It is setting up and arranging one’s assets and affairs in the most effective way so as to protect and safeguard them from risks and any creditors’ claims to which they would otherwise be subject.
It could be as basic as titling assets in a spouse’s name who has less risk, or it could involve insurance policies or setting up business entities, like corporations or limited liability companies, or setting up trusts for others or possibly even for yourself.
Most of our clients have common goals to pass what they want, to whom they want, when they want; and, to minimize the cost of doing so. Hurdles that often get in the way of achieving those goals include taxes, administrative costs, and, erosion of assets from lawsuits, creditors, and divorce.
Our attorneys can help you navigate strategies to preserve your assets for you and for the people that you care about.
In addition to more traditional strategies under Ohio law, a trustmaker (someone who creates a trust) can now provide a high level of asset protection, not only for non-trustmaker-beneficiaries (spouse, children, etc.); but also for the trustmaker as a beneficiary. A trustmaker-beneficiary of a Legacy Trust can be protected by provisions that previously allowed asset protection only for non-trustmaker-beneficiaries. For further information, please view Attorney Sharon Miller’s three short videos below about Ohio’s Legacy Trust.
Asset Protection Part I of III
Asset Protection Trust Part I of III introduces you to Ohio’s Legacy Trust.
For many years Attorney Sharon Miller has helped clients implement strategies to protect assets from lawsuits and creditor threats. In this video, she summarizes an asset protection strategy which has been available in Ohio since March of 2013. The Domestic Asset Protection Trust, called the Legacy Trust, legally allows protection of assets under Ohio law for the person establishing and funding the Trust. Trust Asset Protection can be a good fit for high net worth individuals whose jobs make them targets for litigation. Developers, doctors, attorneys, engineers, and others concerned with personal and professional liability can consider use of a Legacy Trust to protect their assets from creditors. After a qualified transfer to a Legacy Trust, a creditor is generally limited to 18 months to make a claim to void the transfer.
Asset Protection Part II of III
Asset Protection Trust Part II of III summarizes rights, benefits and formalities for an Ohio Domestic Asset Protection Trust.
Individuals, who meet the formalities to create an Ohio Legacy Trust, can protect assets transferred to the Trust; and, legally retain considerable rights, powers, and interests over those assets. Attorney Sharon Miller summarizes the formalities to qualify for the asset protection. She also details many of the rights and benefits that can be retained.
Asset Protection Part III of III
Asset Protection Trust Part III of III provides an example to preserve assets worth One Million Dollars under an Ohio Legacy Trust.
A Domestic Asset Protection Trust can alleviate concerns experienced by many high net worth individuals whose jobs make them targets for litigation. Many are concerned about the risk of “losing it all”, including their homes and personal property. After completion of an eligibility analysis, Attorney Sharon Miller can advise clients as to whether a Legacy Trust offers the most appropriate solution to their concerns in light of their personal circumstances; and, the types of values of the assets at risk.