BUSINESS ATTORNEY · AKRON, OH
Asset Protection Planning in Akron, OH
Spatz Law Group helps business owners and professionals in Akron and across Northeast Ohio protect what they've built from lawsuits and creditors, before trouble ever arrives.
Mixing business and personal money
An LLC or corporation only protects you if it's treated as separate. Paying personal bills from the business account, or business bills from your personal card, gives a creditor an argument to reach your personal assets anyway. Good asset protection starts with simple habits: separate accounts, contracts signed in the company's name and records that show the business stands on its own.
Ohio protections you may already have
Ohio law already shields some assets from creditors. Retirement accounts like 401(k)s and IRAs are generally protected, and Ohio's homestead exemption protects a portion of the equity in your home. Knowing what's already protected tells you where the real gaps are, so you don't pay to protect what the law already covers.
Moving assets after a claim is too late
Ohio's fraudulent transfer law lets creditors undo transfers made to avoid them, and it can reach back to transfers made before a claim was filed. Moving assets once you see a lawsuit coming can make things worse. Planning works when it's done while things are calm, with no claim on the horizon.
Insurance as your first layer of protection
Legal structures work best alongside the right insurance. Liability coverage, professional coverage for your field and an umbrella policy handle most claims before your assets are ever at risk. Your plan looks at both, so the structures fill the gaps insurance leaves.
Your attorney
Debra A. Spatz
Licensed in Ohio since 2008 · Ohio Supreme Court Reg. #0083356
Chicago-Kent College of Law · University of Illinois, Finance
Meet DebraBefore your first conversation
Bring a list of what you own and how each asset is titled, your business formation documents, and a summary of your current insurance policies and coverage limits.
★★★★★Google review
If you are looking for a local estate attorney in Bath, Ohio, Deb Spatz with Spatz Law Group is truly exceptional. I know several people who have worked with Deb, and they consistently share nothing but positive experiences. Deb takes the time to get to know you and your story, allowing her to create a plan that brings real peace of mind for you and your family. She even offers the option to record a legacy video for your loved ones, which is an incredibly meaningful and lasting gift. Do not wait until it is too late. I highly recommend calling Deb today.
Frequently Asked Questions
Is my home protected from creditors in Ohio?
Partly. Ohio's homestead exemption protects up to $182,625 of equity in your primary residence per person, an amount Ohio adjusts periodically. This is different from the property tax homestead exemption for seniors, which lowers your tax bill but doesn't protect your home from creditors. Equity above that amount can be reached by creditors. Other planning, like an Ohio Legacy Trust, can add protection for a home with more equity.
Are my retirement accounts safe from creditors?
Generally, yes. Ohio law protects most qualified retirement accounts, including 401(k)s and IRAs, from most creditors. There are exceptions, such as certain support orders, so it's worth confirming how the rules apply to your accounts.
Can my spouse and I protect our home by owning it together?
Not the way some other states allow. Ohio abolished tenancy by the entirety, a form of joint ownership that protects married couples' property in some states, for deeds created after April 4, 1985. Joint ownership alone doesn't shield a home from one spouse's creditors in Ohio.
Does an LLC protect me from my own professional mistakes?
No. An LLC can protect you from the company's debts and from mistakes made by others in the business, but you're still personally responsible for your own professional negligence. That's what professional liability insurance is for.
Can I protect my children's inheritance from their creditors?
Yes. Leaving an inheritance in a trust with spendthrift protection, rather than outright, can keep it safe from a child's creditors and, in many cases, a future divorce. Ohio recognizes these protections when the trust is set up correctly.
Does asset protection planning protect my savings from nursing home costs?
That's a different kind of planning. Lawsuit and creditor protection uses tools like LLCs and Ohio Legacy Trusts, which aren't designed for Medicaid. Protecting savings from long-term care costs uses certain irrevocable trusts and depends on Ohio's Medicaid lookback.