OHIO DOMESTIC ASSET PROTECTION REVIEWED IN NEW ARTICLE
This month's publication of BNA Tax Management's Estates, Gifts and Trusts Journal includes a new article by Howard Rosen, Esq. & Patricia Donlevy-Rosen, Esq. titled "A Review and Critique of the Asset Protection Aspects of The 2013 Ohio Legacy Trust Act."
The enactment of the 2013 Ohio Legacy Trust Act brought Ohio into the growing number of states seeking to become domestic asset protection jurisdictions. However, as Rosen & Donlevy-Rosen conclude in their article, the efficacy of domestic asset protection "ultimately depends upon a U.S. court up-holding the planning … and the inapplicability of [certain] clauses of the U.S. constitution." (See pg. 4 of the article).
"It is important for potential clients and planning professionals to know the limitations of domestic planning" said Rosen when asked why he & Donlevy-Rosen reviewed the 2013 Ohio Legacy Trust Act. Rosen continued saying that "with any available domestic planning solution, there are known exceptions where a creditor can access the 'protected' assets." As Rosen and Donlevy-Rosen frequently assert in their newsletter, The Asset Protection News™, properly drafted offshore asset protection trusts are the cornerstone of all effective asset protection planning solutions.
The full BNA article can be found at http://trustne.ws/o30mn.
Complete text of the 2013 Ohio Legacy Trust Act: http://trustne.ws/ohioact.
View recent articles covering a wide range of legal subjects in The Asset Protection News™: http://trustne.ws/apn.
Clients and practitioners seeking a way to effectively protect assets from potential creditors should contact the law firm of Donlevy-Rosen & Rosen, P.A. at (800) 417-7134 for advice and asset protection services.
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 internationally 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, an attorney and 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.