Article on Asset Protection Trusts

Brandon Beck (Law Review) has recently published an article entitled, Viability of Ohio Domestic Asset Protection Trusts: A Review of the Proposed Ohio Legacy Trust Act, 39 Ohio N.U. L. Rev. 329-358 (2012).  Provided below is the abstract from the article:

 This paper will explore the burgeoning movement in Ohio to adopt the domestic asset protection trust (“DAPT”). A DAPT is a means to allow settlors to protect their assets through the creation of a trust in which the settlor preserves beneficial use and enjoyment, while still retaining the ability to shield those assets from most creditors.1 With the introduction of the Ohio Legacy Trust Act to the Ohio legislature,2 Ohio, like thirteen states before it, will soon be a battleground between those who wish to allow this asset protection technique and those who oppose it.3 This paper proposes that enacting a statute that would allow for the creation of DAPTs, such as the proposed Ohio Legacy Trust Act or other similar statutory scheme, is not a viable asset protection strategy that should be adopted in Ohio.