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By Patricia Donlevy-Rosen

A Review and Critique of the 2013 Ohio Legacy Trust Act

A Review and Critique of the 2013 Ohio Legacy Trust Act

Effective March 27, 2013, Ohio joined the growing list of states that have enacted asset protection trust legislation. This article provides a review and critique of the asset protection aspects of the Ohio Legacy Trust Act (Act).

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Ohio Legacy Trusts: A New “Protective” Trust Law?

Ohio Legacy Trusts: A New “Protective” Trust Law?

Ohio has joined the growing list of states which have enacted asset protection trust legislation. Chapter 5816, Revised Code of Ohio, enacts the Ohio Legacy Trust Act, which, on and after March 27, 2013, permits the creation of self-settled spendthrift trusts called “Legacy Trusts”.

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Rush University Case: What Could Have Been Done Differently?

Rush University Case: What Could Have Been Done Differently?

A 2012 Illinois Supreme Court case, Rush University Medical Center v. Sessions, has been touted as proof that asset protection trusts, especially offshore trusts, do not work. In this issue we will clarify and enlighten our readers as to why that particular offshore trust failed to protect assets, and we will point out what could and should have been done differently so that the protective planning would have worked as intended.

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Selected Planning Issues: Planning After the Lawsuit – Can it be Done?

Selected Planning Issues: Planning After the Lawsuit – Can it be Done?

It is often said that once a person has been sued nothing can be done to protect assets. This is usually true. The knowledgeable asset protection professional will, however, be able to recognize the few exceptions to that rule. The ability to recognize and utilize the exceptions will depend upon a thorough understanding of the relevant fraudulent transfer law.

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Titling Assets: Pitfalls to be Avoided – Part II

Titling Assets: Pitfalls to be Avoided – Part II

Many individuals attempt to implement asset protection on their own. Among the “do-it-yourself” methods commonly utilized is titling and re-titling assets among a spouse, children and others (friends & family members). Instead of accomplishing the desired protection, these “strategies” often expose the transferred asset to additional creditors, cause family conflicts, and raise gift and estate tax issues.

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Estate Freeze Update: New Law – New Opportunity

Estate Freeze Update: New Law – New Opportunity

Volume XX, Number 1 – JANUARY 2011 INTRODUCTION More than 10 years ago we wrote an issue of the APN on estate freeze planning (Vol. IX, No. 1). The essence of estate freeze planning is just what it sounds like: the value of an asset (or assets) is “frozen” at today’s value for future estate […]

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