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
Ohio Enacts Domestic Asset Protection Trust Statute
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 Improves Asset Protection in Ohio
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.
What Are The Best Asset Protection Jurisdictions?
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
Bankruptcy Trustee has 10 Years to Challenge Transfer to a DAPT
A number of states have enacted Domestic Asset Protection Trust (DAPT) legislation. Ohio may soon join those states. These statutes authorize what are known as "self settled" trusts. This essentially means that the person setting up the trust is also one of its beneficiaries. Thus, the person setting up the trust is attempting
Ohio Could Soon Have a Domestic Asset Protection Trust Statute
Last month, the Ohio House of Representatives passed House Bill 479, which I have discussed in posts on May 1, 2012 and May 23, 2012.
If the Ohio Senate goes along with the House, there will be a new Section 5816 of the Ohio Revised Code that provides for the Ohio Legacy Trust Act.
Proposed Legislation Would Make Ohio a Leading Asset Protection Jurisdiction
Ohio House Bill 479 — commonly known as the Ohio Asset Management Modernization Act (OAMMA) –would make Ohio a leading asset protection jurisdiction. The proposed legislation would:
- Permit a so-called Domestic Asset Protection Trust (DAPT).
- Provide an essentially unlimited homestead exemption, similar to those in Florida, Texas and several other states.
- Specifically protect inherited IRAs.
Update on Domestic Asset Protection Trusts
A domestic asset protection trust (DAPT) is one of many different entities that may (or may not) be an appropriate part of an asset protection plan.
- At least eleven states have enacted DAPT legislation.
- States that have DAPT statutes include Alaska, Delaware, Nevada, South Dakota, Hawaii, Missouri, New Hampshire, Rhode Island, Tennessee, Utah and Wyoming.
- While there are similarities, each
Mortensen Case Highlights Fraudulent Conveyance Issues
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
Domestic Asset Protection Trust Versus Offshore Asset Protection Trust
Alaska was the first state in the United States to pass a domestic asset protection trust statute. Prior to 1997, this type of protection could only be obtained in offshore jurisdictions such as the Isle of Man. A number of other states — including Delaware — have subsequently enacted similar statutes. There is now an ongoing