12.18.12 | Firm News


Earlier this year Bill McGraw testified before a committee of the Ohio House supporting passage of the “Ohio Asset Management Modernization Act” which would allow citizens to self create trusts into which they can transfer assets and gain protection from future creditors.  These creditor protection trusts are allowed in 12 other states.  Ohio would be added to the list of states where citizens could use Ohio laws to create their own trusts for asset protection purposes.  This law also contains other improvements to Ohio law, including increasing the Homestead exemption protection for Ohio citizens to $125,000.00 per person.  House Bill 479 was passed unanimously by the Ohio House and was also passed unanimously by the Ohio Senate on December 11, 2013.  It is anticipated that the law will be signed by the Governor and become effective in March, 2013.  More will be posted on this website as details become available about the content of the final bill and the effective date.

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