By Attorney Dan Vu
The Ohio Legacy Trust Act is a new Ohio law that gives Ohioans unprecedented creditor protection. Effective just weeks ago on March 27th, 2013, the law allows Ohioans to reorganize their assets in a way that will protect their assets from a future potential creditor. Before this law, Ohioans would have to either look offshore in the Cayman Islands, Bahamas, or Switzerland. Stateside, Ohioans would have had to go to Alaska, Nevada, South Dakota, or Delaware. Now Ohio joins them as a leader in domestic asset protection. Many attorneys did not think the bill would pass. However, it was pitched as a jobs bill. The idea behind the law was to keep Ohioans and their assets in Ohio. The law may in fact attract citizens from neighboring states to bring their businesses and assets to Ohio. Contact our office if you are interested in discussing the new Ohio Legacy Trust and how you might benefit.