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Alaska Asset Protection Laws

Filed under Asset Protection Strategies. Fact checked on April 22, 2012.

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These assets are exempted from a state court or bankruptcy proceeding in Alaska. Alaskan debtors can opt to use either the federal exemptionsor state exemptions, but cannot mix them.

  • Homestead. Principal residence up to $72,900, whether single or multiple owners. Alaska recognized tenancies by the entirety, with the right of survivorship.
  • Personal Property:
    • Books, musical instruments, clothing, family portraits, household goods and heirlooms up to $4,050.
    • Building materials
    • Burial plot.
    • Health aids needed.
    • Jewelry up to $1,350.
    • Motor vehicle up to $4,050; however, the vehicle's market value can't exceed $27,000.
    • Personal injury recoveries, to extent wages exempt.
    • Pets up to $1,350.
    • Proceeds for lost, damaged or destroyed exempt property.
  • Wages. $473 of weekly net earnings or $743 per week for debtor who is sole support for household. $1,890/mo. in "liquid assets" for debtors not paid weekly/semiweekly or monthly or $2,970/mo. for debtor who is sole support of household. Court can increase exemption for disability or personal injury payments.
  • Pensions and Retirement Benefits.
    • ERISA-qualified retirement plans are exempt by operation of federal law;
    • Funds building up are exempt for all teachers', judicial employees' and public employees' retirement plans;
    • Other retirement benefits exempt to extent wages are exempt (only payments being received); and
    • Roth IRAs and regular IRAs up to $1,250,000 per person. IRA exemptions for conventional, Roth, SEP and SIMPLE plans, subject to 120 day rule, above.
  • Insurance:
    • Insurance proceeds for wrongful death, to extent wages are exempt.
    • Life insurance annuity or contract loan value to $13,500.
    • Life insurance proceeds if beneficiary is insured's spouse or dependent, to extent wages exempt.
    • Disability benefits.
    • Fraternal society benefits.
    • Insurance proceeds for personal injury, to extent wages exempt (bankruptcy judge may authorize a greater amount).
    • Medical, surgical or hospital benefits.
  • Tools of Trade. Implements, tools and professional books up to $3,780.
  • Public Benefits.
    • Unemployment compensation.
    • Workers' Compensation.
    • Adult assistance to the elderly, blind, disabled.
    • AFDC.
    • Alaska longevity bonus.
    • Crime victim's compensation.
    • Federally exempt public benefits paid or due.
    • General relief assistance.
    • 45% of permanent fund dividends.
    • Tuition credits under an advance college tuition payment contract
  • Miscellaneous.
    • Business partnership property.
    • Alimony, to the extent wages are exempt.
    • Child support payments made by a collection agency.
    • Permits for limited entry into Alaska Fisheries.
    • Certain liquor licenses and limited entry permits
  • Wild Card. None.

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