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Nov 28, 2018 · I. What is an Ohio Legacy Trust? Before 2013, in Ohio, the law was that you could not create a trust for yourself, fund it with your own money, name yourself as a beneficiary, and protect assets within the trust from creditors.
Learn More. Recently, a revolution in Ohio trust law, known as “The Ohio Legacy Trust Act” has created a new opportunity for Ohio residents to shield their assets from future creditor claims and establish a legacy for their children and grandchildren. This new legislation puts Ohio at the forefront of asset protection trust capabilities.
Sep 22, 2023 · The Ohio Legacy Trust Act, enacted in 2013, provides individuals with a powerful tool to protect their assets from potential creditors. This statute allows individuals to create a DAPT, known under the law as a “Legacy Trust.”
- 1800 Lyons Road First Floor, Centerville, 45458, Ohio
- USD
Jan 26, 2017 · The Ohio Legacy Trust Act, effective March 27, 2013, allows a person to set up a trust – an Ohio Legacy Trust – which will allow the person to protect his or her assets from future creditor claims, while still maintaining essential control.
- 8180 Brecksville Road, Suite 109 Brecksville, OH 44141
- (800) 393-2324
- What Is Asset Protection?
- How Do Domestic Asset Protection Trusts Work?
- Creating An Ohio Domestic Asset Protection Trust
What exactly do we mean by “asset protection?” In the context of a trust, we mean keeping trust assets out of the reach of creditors of the trustmaker or settlor of the trust. A creditor could be a credit card company, medical provider, or other person or company to which the person owes money. If the debt isn’t paid, the creditor may sue the debto...
Domestic asset protection trusts are self-settled irrevocable spendthrift trusts. What exactly does that mean? 1. “Self-settled” means that the trust is funded with the trustmaker's own assets, such as real estate, stocks, bank accounts, artwork, and vehicles. 2. “Irrevocable” means that once the settlor creates the trust, he or she can’t revoke it...
Domestic asset protection trusts are complicated, and errors in drafting or funding the trust could destroy the protections it was intended to offer. Bear in mind that Ohio has had these trusts for less than ten years. Furthermore, HB 464 is making a number of technical changes and corrections to the Ohio Legacy Trust Act, including provisions rega...
A primary purpose of a Legacy Trust is to provide a legitimate means of protecting a client’s assets from unknown or future creditors. Under Ohio law, Legacy Trust assets will not be subject to a claim of a creditor unless the client’s transfer of assets to the trust was made with the intent to defraud the creditor.
Oct 27, 2015 · Passed in March 2013, the Ohio Legacy Trust Act. changed the rights of Ohio creditors, trustmakers, trustees and their assets. Learn the rules of creating, protecting and planning legacy trusts in Ohio.
