Michigan
From
an asset protection
viewpoint, the state
of Michigan offers
a mixed bag. Only nominal
protection is given
to the homestead. However,
the cash value in properly
structured life insurance
and annuity contracts
can be protected.
Minnesota
The
state of Minnesota
does the opposite of
the normal upper-Midwestern
trend of not protecting
real estate, but protecting
life insurance. While
the homestead exemption
is not unlimited like
the states of Texas
and Florida, Minnesota
does offers a realistic
$200,000 homestead
exemption for urban
residential property
and $500,000 for rural
property, which is
adjusted for inflation
every other year. There
are some modest protections
given for IRAs and
Pension Plans.
Mississippi
Mississippi
is a marginally pro-creditor
state. Mississippi
offers modest homestead
protection, and some
protection for properly
protected insurance
arrangements.
Missouri
No
information available
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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