October 22, 2014

Maine State Asset Protection Laws

Maine Asset Protection Summary 

Homestead Exemption

For real property used as a residence there is an exemption of $35,000.  If the property is held jointly the exemption is raised to $70,000, not to exceed $35,000 in proportionate shares.  To view this statute, click here.

Life Insurance and Annuities

Proceeds and avails of contracts for life, endowment, annuity, or accident insurance are exempt.  To see this statute, click here.

Policies and proceeds of group life and health insurance are exempt.  To see this statute, click here.

Unmatured life insurance contracts are exempt.  To see this statute, click here.

Proceeds and avails of contracts for life, endowment, annuity, or accident insurance are exempt.  To see this statute, click here.

Benefits, rights, privileges, and options under an annuity contract are exempt.  This exemption is limited, to benefits paid or payable shall not exceed $450 per month.  To see this statute, click here.

IRA

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. To see this statute, click here.

Health Insurance

Proceeds and avails of contracts of health insurance are exempt.  To see this statute, click here.

Corporate Protection

Charging Order

Under the Limited Liability Company Act, a court may charge the debtor-member’s membership interest with payment of any unsatisfied amount.  Judgment creditor has only the rights of an assignee of the member’s membership interest.  To see this section of the statute, click here.

Under the Uniform Partnership Act, a court may charge the debtor-partner’s partnership interest with payment of any unsatisfied amounts.  The judgment creditor has only the rights of an assignee of the partner’s partnership interest.  To see this section of the statute, click here.

Business Acts

  1. Maine Business Corporation Act
    1. To view this Act, click here.
  2. Maine Non-Profit Corporation Act
    1. To view this Act, click here.
  3. Maine Limited Liability Companies Act
    1. To view this Act, click here.
  4. Maine Limited Liability Partnership Act
    1. To view this Act, click here.
  5. Maine Revised Uniform Limited Partnership Act
    1. To view this Act, click here.
  6. Uniform Partnership Act
    1. To view this Act, click here.
  7. Uniform Limited Partnership Act
    1. To view this Act, click here.

The Asset Protection Society makes every attempt to keep the material on its web-pages up to date and accurate. Having said that, The APS does not warrant the material on this site and you should ALWAYS seek out the advice of a local advisor in your state who can give you individual advice for your particular situation and confirm the status of your state laws.