It is human nature to want to protect what one has worked hard to earn or accomplish. It is this very nature that entices individuals to search for creative methods by which to protect one’s assets, whether from high tax rates or creditors. As laws continually change, individuals strive to protect their assets in the most effective and secure manner possible. As a result, the protection of one’s assets has evolved from the use of offshore Asset Protection Trusts (APTs) to the use of domestic APTs (DAPT). The Ohio Legacy Trust Act is an attempt to modernize Ohio’s wealth management laws to make Ohio competitive with other states in the wealth management and trust market. Ohio’s proposed trust legislation was modeled after the “successful plans used in other states,” such as Alaska, Delaware, and Nevada. This Note explores the impact that the Ohio Legacy Trust Act could have on Ohio.
Note, The Good, the Bad, and a New Kind of Prenup: An Analysis of the Ohio Legacy Trust Act and What Asset Protection Trusts Will Mean for Ohio, 61 Clev. St. L. Rev. 1105