Legal Insights | Spring 2013 | Nicola, Gudbranson & Cooper LLC
Legal Insights is a newsletter of timely and practical legal information that we hope you can use in your professional and personal pursuits. Please contact your attorney at Nicola, Gudbranson & Cooper if you have any questions or comments or if you would like to suggest topics of interest for future issues.

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asset protection
Ohio embraces asset protection

Ohio became much more asset protection friendly this spring, with a new state law that protects more assets from the claims of creditors and permits the creation of self-settled trusts that may be used to protect additional assets from the claims of creditors.

The Ohio Asset Management Modernization Act of 2012 (OAMMA), which took effect March 27, has many features, but the most notable are:
  • The expansion and clarification of assets that may be exempt from attachment by creditors.

  • The adoption of domestic asset protection trust provisions.
This new law makes it clear that 529 plan investments and IRAs, even inherited IRAs, are exempt from the claims of creditors. It also increases the homestead exemption (i.e., the amount of equity in your principal residence that cannot be attached by creditors) from $21,625 per person to $125,000 per person. The homestead exemption amount is indexed to inflation and increased in less than a week—to $132,900 per person effective April 1. This means a married couple may now protect up to $265,800 of the equity in their home from creditor claims.
Read the full article.

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Does your contractor's insurance protect you?
If your company uses contractors to provide services, materials and/or labor, it has a liability exposure arising from the contractors' performance of the work. The liability exposure frequently arises when a third party (for example, a contractor's employee) performs work on a job site you own or control. If the contractor's employee or another third party is injured on the job site, he or she can sue your company under several theories of liability.
Read the full article.

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Dealing with a customer's bankruptcy: Defending against a preference claim
(Part II of a series)

Economists agree that the current recovery is anything but robust. As a result, chances are good that many vendors will experience customer bankruptcies. In a recent issue of Legal Insights, we outlined some preliminary considerations if a customer was heading for, or had actually filed, a bankruptcy case. In this issue, we examine how to navigate one of the more common challenges that a seller may experience in a customer bankruptcy: defending against preference claims to recover payments made by the debtor prior to filing bankruptcy.
Read the full article.

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Spotlight
article divider Creating ownership and operating entities for professional sports teams, negotiating leases and sponsorship agreements and providing day-to-day legal counsel on sports business issues are among a broad range of services provided by lawyers in the entertainment and sports law practice at Nicola, Gudbranson & Cooper (NGC).
Read about our entertainment and sports law practice.
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Firm News
article divider Entrepreneur magazine turned to Jim Grove for advice on noncompete agreements and how to transition from employee to owner of a competing business. The article, "Onward & Upward," appeared in the March issue. Read the online version here.
Firm News
Jim Juliano was a moderator at the third annual Entertainment and Sports Law Association Symposium April 19 at Cleveland State University's Cleveland- Marshall College of Law. Topic of the symposium was "Construction and Contractual Agreements: How to Maximize the Revenue of Sport and Entertainment Venues."
Firm News
Juliano and Bruce L. Waterhouse Jr. negotiated a long-term agreement with a natural gas refinery company in Australia on behalf of an international engineering consulting firm headquartered in Greater Cleveland. The contract is for consulting services and software licensing.
Firm News
Michael E. Cicero offers advice to both victims and offenders in accidents caused by distracted driving in a March 15 article on eLocalLawyers.com ("Distracted Driving and New Regulation Laws").
Firm News
Cicero was also quoted in a February InsuranceQuotes.com article on the relationship between traffic tickets and insurance rates ("InsuranceQuotes.com survey: One-fourth of adult drivers have gotten traffic tickets in past 5 years").
Firm News
Richard G. Witkowski describes simple steps that small businesses can take to detect and deter employee theft and fraud in a March 7 Crain's Cleveland Business "Small Business Guest Blog" post. Witkowski's article first appeared in the last issue of Legal Insights.
Firm News
A story on a Minnesota website about a fan injured by a foul ball at a Twins game ("Ball shatters Twins fan's jaw; response shatters her image of team") cited an article Juliano wrote on ballpark liability for his sports law website, at legallyspeakingonline.com.
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Copyright 2013 by Nicola, Gudbranson & Cooper LLC

This newsletter contains general information that should not be considered legal advice or legal opinion concerning individual situations.
Legal counsel should be consulted for specific advice.