August 20, 2014

Minnesota State Asset Protection Laws

Minnesota Asset Protection Summary 

Homestead Exemption

For any quantity of land not exceeding 160 acres, or, if within the laid out or platted portion of a city, not exceeding ½ acre, the Homestead exemption may not exceed $200,000, whether jointly or individually.  If used primarily for agricultural purposes the exemption is $500,000 (with some limitations).  To view this statute, please click here.

On July 1 of each even-numbered year, based on the percentage of change between the index for December of the preceding year and the reference base index is 10% or more, the Homestead exemption may be adjusted.  To view this statute, please click here.

Life Insurance and Annuities

Proceeds of a life policy or annuity, when created for the benefit of another, are exempt from creditors.  To view this statute, please click here.  Money paid or payable to a surviving spouse or child is limited to $20,000 with an additional $5,000 per dependent.  To see this statute, please click here.

Any unmatured life insurance contract owned by the debtor under which the debtor is insured or a dependent of the debtor is exempt not exceeding an aggregate amount of $4,000.  To view this statute, please click here.

IRA

Payments received and future payments under a stock bonus, profit sharing, annuity, individual retirement account, Roth IRA, individual retirement annuity, simplified employee pension or similar plan, or contracts on account of illness, disability, death, age, or length of service are exempt up to $30,000 if necessary for the support of the debtor, debtor’s spouse, or any dependent of the debtor.  To view this statute, please click here.

Disability and Health Insurance

The net amount payable to an insured or a beneficiary of the insured is exempt.  To see this statute, please click here.

Corporate Protections

Charging Orders

As a judgment creditor’s exclusive remedy, a charging order may be sought against a debtor-partner’s or debtor-partner’s transferee’s interest in a partnership.  This remedy will be a lien on the judgment debtor’s transferable interest in the partnership.  To view this statute, please click here.

Business Acts

1.      Minnesota Corporations Act

a.      To view this statute, please click here.

2.      Minnesota Limited Liability Company Act

a.      To view this statute, please click here.

3.      Minnesota Uniform Limited Partnership Act of 2001

a.      To view this statute, please 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.