On March 27, 2013 the new Ohio Legacy Trust Act took effect in Ohio.  This Act provides for a new type of trust, which allows for asset protection within Ohio.  Unlike a normal revocable trust, an Ohio Legacy Trust shields assets from creditors as long as the trust is created and administered in accordance with the provisions of the Ohio Legacy Trust Act.  The Ohio Legacy Trust is an irrevocable trust, meaning once the trust has been formed, the Grantor no longer has the power to terminate the trust.  The Grantor can still maintain many other powers and rights with regards to the trust.  For more information on the Ohio Legacy Trust, please contact us.