Louisiana

The information given on this page is for educational and informational purposes only, and does not constitute any legal or tax advice or opinion. This page is meant to give a quick start to research by other professionals, but it should absolutely not be relied upon for any purposes whatsoever. Additionally, this page is kept current only as our time allows, and the information given here may not be current. We make NO GUARANTEES as to the accuracy of the information herein and you should not rely on it. Even professionals who use this information must independently verify whether it is correct and current.

Nothing in the information given below should imply that the drafters of this webpage are admitted to practice law in the referenced state or have any special expertise in the areas listed. Nothing herein should be construed as a solicitation by the drafters of this website to practice law in the referenced state. Persons desiring planning should contact a licensed attorney or other appropriate planning professional in this state. Certainly, nothing herein is any substitute for the services, advice, or counsel of a properly licensed attorney in the relevant state!

Louisiana Asset Protection Overview

Louisiana debtors may only choose from the state bankruptcy exemptions.

Louisiana is one of the most creditor-friendly jurisdictions, offering little protection for homestead, life insurance, or annuities. Additionally, Louisiana’s version of the Uniform Fraudulent Transfers Act has been slightly tweaked to be even more pro-creditor.

Louisiana Statutory Creditor Exemptions

For additional detailed information on the use of life insurance, annuities, pension plans, and employee benefit plans for wealth preservation and asset protection, see advanced life insurance

Louisiana Homestead

• The homestead exemption limit in Louisiana is $25,000 for real property. The property may not exceed 200 acres. A couple may not double these amounts.

Statute

• The homestead exemption may be claimed by the spouse or child of the deceased debtor.

Statute

Louisiana Life Insurance

• Beneficiary, including the insured's estate, of a life insurance policy is entitled to the proceeds, including cash surrender value, against the insured's creditors and of the owner's creditors. Proceeds, including cash surrender value, is also exempt from beneficiary's creditors.
  
  In a bankruptcy proceeding, exemption is limited to $35,000 during the lifetime of the insured, if such policy or contract was issued within nine months of the bankruptcy proceeding. [R.S. Section 22:647(A)(1), (2)]

Statute

Louisiana Annuities

• Beneficiary, even if it is the annuitant's estate, of an annuity contract, is entitled to the proceeds and avails of the contract against the creditors of both the beneficiary and the owner of the annuity. [RS Section 22: 647(C)]

Statute

Louisiana IRAs & Pension Plans

• ERISA qualified benefits are exempt, if the contributions were made at least one year prior to filing for bankruptcy.

Statute

Statute

• IRAs are exempt.

Statute

Louisiana Fraudulent Transfers

For additional detailed information relating to fraudulent transfers, including the text of the Uniform Fraudulent Transfers Act, see fraudulent transfers

Louisiana Fraudulent Transfer Act

• Louisiana Fraudulent Transfers Act

Louisiana Fraudulent Transfer Cases

Federal District Court

• In re Phillips and Hornsby Litigation and the Fraudulent Transfer Action,
  Nos. 03-MD-01-D-M3, 03-CV-321-D-M3 (M.D. La. 03/03/2004)

State Appellate Court

• In re Rogge,
  2004.LA.0000880 (La. 06/18/2004)

• Mitchell H. Kugle v. Michael T. Hennessy et al.,
  No. 29235-CA (La.App. Cir.2 03/27/1997)

• Plaquemines Parish Commission Council v. Delta Development Co.,
  No. 96-CA-0270 (La.App. Cir.4 01/30/1997)

• Reading & Bates v. Baker Energy Resources,
  649 So. 2d 581 (La.App. Cir.3 11/02/1994)

• General Electric Company v. Willard B. Dugas,
  Syliva G. Dugas MacDonald, and Demi Leigh,
  526 So. 2d 854 (La.App. Cir.1 05/17/1988)

• R. Ralph Keys et ux v. Milford E. Box and Carolyn Ann Box Rollo,
  476 So. 2d 1141 (La.App. Cir.3 10/10/1985)
  

Louisiana Trusts

For additional detailed information relating to the use of trusts for asset protection, including foreign and domestic asset protection trusts, see trusts.

Louisiana Trust Act (Non Self-Settled)

• Louisiana Trust Act

Louisiana Business Entities

Louisiana Acts

• Link to Corporation Act
• Link to Limited Liability Partnership Act
• Link to Limited Liability Company Act

Louisiana Charging Order Cases

• Cases to come

Louisiana Alter Ego & Corporate Veil Cases

• United States v. Newman,
  2004.C05.0001463 (5th Cir. 06/09/2004)

Useful Louisiana Links

For additional detailed information relating to financial frauds and tax scams, see http://www.quatloos.com

• Louisiana Secretary of State
• Louisiana Attorney General
• Louisiana Bar Association

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While the articles and analysis on this website are most often drafted from a planner's point of view, creditor attorneys and judgment collection professionals will also find many of these resources to be highly useful. We have tried whenever possible to be balanced in our analysis by pointing out strengths and weaknesses in different structures and strategies from both the planner's and creditor's viewpoint.

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