We are pleased to note that John E. Sullivan III was one of the principal co-authors of the Ohio Asset Management Modernization Act of 2012 (a/k/a HB 479).
This legislation, which took effect on 2013 March 27, has many aspects, including the new Ohio Legacy Trust Act, which is now Ohio's asset protection trust statute. As a result, Ohio is now a leading asset protection trust ("APT") jurisdiction and estate planning jurisdiction.
Ohio's APT legislation has been favorably received by commentators, and is designed to cater to a global clientele.
In addition to adopting the Legacy Trust Act, the Ohio Asset Management Modernization Act:
Significantly expands the Ohio homestead exemption.
Allows for more flexible trust-based estate planning options.
Makes other significant changes to Ohio trust and debtor-creditor law.
For a copy of AMMA and a related legislative summary, see the following links:
Mr. Sullivan also served on the Ohio State Bar Association committee (which was part of OSBA's Estate Planning, Trust, and Probate Law Council) that drafted Ohio’s trust decanting law.
Mr. Sullivan is part of an ad hoc group that successfully proposed changes to Ohio’s LLC charging order rules. He is also is involved in other ongoing OSBA-related projects designed to revise and upgrade Ohio's LLC and limited partnership statutes.
Projects Outside Ohio
Mr. Sullivan has been involved in discussions and draftng reviews conducted by the South Dakota Governor’s Task Force regarding aspects of that state’s trust laws. Several of his suggestions have been incorporated into South Dakota's trust laws.
Mr. Sullivan has also occasionally been asked to review certain aspects of Delaware's trust legislation. One of his suggestions (regarding powers of appointment in repatriating APTs) was incorporated into Delaware’s APT statute.