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 assets, a state can more easily attract lucrative trust business. States can also enact LLC statutes and other laws that help protect businesses and individuals. Physicians, business owners and others who are at high risk of being sued should explore asset protection alternatives in states that provide the best protection.
The New York Times article notes that when it comes to trust laws that are favorable for sheltering wealth – – some of the leaders are Nevada, Delaware, South Dakota and Alaska. The article also mentions several other leading states, including Ohio.