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Ohio Legacy Trust Can Be A Good Prenuptial Tool

By Ken Laino on September 18, 2013

Ohio Revised Code §5816.03 (C) provides that certain creditors can defeat the spendthrift provisions of an Ohio Legacy Trust.  This includes claims for child support and alimony.  But the applicable provisions of the Ohio statute only apply to a “spouse or former spouse.”

This means that if an Ohio Legacy Trust is formed before you get married, the assets in that trust should not be subject to the claims of a future spouse.  So the legacy trust can be used for prenuptial planning (without the consent of the future spouse to any of its provisions). 

Each situation must be examined separately.  But if you are planning to get married in the near future and you are considering a prenuptial agreement, you should also consider the possible advantages of an Ohio Legacy Trust.

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

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