Many of my clients have expressed concerns about legal developments around the country where some states are enacting a wealth tax, government rent controls over rental properties and other new laws to increase taxes on wealth accumulations. Similarly, in the past I have had clients concerned about lawsuits against them, bankruptcy, foreclosures, and possible civil unrest or major changes to our political, tax or legal system which could affect their estate.
There are special types of trusts known as asset protection trusts which can protect your estate against these types of risks. Please understand that a typical revocable living trust does not in anyway protect your estate from claims of creditors or any of the other aforementioned risks. Ohio trust law provides for this type of trust which is known as the Ohio Legacy Trust. For clients concerned about these risks that could devastate or wipe out their estate, this type of trust may provide some peace of mind.
For information on trusts, please visit my website Trusts page.