Nils Johnson Jr., Johnson & Johnson Law Office

Nils Johnson Jr. graduated with honors from Dartmouth College and in 1976 graduated from Boston University Law School.

Johnson has served as a local bar association trustee, as a member of the Ohio Supreme Court’s Board of Grievances and Discipline, and as a member of the Ohio Supreme Court’s Board of Bar Examiners.

He practices in the areas of estate planning, probate, business law, oil and gas, and real estate, and is a frequent lecturer on estate planning and legal ethics. He has been certified by the Ohio State Bar Association as a specialist in the field of estate planning, trust and probate law.

Succession Planning: Not to Be Delayed

Will your business outlive you? In my experience, the value of a small business or professional practice quickly vaporizes upon a key owner’s death in the absence of a clear succession plan. This is especially true for businesses whose main assets are strong customer/client/patient relationships.

Goodwill has very real – but ephemeral – worth, and absent a plan, successors to the business must make essential decisions without the deceased owner’s knowledge, resources or valuable handshake. Meanwhile, clients, patients and customers forge new loyalties with competitors. Longtime staff members consider employment opportunities with a sharper future.

(more…)

Succession Planning: Not to Be Delayed

Will your business outlive you? In my experience, the value of a small business or professional practice quickly vaporizes upon a key owner’s death in the absence of a clear succession plan. This is especially true for businesses whose main assets are strong customer/client/patient relationships.

Goodwill has very real – but ephemeral – worth, and absent a plan, successors to the business must make essential decisions without the deceased owner’s knowledge, resources or valuable handshake. Meanwhile, clients, patients and customers forge new loyalties with competitors. Longtime staff members consider employment opportunities with a sharper future.

(more…)


Legal Strategies: Ohio’s Legacy Trust Law Protects Assets

Business clients typically minimize exposure to creditor claims by using liability-limiting business structures, by maintaining appropriate insurance coverages, by maximally funding qualified retirement plans and by dispersing asset ownership within the family.

High-net-worth clients, whose activities subject them to extraordinary claims, may now also use an additional tool to protect a portion of their assets – an Ohio Legacy Trust (OLT).

Placing assets into a plain vanilla revocable living trust does not shield them from creditors. An OLT is an irrevocable trust, the assets of which are protected. An OLT is funded with “excess” assets – assets that are not needed to take care of existing obligations and assets that are not “already-protected.”

(more…)