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 to set aside the transfer.
The affidavit of solvency required by Ohio Revised Code §5816.06 must state that:
The transferor is not made insolvent by the transfer
The transferor is not contemplating bankruptcy
There are no pending court actions other than those listed in the affidavit
It is often impossible to sign such an affidavit once you have serious creditor problems. So this statutory requirement is another reminder to do your asset protection planning before you have any significant creditor issues.