will become one of approximately 15 states with what is commonly called a Domestic Asset Protection Trust Statute. Ohio House Bill 479 also increases the Ohio homestead exemption and makes other changes that offer better asset protection… Continue Reading

Ohio Raises Homestead Exemption to $125,000

Posted in Ohio law, Personal Residence
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. … Continue Reading

Ohio House Bill 479 Improves Asset Protection in Ohio

Posted in Domestic Asset Protection Trusts, Ohio law, Personal Residence
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… Continue Reading
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