Skip to content

Menu

LexBlog, Inc. logo
NetworkSub-MenuBrowse by SubjectBrowse by PublisherBrowse by ChannelAbout the NetworkJoin the NetworkProductsSub-MenuProducts OverviewBlog ProBlog PlusBlog PremierMicrositeSyndication PortalsAbout UsContactSubscribeSupport
Book a Demo
Search
Close

Settlor Can Retain a Lot of Control Over an Ohio Legacy Trust

By Ken Laino on October 3, 2016
Email this postTweet this postLike this postShare this post on LinkedIn

As I previously noted in a post back in 2013, you can establish an Ohio Legacy Trust without giving up complete control of your assets.  Your Trust must be irrevocable and you cannot serve as your own Trustee.  But you can still maintain significant control over the assets in the Trust if you want to do so.

Ohio Revised Code §5816.05 specifically states that the Settlor (the person establishing the Trust) can reserve quite a few rights, including the right to:

  • veto distributions
  • remove the Trustee and appoint a new Trustee
  • remove any advisor and appoint a new advisor
  • receive trust income

Asset protection laws vary a lot from state to state.  But the other fifteen or so states that have domestic asset protection trust statutes also have provisions allowing the Settlor to retain a variety of powers when establishing such a Trust.

  • Posted in:
    Corporate & Commercial, Corporate Finance
  • Blog:
    Asset Protection Law Journal
  • Organization:
    Schneider Smeltz Spieth Bell LLP
  • Article: View Original Source

LexBlog, Inc. logo
Facebook LinkedIn Twitter RSS
Real Lawyers
99 Park Row
  • About LexBlog
  • Careers
  • Press
  • Contact LexBlog
  • Privacy Policy
  • Editorial Policy
  • Disclaimer
  • Terms of Service
  • RSS Terms of Service
  • Products
  • Blog Pro
  • Blog Plus
  • Blog Premier
  • Microsite
  • Syndication Portals
  • LexBlog Community
  • Resource Center
  • 1-800-913-0988
  • Submit a Request
  • Support Center
  • System Status
  • Resource Center
  • Blogging 101

New to the Network

  • Beyond the First 100 Days
  • In the Legal Interest
  • Cooking with SALT
  • The Fiduciary Litigator
  • CCN Mexico Report™
Copyright © 2025, LexBlog, Inc. All Rights Reserved.
Law blog design & platform by LexBlog LexBlog Logo