Asset protection is about organizing your affairs so that risks of future claims by third parties are reasonably dealt with. It is also about minimizing a family’s exposure to such risks by dispersing ownership of assets within the family, by maintaining appropriate insurance coverage, by using appropriate business structures, and by thinking about the consequences of a health or business reversal resulting in lost income. Asset protection techniques are not about avoiding paying existing bills or existing legitimate claims.
Our law office has been counseling clients in asset protection measures for many years. Among the many vehicles we have historically employed to help clients protect their hard-earned assets from litigious creditors are Limited Liability Companies, Irrevocable Trusts, Asset Segregation, ensuring clients are adequately insured, and maximizing ERISA-qualified retirement plans.
Recently, Ohio has passed legislation authorizing a more sophisticated asset protection vehicle, called a Legacy Trust. These trusts, when properly employed, are invulnerable to the claims of creditors and can provide for a safety net for a portion of a client’s assets. Our firm is well versed in the proper employment of Ohio Legacy Trusts, and can help create a safety net for a client and their loved ones.