Last month, the Ohio House of Representatives passed House Bill 479, which I have discussed in posts on May 1, 2012 and May 23, 2012.

If the Ohio Senate goes along with the House, there will be a new Section 5816 of the Ohio Revised Code that provides for the Ohio Legacy Trust Act.  This will be a form of a so-called domestic asset protection trust.

Keep in mind that the Ohio Senate could amend the House version, and the final result is still uncertain.  And even if Ohio enacts a Legacy Trust Act, there will undoubtedly be various court challenges to parts of that legislation.

This is a rapidly developing area of law.  There is a constant tug of war between those who are trying to collect debts and those who are trying to protect various assets.  The tug of war will be continuing for quite some time.