Maine

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!

Maine Asset Protection Overview

Maine debtors may only choose from the state bankruptcy exemptions.

Maine’s homestead exemption is $35,000. Maine protects life insurance proceeds, annuity payments up to $450 per month, and a variety of retirement-oriented plans.

Maine 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

Maine Homestead

• The homestead exemption limit in Maine is $35,000. If the debtor is 60 or over or mentally or physically disabled, then the exemption limit is $70,000.

Statute

Maine Life Insurance

• Owner’s interest in unmatured policy (except credit life insurance) wholly exempt; provided that only $4,000 maximum accrued dividend or interest, or loan value, exempt (provided insured is debtor or individual upon whom debtor dependent).
  
  Beneficiary’s interest in “proceeds and avails” wholly protected from all creditors.

Statute [title 14 Sec 4422]

Statute [title 24-A Sec 2431]

Maine Annuities

• Annuity contract proceeds, up to $450 per month, are exempt.

Statute

• Disability proceeds are exempt.

Statute [Title 14 Sec 4422]

Statute [Title 24-A Sec 2429]

• Group life insurance proceeds are exempt.

Statute

Maine IRAs & Pension Plans

• A payment or account under an individual retirement account or similar plan or contract on account of illness, disability, death, age or length of service to the sum of $15,000 or to the extent reasonably necessary for the Support of the debtor and any dependent of the debtor, whichever is greater.

Statute

• State employee pension plans are exempt.

Statute

Maine Fraudulent Transfers

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

Maine Fraudulent Transfer Act

• Maine Fraudulent Transfers Act

Maine Fraudulent Transfer Cases

Federal District Court

• Carneal v. Leighton,
  No. 02-114-P-C (D.Me. 12/23/2002)

• Achille Bayart & CIE v. Crowe,
  No. 98-163-P-C (D.Me. 05/10/1999)

• United States v. Loisel,
  No. 98-108-B (D.Me. 08/05/1998)

• Howison v. Hanley,
  No. 96-296-P-C (D.Me. 03/28/1997)

• Mitrano v. New Ved. Inc.,
  No. 95-169-P-C (D.Me. 05/20/1996)

• Official Unsecured Creditors Committee v. General Motors Corp.,
  No. 94-94-B-H (D.Me. 08/17/1995)

State Appellate Court

• Official Post-Confirmation Comm. of Creditors v. Chaim Markeim. et al.
  2005 Me. Super. LEXIS 78 (Me.Super. 10/07/2005)

• Nancy S. Huber v. Donna L. Williams et al.,
  2005 ME 40 (Me. 03/21/2005)

• Porrazzo v. Karofsky,
  714 A.2d 826 (Me. 07/22/1998)

• Handy Boat Service Inc. v. Professional Services Inc.,
  711 A.2d 1306 (Me. 06/03/1998)

• Barbara Plourde v.Laurier Plourde, et al.,
  1996.ME.83 (Me. 06/21/1996)

Maine Trusts

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

Maine Trust Act (Non Self-Settled)

• Maine Trust Act
  

Maine Business Entities

Maine Acts

• Maine Corporation Act [Title 13-C]

• Maine Corporation Act [Title 13-A]

• Maine Limited Partnership Act [Title 31 Ch. 15]

• Maine Revised Uniform Limited Partnership Act [Title 31, Ch.11]

• Maine Limited Liability Company Act [Title 31 Ch. 13]

Maine Charging Order Cases

• No cases yet

Maine Alter Ego & Corporate Veil Cases

• Hahnel Bros. Co. v. William Bell III,
  No. CV-98-140 (Me. 04/25/2000)

Useful Maine Links

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

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

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