This month’s publication of BNA Tax Management’s Estates, Gifts and Trusts Journal includes a new article by Howard Rosen, Esq. Patricia Donlevy-Rosen, Esq. titled “A Review and Critique of the Asset Protection Aspects of The 2013 Ohio Legacy Trust Act.”
The enactment of the 2013 Ohio Legacy Trust Act brought Ohio into the growing number of states seeking to become domestic asset protection jurisdictions. However, as Rosen Donlevy-Rosen conclude in their article, the efficacy of domestic asset protection “ultimately depends upon a U.S. court up-holding the planning … and the inapplicability of [certain] clauses of the U.S. constitution.” (See pg. 4 of the article). Rosen, Esq. Patricia Donlevy-Rosen, Esq. titled “A Review and Critique of the Asset Protection Aspects of The 2013 Ohio Legacy Trust Act.”
“It is important for potential clients and planning professionals to know the limitations of domestic planning” said Rosen when asked why he & Donlevy-Rosen reviewed the 2013 Ohio Legacy Trust Act. Rosen continued saying that “with any available domestic planning solution, there are known exceptions where a creditor can access the ‘protected’ assets.” As Rosen and Donlevy-Rosen frequently assert in their newsletter, The Asset Protection News™, properly drafted offshore asset protection trusts are the cornerstone of all effective asset protection planning solutions.
The full BNA article can be found at A Review and Critique of the 2013 Ohio Legacy Trust Act.
Complete text of the 2013 Ohio Legacy Trust Act: Ohio Legacy Trusts: A New “Protective” Trust Law?.
View recent articles at The Asset Protection News™: Newsletters.
Clients and practitioners seeking a way to effectively protect assets from potential creditors should contact the law firm of Donlevy-Rosen & Rosen, P.A. by sending a message using our contact page, or call (800) 417 7134