Here are some of the people who should at least consider setting up an Ohio Legacy Trust:
The following chart (prepared by my partner, Paul Fidler) provides some general
The link below provides some general information about Ohio legacy trusts. The material is from a presentation given by my firm on March 26, 2013 (the day before the Ohio Legacy Trust Statute took effect).
www.ssrl.com/attachments/download/106/Ohio%20Asset%20Management%20Modernization%20Act.pdf
This new kind of trust is not for everyone. But for some Ohio residents, it could be a valuable way to
The Ohio Legacy Trust Act (part of Ohio House Bill 479) becomes effective on March 27, 2013. Ohio will become one of approximately 15 states with what is commonly called a Domestic Asset Protection Trust Statute.
Ohio House Bill 479 also increases the Ohio homestead exemption and makes other changes that offer better asset protection
Offshore accounts – – whether in trusts, LLCs or just in your own name – – can have a variety of financial, business and asset protection advantages. But they will generally be subject to U.S. tax. And they have special reporting requirements. See for example my post from last year about IRS Form 8938.
Avoiding U.S. taxes by hiding your assets is illegal. Last month, Switzerland’s oldest bank pled guilty to a criminal conspiracy charge for helping wealthy Americans avoid taxes by hiding their assets in secret accounts.
Wegelin & Co., founded in 1741, is the first Swiss bank to plead guilty to a criminal charge in the
Ohio House Bill 479, signed by the Governor on December 20, 2012 and effective in March of 2013, has a provision that specifically protects contributions to 529 plans.
A new provision was added to Section 2329.66 of the Ohio Revised Code to protect contributions to a so-called 529 plan. Funds held in such a plan
The Ohio Legacy Trust Act, which will become effective in March of 2013, cannot be used to avoid child support or alimony payments. The new statute (part of Ohio House Bill 479) provides creditor protection under certain circumstances for assets contributed to a legacy trust (also commonly known as a domestic asset protection trust). But
As of January 1, 2013, the annual federal gift tax exclusion has changed to $14,000 per donee. This means that during 2013 you can give up to $14,000 per donee without filing a federal gift tax return. So, for example, if you have three children – – you can give each of them $14,000 without
The so called “fiscal cliff” bill passed by the House of Representatives on January 1 sets the federal estate and gift tax exemption amount at $5 million for 2013 and thereafter. If Congress had not taken any action, the exemption amount would have fallen to about $1 million. The exemption will be adjusted for inflation
