During 2016, Ohio continued to stand out as one of the best asset protection jurisdictions in the country. I have noticed that more people are becoming aware of the significant opportunities offered by Ohio’s Legacy Trust statute. As I have mentioned in earlier posts, an Ohio Legacy Trust is an excellent way to protect your assets – – while still maintaining a meaningful degree of control over those assets.
Changes made to Ohio’s LLC statute have made it even more effective from an asset protection standpoint. These changes became effective on July 6.
Nationally, there has also been a trend among the states to offer more asset protection alternatives. Years ago, anyone interested in an asset protection trust might have to go offshore in order to obtain any meaningful protection. Now more than fifteen states have domestic asset protection statutes. While offshore trusts remain a reasonable alternative for a certain limited class of individuals, domestic asset protection trusts (such as an Ohio Legacy Trust) can provide substantial protection at a much lower cost.
Ohio continues to be an excellent state for asset protection – – and Ohio residents should take full advantage of the rights given to us by some very favorable state statutes.