Friday, March 29, 2013

Ohio Legacy Trust Act

Ohio House Bill 479, passed in December, adopting the Ohio Legacy Trust Act, went into effect last Wednesday, March 27, 2013, making substantial changes "modifying certain property rights in the Ohio Trust Code; to require the recording of personal property transfers with the county recorder upon request; to regulate the temporary conveyance of trust real property for financing purposes; to grant probate courts concurrent jurisdiction with court of common pleas general divisions over certain actions involving the designation or removal of certain beneficiaries, title change involving joint and survivorship interests, alleged gifts, or the passing of assets upon death other than by will, intestate succession, or trust; to regulate the use and enforceability of certain loan covenants in nonrecourse commercial loan transactions; and to make certain changes in the exempt interests law, the fraudulent transfers law, the secured transactions recording law, and the rule against perpetuities.”
  The main objective of House Bill 479, commonly known as the Ohio Asset Management Modernization Act (OAMMA), is to create legacy trusts, also known as asset protection trusts, in Ohio.
  The Ohio State Bar Association Estate Planning, Trust and Probate Law Section Council which worked diligently to craft and pass House Bill 479 has scheduled its First Annual Ohio Asset Protection and Legacy Trust Institute on April 22, 2013, providing 6.75 total CLE hours, including one hour of ethics for attendees. ( Announcement )

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