Effective March 27, 2013, Ohio will become one of the most asset protection-friendly states. The Ohio Legacy Trust Act ("Act") permits an individual to create and fund an asset protection trust ("APT") that will protect assets from the claims of creditors. Ohio will join about a dozen other states, including Delaware, Alaska and Nevada, that recognize APTs, known under the Act as Legacy Trusts. Formerly, Ohio did not protect so-called "self-settled" trusts from claims of creditors. Consequently, clients were forced to transfer assets to states with APT legislation or move out of Ohio altogether to protect wealth.
For the full text, printable version of this Alert, click here.
Please contact any of the following Roetzel attorneys for further information:View PDF