Ohio’s New Legacy Trust Act

The Ohio Legacy Trust, enacted in March of 2013, allows entities to place trust assets beyond the reach of creditors. This helps people to avoid or reduce federal estate taxes.

A Legacy Trust is an irrevocable trust and it must be in writing. It must comply with the Ohio Legacy Trust Act.
It is subject to a spendthrift provision.

Transferor’s’ Rights

Ohio also increased the homestead exemption which exempts $125,000 of a home’s value from execution, garnishment, attachment or sale to satisfy a judgment or order. Ohio also recently exempted 529 plans for future education from creditors claims. Ohio eliminated the estate tax for all persons dying after Jan. 1 2013.

For more information about setting up an Ohio Legacy Trust, or for any other questions or concerns related to estate planning or probate law, contact the Law Firm of Richard M. Lewis today.

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