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 assets – – while still maintaining a meaningful degree of control over those assets.
Continue Reading Reflections on 2016 Ohio Asset Protection Developments
Ohio Statute Specifically Covers Single Member LLCs
Ohio amended its limited liability company statute earlier this year. As I explained in prior posts on June 16 and July 15, 2016, the amendments strengthened the asset protection provisions of the statute.
One of the most important changes was the addition of Ohio Revised Code §1705.031. This section specifically provides that Ohio’s limited
Settlor Can Retain a Lot of Control Over an Ohio Legacy Trust
As I previously noted in a post back in 2013, you can establish an Ohio Legacy Trust without giving up complete control of your assets. Your Trust must be irrevocable and you cannot serve as your own Trustee. But you can still maintain significant control over the assets in the Trust if you want
Some States Dramatically Better Than Others For Asset Protection
A recent article in The New York Times provides a good reminder that some states are much better than others with respect to asset protection.
The article by Patricia Cohen is titled “States Vie to Shield the Wealth of the 1 Percent”. By authorizing certain kinds of trusts and providing other ways to shelter
Seventh Circuit Affirms Wisconsin Annuity Exemption
On July 26, 2016, the United States Court of Appeals for the Seventh Circuit broadly affirmed a Wisconsin statute that makes annuities exempt from a creditor’s judgment. The case – – Whitman, Trustee in Bankruptcy v. Koenig, 2016 WL 3997251 – – was argued earlier this year and the Appeals Court issued its decision on
Ohio Legislators Are Firmly Behind Recent LLC Protections
As I have mentioned in other posts, Ohio Senate Bill 181 was signed by the Governor and became law on July 6, 2016. The new statute improves the already excellent protections offered by Ohio’s LLC statute. It amends various provisions of Chapters 1701 and 1705 of the Ohio Revised Code.
It is worth noting that
Ohio LLC Statute Now Provides More Protection For Members, Managers and Officers
As I noted in a recent post, significant changes to Ohio’s LLC statute (contained in Senate Bill 181) became effective on July 6. Among these changes are provisions making it harder to impose personal liability on members, managers or officers for the debts of the company.
The new law specifically states that the failure of
Living in One State and Setting Up a Trust in Another
Can you set up a trust in a state that you do not reside in? The answer is yes. You can set up a trust in a country you do not live in. As a resident of Ohio, I can establish a trust in Delaware or Alaska or the Cook Islands or almost anywhere else.
Significant Changes to Ohio’s LLC Statute Become Effective on July 6, 2016
Ohio Senate Bill 181– which becomes effective on July 6, 2016 — will make some important asset protection improvements to Ohio’s limited liability company statute. Ohio’s LLC law is already an excellent one from an asset protection standpoint. The new changes will make it even better.
The new changes include:
- More specific charging order protection
Physicians Face Heavy Burdens From Malpractice Suits
A recent article by Laura Landro in the May 10, 2016 Wall Street Journal had some interesting observations about the burdens many physicians face from malpractice suits. According to a 2013 study in the Journal of Health Affairs, the average doctor spends over 50 months — or about 11% of a 40 year career —