In a little more than a month, the Ohio Legacy Trust Act will go into effect on March 27, 2013. With this new piece of legislation, the State of Ohio will join only 13 other states that allow its citizens to create domestic asset protection trusts. A domestic asset protection trust is an “irrevocable trust into which people transfer assets so the assets can be protected from creditors’ claims if the statutory requirement are fulfilled.” Some experts believe that the Ohio law will likely be one of the best in the nation. For a complete client alert on this subject, please visit their website here.
See Gary L. Dinner, Peter A. Igel, Erica E. McGregor, Susan L. Racey, Rennie C. Rutman, and Jeffry L. Weiler, New Ohio Asset Protection Trust Offers Shield From Creditors, Tucker Ellis, LLP, Feb. 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
