Ohio House Bill 479, signed by Governor John Kasich on December 20, 2012, will raise Ohio’s homestead exemption from its current $21,625 to $125,000. The new law amends Section 2329.66 (A)(1)(b) of the Ohio Revised Code to provide for the higher amount.
The original version of the legislation had provided for an unlimited homestead exemption.
Ohio now has a Domestic Asset Protection Trust statute. A new section 5816 of the Ohio Revised Code (the Ohio Legacy Trust Act) creates what is commonly known as a Domestic Asset Protection Trust. The new statute was signed into law by Governor Kasich on December 20, 2012 and will become effective in March of
Ohio House Bill 479 – – commonly known as the Ohio Asset Management Modernization Act (OAMMA) will affect a variety of asset protection strategies in Ohio. The new law was signed by Ohio’s Governor on December 20, 2012 and will become effective in March of 2013.
House Bill 479 authorizes legacy trusts in Ohio.
There are many factors to consider in deciding whether a particular jurisdiction is or is not favorable from an asset protection standpoint. Certain states and foreign countries are clearly better than others. There is a constant tension between the legal rights of creditors and debtors; and each jurisdiction is to some extent more or less
Financial disaster can stem from personal setbacks like divorce, business disputes, litigation, and numerous other causes. But the last few months of 2012 remind us that sudden, unexpected financial catastrophes can also come from other sources – – like natural disasters and general economic conditions.
Hurricane Sandy is a grim reminder that certain losses are
As I noted in a post about a month ago we are facing potentially dramatic year-end changes to the federal estate and gift tax. The “exemption amount” could drop from $5 million to $1 million. In any event, it seems like the exemption will ultimately be less than it is now.
This means that for
Debt collection companies will come under federal supervision beginning in January when the Consumer Financial Protection Bureau begins its oversight of large collection agencies. The new federal agency will have authority to issue rules that will be binding on the larger debt collection companies throughout the United States. An October 24, 2012 article in the
Ohio does not currently allow you to set up a Domestic Asset Protection Trust to protect your own assets. But you can set up a trust that protects assets that you leave to a beneficiary other than yourself. This kind of trust is commonly referred to as a “spendthrift trust”. Many trusts that are
As of January 1, 2013, the federal estate and gift tax “exemption amount” will go from $5 million to $1 million. The tax rate will increase from 35% to 55% (in some cases higher than 55%). While Congress may change this before year-end (or make retroactive changes early next year), there is no assurance that
An $8.5 million jury verdict seems high, doesn’t it? But if you consider that the injured party was an infant who suffered brain damage (and will require lifelong care), then the amount of damages could be perfectly reasonable.
According to a recent article by Tom Feran in the Cleveland Plain Dealer, a Cuyahoga County Common
