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The Ohio Legacy Trust Act allows individuals to establish a domestic asset protection trust (DAPT), commonly known as a Legacy Trust, to safeguard assets from future creditors while maintaining some control over their wealth. Enacted in 2013, this law makes Ohio one of the most favorable states for asset protection planning.
A Legacy Trust is an irrevocable trust that shields assets from lawsuits, creditors, and financial liabilities, provided the transfer was not made with fraudulent intent. Unlike traditional irrevocable trusts, the Ohio Legacy Trust allows the grantor to be a discretionary beneficiary while still ensuring creditor protection. Assets placed in the trust must remain for at least 18 months before full protection applies.
At Layman Law Group, we help clients establish Legacy Trusts as part of a comprehensive asset protection strategy. Contact us today to learn how this powerful tool can secure your wealth for generations.