Ohio Revised Code §5816.06 requires an affidavit of solvency each time you transfer assets to an Ohio Legacy Trust. This is a fairly standard provision for transfers to Domestic Asset Protection Trusts in other states as well. In Ohio, failure to timely file such an affidavit may be used as a basis for an action
Asset protection planning (and estate planning) frequently involves the use of one or more trusts. Possibilities include an offshore trust, Domestic Asset Protection Trust, irrevocable life insurance trust and various other kinds of trusts.
Most of these trusts are designed to last for many years. It is therefore important to give the trustee the flexibility to adjust…
Here are some of the people who should at least consider setting up an Ohio Legacy Trust:
- Business owners
- CEOs and Directors
- People considering marriage
- Others who are willing to part with total control of a portion of their assets
The following chart (prepared by my partner, Paul Fidler) provides some general…
The link below provides some general information about Ohio legacy trusts. The material is from a presentation given by my firm on March 26, 2013 (the day before the Ohio Legacy Trust Statute took effect).
This new kind of trust is not for everyone. But for some Ohio residents, it could be a valuable way to…