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For our famous summary chart showing exemptions on a state-by-state basis for IRAs and ERISA plans, homestead, life insurance and annuities, Click Here

Alabama

Alaska

Arizona

Arkansas

California

Colorado

Connecticut

Delaware

Florida

Georgia

Hawaii

Idaho

Illinois

Indiana

Iowa

Kansas

Kentucky

Louisiana

Maine

Maryland

Mass.

Michigan

Minnesota

Mississippi

Missouri

Montana

Nebraska

Nevada

New Hampshire

New Jersey

New Mexico

New York

North Carolina

North Dakota

Ohio

Oklahoma

Oregon

Pennsylvania

Rhode Island

South Carolina 

South Dakota

Tennessee

Texas

Utah

Vermont

Virginia

Washington

West Virginia

Wisconsin

Wyoming

Distr.Columbia

 
 
Financing Accounts Receivables
Financing Accounts Receivable for Retirement and Asset Protection,
by Ronald J. Adkisson
 
 
Advanced Strategies
Beneficiary-Taxed Irrevocable Trust
Billing & Collection Company
Closely-Held Insurance Company
Xtreme LLC
Modular Asset Protection
Non-Qualified Personal Residence Trust
RetireZ Non-Qualified Private Retirement Plan
Series LLC
Synthetic Roth
 
 
 
 
Hazardous or Overused Strategies
Foreign Asset Protection Trust (FAPT)
Domestic Asset Protection Trust (DAPT)
Land Trusts
Family Limited Partnership (FLP)
Nevada Corporations and LLCs

 

Exemption Planning

Exemption planning considers the use of statutory exemptions from collections as set forth by either Congress or the state legislatures. The goal of such planning is to maximize the debtor’s use of the available exemptions. The debtor’s fullest use of exemption planning may be significantly restricted by the 2005 changes to the Bankruptcy Code, unless the planning is done well in advance.

  • Homestead Exemptions
    http://www.assetprotectionbook.com/a2_asset_protection_exemption_homestead.htm
    State-by-state links to each state’s homestead statutes and to key opinions interpreting the homestead exemptions in each state.

  • Life Insurance and Annuity Exemptions
    http:/www.assetprotectionbook.com/life_insurance_exemptions.htm
    State-by-state links to each state’s statutes discussing exemptions for life insurance and annuities and to key opinions interpreting the exemptions in each state.

  • ERISA’s Anti-Alienation Provisions
    http://www.assetprotectionbook.com/a2_asset_protection_exemption_erisa_welfare_benefit_plan.htm
    Includes the text of 29 U.S.C. § 1056(d)(1) and select opinions interpreting that provision as it relates to debtor-creditor issues.

Chart of State Exemptions

Our famous chart of state exemptions, showing IRA and ERISA exemptions, homestead exemptions, and exemptions for life insurance and annuities is at http://www.assetprotectionbook.com/s1_asset_protection_state_resources.htm

 

Filing for Exemptions and Forms

Please note that we do not assist persons with filing for their homestead exemption, nor do we sell or provide any forms for this purpose. Persons desiring such should either contact their local attorney, or often the office of their local county clerk or registrar of deeds, for such information and forms.

Please do not contact us for assistance in filing for homestead or to request forms.

Homestead and the New Bankruptcy Reform Act

Most significant is the limitation of the state homestead exemption in bankruptcy to $125,000, regardless of state law providing for a larger or unlimited exemption. This limitation applies to homestead interests that are acquired within a 1215-day (3 years and 4 months) period prior to the filing of the bankruptcy petition. However, if the debtor has a claim arising from violations of federal or state securities law, RICO, fiduciary fraud, or from certain crimes or intentional torts, then the cap is $125,000 regardless of when the property was acquired. Rollovers of exempt homestead interests are not allowed even if those interests were exempt in both states. Thus, the debtor who moves from Texas to Florida will re-trigger the 1215 day period, despite the fact that both states have unlimited homestead exemptions.

Obviously, it will no longer be possible for debtors to wait until they have been sued to try to move to a state with an unlimited homestead exemption. Not so obviously, financial professionals and corporate officers or directors should now reconsider the idea of maintaining significant equity in their residences; if such a person ends up on the wrong end of a judgment, the debt may be one that will limit the homestead exemption in bankruptcy to $125,000, regardless of the length of residence in the state.

Full article at http://www.assetprotectionbook.com/Dev_May2005.htm#NewAct

 

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and Christopher M. Riser
 

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spacerAdditional Important Information

Nothing in this website is any substitute for the legal advice or opinion of a licensed attorney in your state. This website is simply a starting resource for information on the topics herein and does not claim to provide any definitive answer and should not be relied upon for any purposes whatsoever. Non-professionals should seek the assistance of a licensed attorney in their jurisdictions, and professionals should please consult the primary source materials such as statutes and case laws directly. Nothing in this website may be relied upon under IRS Circular 230 to avoid penalties for an incorrect tax position.

Adkisson Publishing Inc. is not a law firm and does not provide any legal service of any nature whatsoever. Adkisson Publishing Inc. is a publisher of books, websites and provides speakers on various topics. The person responsible for this website is Jay D. Adkisson in his capacity of President of Adkisson Publishing Inc. and questions regarding it should be addressed to him at Adkisson Publishing, Inc., P.O. Box 7088, Laguna Niguel, CA 92677.

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