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In April of 2018, the Georgia legislature presented to Governor Nathan Deal HB 441 for signature, which permitted the use of DAPTs in Georgia. The statute contained many of the similar flavors of other DAPT statutes, with a few notable exceptions like allowing tort creditors to reach assets in the DAPT. A few days after being presented with HB 441, Governor Deal vetoed the bill. In his press release, the Governor cited potential unintended consequences…
Our last case law discussion comes to us from the Ohio Supreme Court in Embassy Healthcare v. Bell. This case provides a great illustration of facts that many may one day encounter: a nursing home sought payment from a surviving spouse of a decedent spouse’s outstanding bill. But where this case is particularly interesting is the method by which the nursing home sought payment. Husband was admitted to Embassy Healthcare nursing home. Wife signed the…
Our second decision comes from the Supreme Court of Alaska. This decision is a core illustration of the potential problems with establishing a domestic asset protection trust (DAPT) for a resident of a state that does not allow DAPTs. The case involves a lawsuit between the Wacker family and Tangwall family. After litigation between the families, a series of default judgments were issued against the Tangwall family in Montana state court. As the last of…
Part One: In re Olson Part one of our 2018 asset protection year-end review begins with the case of In re Olson. This case is yet another reminder that it is critically important to engage in asset protection planning before you have a creditor problem. The decision comes to us from a U.S. District Bankruptcy Court in California. Olson was married to a NASA engineer who formed a startup company that sought to specialize in…
2018 saw a number of interesting cases and developments in asset protection law. I would like to discuss and summarize many of these key developments in a 2018 asset protection law year-end review. To prevent posting one very lengthy and detailed post, I will break the series into four parts. Parts 1-3 will summarize and analyze three relevant asset protection cases decided this year, In re Olson, Toni 1 Trust v. Wacker, and Embassy Healthcare…
A recent release by a well-known Nevada asset protection lawyer ranks states by their domestic asset protection trust laws.  Ohio was ranked in the top 5 nationwide, at number 4 (behind only Nevada – in which the ranking lawyer lives and practices law, South Dakota, and Tennessee). This ranking provides a good reminder that some states are much better than others with respect to asset protection. The release, the 8th Annual Domestic Asset Protection Trust
In 2017 there have been a variety of discussions among leading estate planning attorneys about the extent to which Ohio law now protects a deceased person’s assets from the claims of a creditor.  For many years it has been clear that a creditor could make claims against the probate assets (assets passing under a will) of the deceased person, at least so long as the claim is made timely (i.e., within six months of death)…
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…
Ohio amended its limited liability company statute earlier this year.  As I explained in prior posts on June 16 and July 15, 2016, the amendments strengthened the asset protection provisions of the statute. One of the most important changes was the addition of Ohio Revised Code §1705.031.  This section specifically provides that Ohio’s limited liability company statute applies to all LLCs formed in Ohio – – whether the LLC has one member or more…
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…