Ohio House Bill 479 — commonly known as the Ohio Asset Management Modernization Act (OAMMA) –would make Ohio a leading asset protection jurisdiction. The proposed legislation would:
- Permit a so-called Domestic Asset Protection Trust (DAPT).
- Provide an essentially unlimited homestead exemption, similar to those in Florida, Texas and several other states.
- Specifically protect inherited IRAs.
- Specifically protect 529 plans from a plan participant’s creditors.
- Make some other changes that would help make Ohio one of the better asset protection jurisdictions in the country.
This is proposed legislation. As explained recently by Akron Legal News, sponsors of the proposed law argue that it would allow Ohio citizens and business owners to better protect their assets. It would also provide a legal environment that is favorable to the expansion of banking and trust business. But it is still too soon to predict whether the proponents of the new legislation will ultimately be able to get it enacted.