Homestead Exemption

Ohio offers a homestead exemption of $5,000; the statute says, if a owner or dependent uses one parcel of real property as a residence there is an exemption not to exceed five thousand dollars.  ORC §2329.66(A)(1)(b)  To see this statute, please click here.

Life Insurance and Annuities

Proceeds of an insurance policy and annuity contracts are exempt if they benefit the owner’s spouse, children, or any other persons dependent upon the owner of the policy.  The policy may state, the proceeds shall not be subject to transfer, anticipation, communication, or encumbrances by any benefiiciary, and shall not be subject to the claims of the creditors of any beneficiary other than the insured or any legal process against any beneficiary other than the insured.  In the event of fraud the creditor may receive the proceeds. To see this statute, please click here and 2329.66(6)(b) here.

Policies of group insurance or the proceeds of a policy of group insurance are exempt, as exempt. See §3917.05 of the Revised Code.  To view this statute 2329.66(6)(c), please click here.

IRA

ERISA qualified contracts, plans, or benefits are exempt.  To view this statute, please click here.

Also exempt, are IRA’s, Roth IRA, or education individual retirement accounts.  To view this statute, please 2329.66(a)(10)(c) click here.

Disability Insurance

Disability financial services are exempt, as exempted by §5115.06 of the Revised Code.  To view this statute, please click here.

Corporate Protections

Charging Order

Chapter 1775.27 of Ohio’s Uniform Partnership Law allows a judgment creditor to seek a charging order against a debtor-partner’s right to distributions of partnership proceeds.  This order, if granted, will have no effect on the debtor-partner’s interest in the partnership.  To view this statute, please click here.

Corporate Acts

1.      Ohio Corporate Act

a.      To view this act, please click here.

2.      Ohio Limited Partnership Act

a.      To view this act, please click here.

3.      Ohio Limited Liability Company Act

a.      To view this act, please click here.

The Asset Protection Society makes every attempt to keep the material on its web-pages up to date and accurate. Having said that, The APS does not warrant the material on this site and you should ALWAYS seek out the advice of a local advisor in your state who can give you individual advice for your particular situation and confirm the status of your state laws.