Asset Protection Law Journal

Asset Protection Law Journal

Helping individuals and businesses take advantage of asset protection laws

Category Archives: Ohio Legacy Trusts

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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

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

Keep Bankruptcy Code §548(e) in Mind if You Have a DAPT

Posted in Domestic Asset Protection Trusts, Fraudulent Conveyances, Ohio Legacy Trusts
About 16 states now have laws that allow a Domestic Asset Protection Trust (DAPT). These trusts can be very useful to protect assets in many situations. But keep in mind that a DAPT (like other asset protection strategies) is designed to protect your assets and keep you out of bankruptcy. It may be less useful… Continue Reading

Two or More APTs May Be Advisable In Some Situations

Posted in Asset Protection Strategies/Alternatives, Domestic Asset Protection Trusts, Ohio Legacy Trusts
In Ohio (as in other states that have enacted a Domestic Asset Protection Trust Statute), it may be advisable to have two or more trusts as part of an overall asset protection plan. For example, a husband and wife may each want to have their own, separate Ohio Legacy Trust.  Not only can this help… 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

Trust Protector Can Provide Added Flexibility For An Irrevocable Trust

Posted in Asset Protection Strategies/Alternatives, Irrevocable Life Insurance Trusts, Offshore Trusts, Ohio Legacy Trusts
A recent article in the New York Times by John F. Wasik provides an excellent discussion of trust protectors.  Many states now allow for trust protectors – – someone other than the trustee who essentially provides some checks and balances in a trust arrangement. A trust protector is a bit like a watchdog.  He or… Continue Reading

Asset Protection Trust Should Have Provision Allowing Trustee to Change Situs

Posted in Asset Protection Strategies/Alternatives, Domestic Asset Protection Trusts, Ohio Legacy Trusts
Earlier this year Ohio joined a number of other states that allow creation of a domestic asset protection trust.  In Ohio, it is called an Ohio Legacy Trust. Ohio law (just like the law of every other state) can change at any time.  We currently anticipate no significant change in the new Ohio domestic asset… 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

Trusts Require Flexibility

Posted in Asset Protection Strategies/Alternatives, Domestic Asset Protection Trusts, Irrevocable Life Insurance Trusts, Offshore Trusts, Ohio Legacy Trusts
Asset protection planning (and estate planning) frequently involves the use of one or more trusts. Possibilities include an offshore trust, Domestic Asset Protection Trust, irrevocable life insurance trust and various other kinds of trusts.  Most of these trusts are designed to last for many years. It is therefore important to give the trustee the flexibility to adjust… 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
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