May 24, 2016

Washington State Asset Protection Laws

Washington Asset Protection Summary 

Washington Homestead Exemption

Regardless of area, the Homestead exemption is $40,000.  This applies to land, mobile homes, and improvements.  To view this statute, please click here.

Life Insurance and Annuities

If the beneficiary is someone other than the insured, the proceeds and avails (cash surrender value) of a life insurance policy, other than an annuity, are exempt.  To see this statute, please click here.

A policy of group life insurance and the proceeds from such policy are exempt.  To see this statute, please click here.

Rights, benefits, privileges, and options under any annuity contract are exempt; this exemption is limited to $2,500 per month. To see this statute, click here.

IRA

ERISA qualified benefits and IRAs are exempt.  To see this statute, please click here.

Disability

Disability proceeds are exempt.  To see this statute, please click here.

Corporate Protections

Charging Order

A judgment creditor may seek to charge the debtor-partner’s partnership interest with payment of the unsatisfied amount of the judgment with interest.  The judgment creditor will be treated as an assignee of the debtor-partner’s partnership interest.  As in a few other states, there is no statutory language stating this to be the judgment creditor’s exclusive remedy.  To view this statute, please click here.

Business Acts

1.      Washington Business Corporation Act

a.      To view this statute, please click here.

2.      Washington Non-Profit Corporation Act

a.      To view this statute, please click here.

3.      Washington Limited Liability Company Act

a.      To view this statute, please click here.

4.      Washington Revised Uniform Partnership Act

a.      To view this statute, please click here.

5.      Washington Limited Partnership Act

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.