Colorado
Colorado
offers nominal protection
to the homestead, and
only protects sale
proceeds for up to
a year after the property
is sold. However, properly
structured life insurance
and annuity policies
are exempt from creditors.
Colorado has a Self-Settled
Trust Act, but it is
not as debtor friendly
a statute the statutes
in Alaska.
Connecticut
The
state of Connecticut
is unremarkable state
from a debtor-creditor
perspective. Furthermore,
it offers only moderate
protection for the
homestead, but properly
structured life insurance
policies can be protected.
Delaware
The
state of Delaware limits
the total amount in
exemptions that one
can claim. A single
person may exempt no
more than $5000 total
in all exemptions,
while a husband and
wife may exempt no
more than $10,000.
Florida
A
number of asset protection
planners think of the
state of Florida as
the last word in debtor-friendly
state, since the state
constitution provides
unlimited protection
to homesteaded property
for persons having
established residency
in Florida and provides
near total protections
for the cash value
of life insurance policies
and annuities.
However,
the recently passed
Bankruptcy Act now
limits the homestead
exemption to $125,000
for interests acquired
within a 1215-day (3
years and 4 months)
period prior to filing
the bankruptcy petition.
If
you would like more
information regarding
asset protection, trusts,
family limited partnerships
or the subject of this
article please call
or email our office.
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