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 protection trust statute in the near future. And even if there was a change in Ohio law, it is possible that existing legacy trusts would be “grandfathered.”
But since there can be no assurance that Ohio law will always remain as favorable as it is right now, we include a provision in our Ohio legacy trust to cover a change in Ohio law or policy. We provide that the trust can essentially be moved to another jurisdiction if necessary – – where hopefully there would be better protection at that time. We aim to provide the trustee and/or the trust protector with maximum flexibility to protect trust assets.