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
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
A recent decision by the United States Bankruptcy Court for the District of Alaska (In Re: Thomas Mortensen, Case No. A09-00565-DMD) is clearly worth reading — for a discussion of fraudulent conveyances, Alaska asset protection trusts, applicable statutes of limitations, and a variety of other asset protection topics. I will likely comment on this recent
It is probably just a sign of the times, but my law firm seems to assist more and more people each year with prenuptial agreements. These agreements are important from an asset protection standpoint. Many of the assets accumulated during your marriage will be subject to claims of your spouse if you get divorced. A
