According to the Wall Street Journal (July 15 – 16, 2006), asset protection planning has become “mainstream” planning. And just as planning professionals are obligated to advise clients on estate planning and financial planning matters, many feel that the same professionals are now ethically obligated to advise clients on asset protection matters. To determine if […]
What is an offshore trust and how it is used in asset protection? Howard Rosen answers these questions and more in this video.
We are often asked by potential clients, “Can’t I just transfer my assets to my spouse to protect them?” We have always recommended against that “strategy” for a number of reasons, not the least of which, we tell our clients: “What if she/he decides to divorce you? You could lose it all forever.” Another significant reason is that the transfer could be easily “undone” by a court if a fraudulent transfer is found to have occurred. Thus, no asset protection.
Effective March 27, 2013, Ohio joined the growing list of states that have enacted asset protection trust legislation. This article provides a review and critique of the asset protection aspects of the Ohio Legacy Trust Act (Act).