In 2017 there have been a variety of discussions among leading estate planning attorneys about the extent to which Ohio law now protects a deceased person’s assets from the claims of a creditor. For many years it has been clear that a creditor could make claims against the probate assets (assets passing under a will) of the deceased person, at least so long as the claim is made timely (i.e., within six months of death) and presented appropriately (e.g., to an executor appointed by the probate court). Ohio’s procedures are friendlier to estates and more hostile to creditors than some other states, but the general ideas are similar.Continue Reading Asset Protection Beyond the Grave: Claims Against a Deceased Person’s Assets
Reflections on 2016 Ohio Asset Protection Developments
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
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
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
Growing Awareness of Ohio as a Top Asset Protection Jurisdiction
It has been a little more than two years since Ohio became one of the top asset protection jurisdictions in the United States. Many people — including many attorneys–are still not fully aware of this dramatic development. But word is slowly getting out. We are getting more and more inquiries about Ohio’s Legacy Trust Statute
Ohio is Currently One of the Best States for Asset Protection
Some states offer better asset protection alternatives than others. There are numerous factors to consider in deciding how good (or bad) a state is from an asset protection standpoint. These factors include:
Whether or not the state has a Domestic Asset Protection Trust Statute
Provisions of the state’s LLC statute
The state’s homestead exemption and