Asset Protection Planning includes using business entities to compartmentalize liabilities, reviewing decisions regarding insurance coverages, ownership, titling and transfer of assets, and the use of spendthrift and legacy trusts to minimize the exposure of your assets.
The Legacy Trust Act is Ohio's version of the 16 states that allow asset protection trusts. The asset protection trust is an estate and liability planning tool used to protect assets from future creditors. The trust-maker can set up a trust with his or her assets and be a beneficiary of the trust and future creditors cannot access the trust's assets.
The beneficiaries of an asset protection trust can be your spouse, your children, a charity, parents, grandparents, or friends as beneficiaries Any adult, business, or corporation including out-of-state parties can set up an Ohio Legacy Trust.
There are limits and very specific conditions that must be met for an asset protection trust to be bulletproof.
I can provide a liability exposure review that includes analysis of business entities, insurance coverages, ownership of assets, and the suitability of an asset protection trust, at a reasonable fixed fee.