The Loeffler Law Firm, LLC

Asset Protection, Business, Elder Law and Estate Planning

Ohio's Domestic Asset Protection Trust Statute Receives Favorable Reviews

by Bo Loeffler October 8, 2013 10:52 PM

On 3/27/2013, Ohio became the 14th state to permit the creation of domestic asset protection trusts (DAPTs for short). In Ohio, DAPTs are referred to as Ohio Legacy Trusts (see also ORC 5816.01 etc). While not for everyone, an Ohio Legacy Trust can be an effective and powerful planning tool. They have their own set of rules and protocol to follow when setting them up and managing them. Recently, a number of nationally known commentators gave Ohio's Legacy Trust statute very favorable reviews and even rated our DAPT statute higher than Delaware and Alaska (both of these states are perennial leaders in this area of trust law). As one of the co-authors of the Ohio Legacy Trust statute and HB 479 (which created ORC 5816.01) and being a native Ohioan, it is gratifying to see Ohio mentioned among the national leaders.

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