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
The Ohio Management Modernization Act, which became effective on March 27, 2013, now allows Ohioans to put assets in a trust (of which they are a beneficiary) and protect those assets from creditors. This newly permitted trust is called an Ohio Legacy Trust.
An Ohio Legacy Trust must be irrevocable and the settlor (the person
An article in last Sunday’s Cleveland Plain Dealer by Sheryl Harris noted that since July, the Federal Consumer Financial Protection Bureau (CFPD) has received more than 5,300 consumer complaints about debt collectors. More than 40% of those complaints were by people who said they were being pursued for debts they do not owe. Other complaints
The primary concern for most of my asset protection clients is a sudden catastrophic lawsuit. Physicians, business owners and high net worth individuals (and almost anyone else with assets worth protecting) are fearful of that one mishap that could threaten everything they have earned during their lifetime. A surgeon who has performed thousands of successful
I have seen statistics forecasting about 28,000 new law graduate jobs opening each year for the next ten years. But law schools currently appear to be on pace to graduate about 44,000 lawyers per year in that same time period. This would create a significant over supply of lawyers. Even worse, it appears that there
A recent decision by the Ohio Court of Appeals (Second District) held that the City of Springfield, Ohio was entitled to “pierce the corporate veil” of the defendant corporation in order to reach the shareholder’s assets. The court further held that transfers totaling about $900,000 to its shareholder (proceeds from the corporation’s sale of real
Ohio Revised Code §5816.03 (C) provides that certain creditors can defeat the spendthrift provisions of an Ohio Legacy Trust. This includes claims for child support and alimony. But the applicable provisions of the Ohio statute only apply to a “spouse or former spouse.”
This means that if an Ohio Legacy Trust is formed before you
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
A recent article in the Cleveland Plain Dealer put the spotlight on phantom debt collectors. The Federal Trade Commission has shut down bogus debt collectors in the past, but this continues to be a significant problem. If you are in debt, you need to be sure that any debt collection efforts against you are legitimate.
A recent front page article in the Cleveland Plain Dealer reminded me of what most of us already know – housing prices are finally rising across the country. Your home is often one of your most valuable (or certainly one of your most important) assets. And you should take whatever steps you reasonably can
