Ohio’s New Asset Protection Trust Will Attract Clients Within and Outside of Ohio
By: Brian C. Layman, JD, CPA, M.Tax and Charles H. McClenaghan, Esq.
In the last edition of the WealthCounsel Quarterly, Steve Oshins provided an overview of Domestic Asset Protection Trusts (“DAPTs”) and James Kalicki examined Nevada’s DAPT statute. The goal of this article is to provide an overview of Ohio’s new DAPT legislation (known as a “Legacy Trust”). The authors of this article were involved in the drafting and passage of the law and were invited to meet the Governor when he signed the bill. Beginning March 27, 2013 Ohio becomes the first state in the Midwest to offer DAPTs. Ohio incorporated the best provisions from other jurisdictions and has already received national recognition for being a top-tier statute. In many cases, practitioners look to the quantum of proof, statute of limitations and exception creditors to determine in which jurisdiction to situs a DAPT. In each of these categories, Ohio’s statute will be at the top of a practitioner’s list.
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