Wisconsin

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Wisconsin Asset Protection Overview

Wisconsin debtors may choose from either the state or federal bankruptcy exemptions.

Wisconsin’s creditor exemptions are typical of a Midwestern state. The homestead exemption is nominal, and life insurance is protected if the beneficiary of the policy is a dependent of the policy owner.

Wisconsin 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

Wisconsin Homestead

• The Homestead exemption amount in Wisconsin is $40,000. A couple may not double the amount. Sale proceeds are exempt for up to two years after the sale date.

Statute

Wisconsin Life Insurance

• Life insurance proceeds are exempt to the extent it is reasonably necessary for the support of the debtor.. [815.18(3)(i)(a)]

Statute

• Life Insurance: $150,000 of cash value for a life insurance policy or annuity is exempt. However, if the policy is less than 2 years old, only $4,000 of the cash value is exempt.

  815.18(3)(f) Life insurance and annuities.
  2. Except as provided in subd. 3. and par. (j), any unmatured life insurance or annuity contract owned by the debtor and insuring the debtor, the debtor's dependent, or an individual of whom the debtor is a dependent, other than a credit life insurance contract, and the debtor's aggregate interest, not to exceed $150,000 in value, in any accrued dividends, interest, or loan value of all unmatured life insurance or annuity contracts owned by the debtor and insuring the debtor, the debtor's dependent, or an individual of whom the debtor is a dependent.

  815.18(3)(f)3.a.
  a. If the life insurance or annuity contract was issued less than 24 months before the applicable date, the exemption under this paragraph may not exceed $4,000.

815.18(3)(f)3.b.
b. If the life insurance or annuity contract was issued at least 24 months but funded less than 24 months before the applicable date, the exemption under this paragraph is limited to the value of the contract the day before the first funding that occurred less than 24 months before the applicable date and the lesser of either the difference between the value of the contract the day before the first funding that occurred less than 24 months before the applicable date and the value of the contract on the applicable date or $4,000.

Statutes

Wisconsin IRAs & Pension Plans

• IRAs are exempt. [815.18(3)(j)]

Statute

• Public employee pension plans are exempt.

Statute

Wisconsin Fraudulent Transfers

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

Wisconsin Act

• Wisconsin Fraudulent Transfers Act

Wisconsin Fraudulent Transfer Cases

Federal Circuit Court

• United States of America v. Linda K. Frykholm,
  No. 03-1990 (7th Cir. 03/25/2004)

State Appellate Court

• Mark C. Treter v. James J. Valona
  2005 Wisc.App. LEXIS 897 (Wis.App. 10/18/2005)

• Finch v. Southside Lincoln-Mercury, Inc.,
  No. 02-2618 (Wis.App. 05/20/2004)

• Lane v. Sharp Packaging Systems, Inc.,
  640 N.W.2d 788 (Wis. 03/20/2002) Civil Conspiracy

• Ross v. Specialty Risk Consultants, Inc.,
  621 N.W.2d 669 (Wis.App. 11/07/2000)

• M&I Bank South Central v. Lofberg,
  592 N.W.2d 318 (Wis.App. 02/02/1999)

• Joint-Petitioner-Third P v. Vivian v. Zabel,
  1997.WI.643 (Wis.App. 04/23/1997)

• Marriage Ron Zabel v. Vivian v. Zabel,
  565 N.W.2d 240 (Wis. 04/22/1997)

• Donald Rumage v. Robert M. Gullberg, Janet Gulberg, et al.,
  1997.WI.1182 (Wis. 08/14/1997)

• Bank Of Holmen, v. American Family Life Ins.,
  1996.WI.911 (Wis. 06/07/1996)

• Douglas W. Olen, v. Frank K. Phelps,
  1996.WI.553 (Wis. 04/11/1996)

• Douglas W. Olen, v. Frank K. Phelps,
  No. 93-3302 (Wis. 02/09/1996)

• Douglas W. Olen v. Frank K. Phelps,
  546 N.W.2d 176 (Wis. 02/08/1996)

• Tralmer Sales and Service v. Daniel M.Erickson,
  521 N.W.2d 182 (Wis. 07/28/1994)

• Commonwealth Land Title Insurance Company
  v. David Ames, Caroline Ames, et al.,
  481 N.W.2d 709 (Wis.App. 01/14/1992)

• International Association Machinists & Aerospace Workers
  v. United States Can Company,
  441 N.W.2d 710 (Wis. 06/27/1989)

• Marriage Gerald Poindexter v. Ruth Poindexter,
  419 N.W.2d 223 (Wis. 02/11/1988)

• North Side Bank v. Frederick C. Gentile,
  385 N.W.2d 133 (Wis. 04/16/1986)

• Harry Katze v. Randolph & Scott Mutual,
  341 N.W.2d 689 (Wis. 01/04/1984)

• Van Wyk v. Van Wyk,
  271 N.W.2d 860 (Wis. 11/28/1978)

• Matter Disciplinary Proceedings Against Sedor,
  245 N.W.2d 895 (Wis. 10/05/1976)

• James v. State,
  129 N.W.2d 22 (Wis. 06/30/1964)

• Grant County Service Bureau v. W. L. Treweek,
  120 N.W.2d 634 (Wis. 04/02/1963)

• Voluntary Assignment Adams Machinery v. Paul L. Moskowitz,
  123 N.W.2d 558 (Wis. 10/01/1963)

• C. Reiss Coal Co. v. Stroik Lorbiecki,
  26 N.W.2d 645 (Wis. 04/08/1947)

Wisconsin Trusts

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

Wisconsin Trust Act (Non Self-Settled)

• Wisconsin Trust Act

Wisconsin Business Entities

Wisconsin Acts

• Wisconsin Corporation Act
• Wisconsin Limited Partnership Act
• Wisconsin Limited Liability Company Act

Wisconsin Charging Order Cases

• No cases yet.

Wisconsin Alter Ego & Corporate Veil Cases

• Ronald C. Williams v. Rexworks Inc. et al.,
  No. 03-3047 (Wis.App. 11/02/2004)

• Patricia Wischer v Misubishi Heavy Industries,
  Nos. 01-0724, 01-1031, 01-2486 (Wis.App. 09/30/2003)

• Bond Drywall Supply v James H Smith,
  655 N.W.2d 547 (Wis.App. 11/27/2002)

• In the Matter of the Guardianship & Protective Placement of Muriel K,
  640 N.W.2d 773 (Wis. 03/19/2002)

Useful Wisconsin Links

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

• Wisconsin Secretary of State
• Wisconsin Attorney General
• Wisconsin Division of Securities
• Wisconsin Bar Association

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