The Ohio Legacy Trust Act (part of Ohio House Bill 479) becomes effective on March 27, 2013. Ohio will become one of approximately 15 states with what is commonly called a Domestic Asset Protection Trust Statute.
Ohio House Bill 479 also increases the Ohio homestead exemption and makes other changes that offer better asset protection alternatives in Ohio. This new law – – coupled with changes to Ohio’s LLC statute that were made last year – – make Ohio a much better asset protection jurisdiction than it was a year ago.