Minnesota

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Minnesota Asset Protection Overview

Minnesota debtors may choose between the state or federal exemptions.

Minnesota reverses the normal upper-Midwestern trend of not protecting real estate, but protecting life insurance. While not unlimited like Texas or Florida, Minnesota offers a realistic $300,000 homestead exemption for urban residential property, and $750,000 for rural property, which is adjusted for inflation every other year. Some modest protections are given for IRAs and Pension Plans.

Minnesota 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

Minnesota Homestead

• Up to 160 acres. $750,000 rural; $300,000 urban. Minn. Rev. Stat. Ann. § 510.01, effective August 1, 2007.

Statute

• It is important to note that certain exemptions can be adjusted for inflation during even-numbered years.

Statute

Minnesota Homestead Cases

• In re Drenttel
  No. 04-2335 (8th Cir. 03/31/2005)

• In re Ladd
  No. 04-6040 (8th Cir. 02/01/2005)

• Kipp v. Sweno,
  2004.MN.0000986 (Minn. 06/24/2004)

• In re Drenttel,
  2004.C08.0000596 (8th Cir. 05/10/2004)

• State of Minnesota v. Geoffrey Hickman,
  666 N.W.2d 729 (Minn.App. 08/05/2003)

• Mary Jo A. Jensen-Carter v. Larry K. Alexander, et al.,
  C1-02-1845 (Min.Appp. 06/24/2003)

• John L. Kipp, et al., Respondents, v. Thomas Sweno,
  CX-03-140 (Minn.Appp. 06/05/2003)

• In re Petition for Disciplinary Action against Brian J. Peterson,
  660 N.W.2d 419 (Minn. 05/02/2003)

• JoAnn Hardon v. The Estate of Louise Dorothy Patek, et al.,
  CX-02-1567 (Min.App. 04/22/2003)

• In re Petition for Disciplinary Action against Brian J. Peterson,
  658 N.W.2d 875 (Minn. 04/03/2003)

• In Re the Marriage of: Richard Dennis Antone v. Debra Kay Antone,
  645 N.W.2d 96 (Minn. 06/13/2002)

• In Re Petition for Disciplinary Action against Brian J. Peterson,
  620 N.W.2d 29 (Minn. 12/21/2000)

• In Re Petition for Disciplinary Action against John H. McLoone IV,
  609 N.W.2d 616 (Minn. 04/28/2000)

Minnesota Life Insurance

• Life insurance proceeds are exempt up to $20,000, plus $5,000 per dependent, if the beneficiary is the spouse or dependent of the insured. [550.37.10]

Statute

• Unmatured life insurance contract dividends, interests, or loan value, up to $4000, is exempt if the insured is the debtor or someone upon whom the debtor is dependent. [550.37.23]

Statute

Minnesota Annuities

• Disability proceeds are exempt.

Statute

Minnesota IRAs & Pension Plans

• IRAs needed for support and not exceeding $30,000 are exempt. Additional amounts may apply if needed for support. [550.37.24]

Statute

• ERISA-qualified benefits needed for support and not exceeding $30,000 are exempt. Additional amounts may apply if needed for support. [550.37.24]

Statute

Minnesota Fraudulent Transfers

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

Minnesota Act [513.41.51]

• Minnesota Fraudulent Transfers Act

Minnesota Fraudulent Transfer Cases

Federal District Court

• Clarinda Color LLC v. BW Acquisition Corp.,
  2004.DMN.0000224 (D.Minn. 06/14/2004)

• United States v. Dieter,
  2003.DMN.0000135 (D.Minn. 04/11/2003)

• Cieslukowski v. Norton Motors International, Inc.,
  2002.DMN.0000319 (D.Minn. 09/10/2002)

• Great Southern Life Insurance Co.
  v. Agricultural Building Company Industries,
  2002.DMN.0000168 (D.Minn. 04/30/2002)

State Appellate Court

• Linda Longrie and Taylor Longrie v. Rick Luthen,
  662 N.W.2d 150 (Minn.App. 06/03/2003)

• Bank Midwest, Minnesota, Iowa, N.A. v. Jerome Lipetzky, et al.,
  661 N.W.2d 290 (Minn.App. 05/20/2003)

• Serbus v. Serbus,
  No. C3-02-664 (Minn.App. 11/05/2002)

• David Erickson, et al v. Jeffrey Horing, et al.,
  No. C4-02-138 (Minn.App. 10/01/2002)

• Rogers v. Meldahl,
  No. C4-02-480 (Minn .App. 09/17/2002)

• Lorenz Bus Service, Inc. v. Richfield Bus Company,
  No. C2-02-56 (Minn. App. 09/03/2002)

• In re Petition of John M. Stuart v. Roger L. Schleicher,
  646 N.W.2d 520 (Minn. 07/11/2002)

• Miller & Schroeder Investments Corp. v. Carefree Living of America, Inc.,
  No. C5-01-1241 (Minn.App. 05/07/2002)

• Great Southern Life Insurance Co.
  v. Agricultural Building Company Industries,
  No. 01-CV-1112 (D.Minn. 04/30/2002)

• In re the Marriage of Douglas Allan Sammons & Eleanor A. Sammons,
  642 N.W.2d 450 (Minn.App. 04/09/2002)

• Itasca County Health and Human Services v. Luthen,
  2001.MN.0001356 (Minn.App. 10/23/2001)

• O'Leary v. Carefree Living of America, Inc.,
  2001.MN.0001201 (Minn.App. 09/18/2001)

• Crockarell v. Crockarell,
  631 N.W.2d 829 (Minn.App. 07/31/2001)

• Jazzville, Inc. v. C & L Asset Group,
  2001.MN.0000285 (Minn.App. 03/13/2001)

• Wholesale Insulation Supply Co. v. Larson,
  2001.MN.0000158 (Minn.App. 02/06/2001)

• Honeywell/Alliant Techsystems Federal Credit Union v. Buckhalton,
  2000.MN.0042118 (Minn.App. 01/25/2000)

• Overocker v. Solie,
  597 N.W.2d 579 (Minn.App. 07/27/1999)

• Michael A. Morrison, et v. William Doyle, Sr., et al.
  1997.MN.1490 (Minn. 11/19/1997)

• Kevin J. Lamson, Appella v. Mark Cohn,
  1997.MN.1476 (Minn. 11/19/1997)

• New Horizon Enterprises, v. Contemporary Closet Design, Inc.
  1997.MN.1445 (Minn. 11/05/1997)

• DLH v. David A. Russ
  566 N.W.2d 60 (Minn. 06/19/1997)

• Daniel K. Kim v. Spectrum Sign Corporation
  1997.MN.19271 (Minn. 05/06/1997)

• John M. Lavine v. Dorsey & Whitney
  1997.MN.19718 (Minn. 03/04/1997)

• Gerald N. Butler v. Norman Goldetsky
  552 N.W.2d 226 (Minn. 08/08/1996)

• DLH v. David A. Russ
  544 N.W.2d 326 (Minn. 03/05/1996)

• First National Bank Montevideo v. Thomas
  1995.MN.22904 (Minn. 12/19/1995)

• Thomas Gerbig v. A. T. Gearman
  1995.MN.21257 (Minn. 07/25/1995)

• Central Financial Services v. Roger D. Sax
  1995.MN.22063 (Minn. 04/11/1995)

• Dennis Wurm v. Donald E. Robinson
  1994.MN.20558 (Minn. 07/26/1994)

• Saudi American Banks v. Suad H. Azhari
  460 N.W.2d 90 (Minn. 09/05/1990)

• In re Mark Eugene Haggerty and Linda Jean
  448 N.W.2d 363 (Minn. 12/01/1989)

• National City Bank v. Coopers & Lybrand
  409 N.W.2d 862 (Minn. 07/15/1987)

• Dale Longueville v. Robert David Olson
  369 N.W.2d 537 (Minn.App. 06/11/1985)

• Scott-Peabody & Associates v. Northern Leasing Corporation & Others
  140 N.W.2d 614 (Minn. 02/25/1966)

• John J. Brennan v. Evelyn B. Carroll
  111 N.W.2d 229 (Minn. 08/18/1961)

• Anchor Casualty Company v. Bongards
  91 N.W.2d 122 (Minn. 06/27/1958)

• R. H. Kath v. Martha Kath & Another
  55 N.W.2d 691 (Minn. 11/28/1952)

• Joseph P. Brennan v. William H. Friedell
  10 N.W.2d 355 (Minn. 06/25/1943)

• Christine M. Kummet v. Philip J. Thielen
  298 N.W. 245 (Minn. 05/16/1941)

• August Lind v. O.N. Johnson Company
  282 N.W. 661 (Minn. 12/03/1938)

• Harry Ginsberg v. A. Davis and Another
  252 N.W. 669 (Minn. 02/09/1934)

Minnesota Trusts

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

Trust Act (Non Self-Settled)

• Minnesota Trust Act

Minnesota Business Entities

Minnesota Acts

• Minnesota Corporation Act
• Minnesota Limited Partnership Act
• Minnesota Limited Liability Company Act

Minnesota Charging Order Cases

• Windom National Bank of Windom and Others
  v. Charles H. Klein and Another,
  254 N.W. 602 (Minn. 04/27/1934)

Minnesota Alter Ego & Corporate Veil Cases

• Juno Investment Corp. v. United States,
  2004.DMN.0000215 (D.Minn. 06/07/2004)

• Geelan v. Mark Travel, Inc.,
  2004.DMN.0000198 (D.Minn. 05/24/2004)

• Galbraith v. U.S. Premise Networking Services, Inc.,
  2004.MN.0000714 (Minn.App. 05/11/2004)

• Pay Child Support Online Inc. v. ACS State & Local Solutions, Inc.,
  2004.DMN.0000140 (D.Minn. 04/05/2004)

• Alice Grant v. Jack Lehtinen, et al.,
  No. C3-02-2074 (Minn.App. 08/19/2003)

• Dr. Tassilo Bonzel v Pfizer, Inc.,
  No. C9-03-47 (Minn.App. 07/29/2003)

• In re Estate of John William Tully,
  No. C4-02-513 (Minn. 01/14/2003)

Useful Minnesota Links

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

• Minnesota Secretary of State
• Minnesota Attorney General
• Minnesota Bureau of Criminal Apprehension
• Minnesota Bar Association

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