Ohio Asset Protection: Loopholes and Limitations
Attorneys Howard Rosen and Patricia Donlevy-Rosen summarize the shortcomings of the latest domestic asset protection law
NEW YORK, March 4, 2013 /PRNewswire-iReach/ -- The Ohio Legacy Trust Act goes into effect on March 27, 2013 (the "Act"). The act purports to be a domestic asset protection trust solution. The reality is that Ohio is merely the latest state to enact law that protects assets from creditors "sometimes."
Attorneys Howard Rosen and Patricia Donlevy-Rosen, both recognized authorities on asset protection planning, analyze the limitations of Ohio's asset protection law in their most recent article titled Ohio Legacy trusts: A New "Protective" Trust Law? The article is published through the Donlevy-Rosen & Rosen, P.A.'s periodical newsletter, The Asset Protection News™, and can be viewed on their website at http://trustne.ws/ohioact.
The article does outline some positive provisions of the Act. For example, the Act provides for statutory protection for planning professionals by prohibiting lawsuits (relating to the transfer of property to a legacy trust) filed against a trustee, advisor, or person involved in the establishment of a legacy trust.
The Act also includes a flight provision which provides for the trustee's automatic removal in the event the Ohio trustee is involved in any legal action where the out declines to apply to Act. Properly structured, this could give way to an automatic succession to an offshore trustee. Rosen and Donlevy-Rosen point out that this flight provision only provides for the relocation of the trustee and not the trust assets. Practically, say Rosen & Donlevy-Rosen, the trust assets could remain subject to the legal action.
"The protective efficacy of the Act", says Rosen, "will ultimately depend upon a US court upholding the planning in the settlor's favor, and the inapplicability of the full faith and credit clause of the US Constitution."
For more of the attorneys' analysis of the Ohio Legacy Trust Act, read their complete article at http://trustne.ws/ohioact.
Full text of the act here: http://trustne.ws/ohioacttext.
Consumers and practitioners seeking a way to effectively protect assets from potential creditors should contact the law firm of Donlevy-Rosen & Rosen, P.A. at (888) 412-8844.
About Donlevy-Rosen & Rosen, P.A.
Donlevy-Rosen & Rosen, P.A. is law firm with a national practice focused on asset protection planning and offshore trusts. Attorneys Howard Rosen and Patricia Donlevy-Rosen co-founded the firm in 1991, and have since become recognized authorities in the field of asset protection planning. On the web: http://protectyou.com.
About Patricia Donlevy-Rosen, Esq.
Donlevy-Rosen is the author of "Asset Protection Planning," a Tax Advisors Planning Series book published by Research Institute of America. She concentrates her practice in the protection of immovable assets such as real estate. Full bio: http://trustne.ws/pdr.
About Howard Rosen, Esq.
Rosen, also a Certified Public Accountant, is the founding author of the BNA Tax Management Portfolio "Asset Protection Planning" (1994, 2002), and is considered an authority on offshore asset protection planning. Rosen was an adjunct professor at the University of Miami School of Law from 1991-2010. Full bio: http://trustne.ws/hdr
Media Contact: Sam Phillips Donlevy-Rosen & Rosen, P.A., 888-412-8844, firstname.lastname@example.org
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SOURCE Donlevy-Rosen & Rosen, P.A.
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