In December of 2012, Ohio governor John Kasich signed into law The Ohio Legacy Trust Act that becomes effective March of 2013. Ohio now joins a minority of states allowing for such trusts. While these domestic asset protection trusts cannot be used to avoid child support or alimony payments, the trusts may be used as an asset protection tool for debtors to avoid the attacks of other creditors thereby protecting his or her family’s assets. Along with the passage and implementation of The Ohio Legacy Trust Act, Ohio has increased its homestead exemption to $125,000 providing even further asset protection.
With these new statutes in place, Ohio now becomes one of the leading asset protection states. The domestic asset protection trust provides another estate planning tool that could prove to be invaluable for your family’s estate plan. Call (614) 888-4911 today to talk to an attorney to discuss how these new statutes may benefit your family.