BUSINESS ATTORNEY · AKRON, OH
Asset Protection Trusts in Akron, OH
Spatz Law Group creates Ohio Legacy Trusts, Ohio's version of a domestic asset protection trust, for business owners and professionals across Northeast Ohio who want to shield savings from future creditors while still benefiting from them.
Protecting savings from a future lawsuit
Doctors, contractors, landlords and business owners all carry risks that insurance doesn't fully cover. Ohio is one of a minority of states that let you create a trust protecting your assets from future creditors while you remain a beneficiary. It's called an Ohio Legacy Trust, and it's one of the strongest protection tools available in Ohio.
Still having access to your money
Unlike most protective trusts, an Ohio Legacy Trust lets you benefit from what you put in. The trustee can make distributions to you, and Ohio lets you keep certain powers, like vetoing distributions and replacing the trustee. You give up direct control, but not the benefit of your savings.
The requirements Ohio sets
An Ohio Legacy Trust has strict rules. It needs a qualified trustee who isn't you, typically an Ohio resident or an Ohio trust company, and you must sign a sworn statement about your finances when you transfer assets in. Getting these details right is what makes the protection hold up.
Protection is strongest for claims that come later
Creditors whose claims existed before you funded the trust have a limited window to challenge the transfer. Claims that arise after the trust is in place face a much higher bar. That's why the best time to set one up is when nothing is on the horizon.
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 the assets you're considering for the trust, your current insurance coverage, and any pending or threatened claims, since those affect what's possible.
★★★★★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 an Ohio Legacy Trust worth it for me?
It depends on what's at risk. Your retirement accounts and part of your home equity are already protected under Ohio law, and insurance covers most claims. A Legacy Trust makes the most sense when you have significant savings or investments outside those protections and work in a field with real lawsuit risk. Debra looks at what's already protected before recommending one.
Can I be the trustee of my own Ohio Legacy Trust?
No. Ohio requires a qualified trustee other than you, typically an Ohio resident individual or an Ohio trust company. You can still keep certain powers, like replacing the trustee and vetoing distributions.
Does an Ohio Legacy Trust protect against every kind of claim?
No. Some claims can still reach the trust, such as certain child support obligations, and creditors whose claims existed before the transfer have a window to challenge it. The trust is designed for protection against future, unknown claims. It also isn't designed for Medicaid planning; that uses a different kind of irrevocable trust.
What assets can go into an Ohio Legacy Trust?
Cash, investment accounts, real estate and business interests are common. Retirement accounts usually stay outside, since they're generally protected already. Debra helps you decide which assets belong in the trust.
Does an Ohio Legacy Trust save taxes?
Not usually. It's an asset protection tool, not a tax shelter. Income from the trust is typically taxed to you, just as it was before. With careful design, it can work alongside your estate tax planning.
Can I set up an Ohio Legacy Trust if I don't live in Ohio?
Generally, yes. Because the trust is governed by Ohio law and administered by an Ohio qualified trustee, people outside Ohio can use one too. How well it protects you may depend on the laws of the state where you live.