Business clients typically minimize exposure to creditor claims by
using liability-limiting business structures, by maintaining appropriate
insurance coverages, by maximally funding qualified retirement plans
and by dispersing asset ownership within the family.
High-net-worth clients, whose activities subject them to
extraordinary claims, may now also use an additional tool to protect a
portion of their assets – an Ohio Legacy Trust (OLT).
Placing assets into a plain vanilla revocable living trust does not
shield them from creditors. An OLT is an irrevocable trust, the assets
of which are protected. An OLT is funded with “excess” assets – assets
that are not needed to take care of existing obligations and assets that
are not “already-protected.”
Step 1: Solvency analysis.
Assets are listed and debts deducted, along …