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Minnesota 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 Minnesota.

Homestead: Real property up to $390,000 ($975,000 if the homestead is used primarily for agriculture), but cannot exceed 160 acres rural or 1/2-acre urban. Proceeds exempt for one year.

Pensions and Retirement Benefits: ERISA-qualified plans, limited to present value of $30,000. Funds exempt for public employees and state employees. IRA exemptions for conventional, Roth, SEP and SIMPLE plans, limited to present value of $30,000.

Insurance: Life insurance proceeds if beneficiary is spouse or child of insured, up to $46,000, plus $11,500 per dependent. Police and firefighter benefits. Unmatured life insurance contract, dividends interest or loan value to $7,600, if insured is debtor or someone who supports debtor. Fraternal society benefits.

Personal Property: Burial place. Church pew. Motor vehicle up to $4,600 ($46,000 if modified for disabled person). Books and musical instruments, appliances, furniture, radio, phonographs and TV up to $10,350. Clothing. Food and utensils. Personal injury and wrongful death recoveries. Proceeds for damaged exempt property.

Tools of Trade: Farm machines, livestock, crops of farmers to $13,000 total. School teacher materials. Tools, machines, instruments, furniture, stock in trade and library up to $11,500 total.

Miscellaneous: Business partnership property. Minor child's earnings.

Wages: Greater of 75% or 40 times federal minimum hourly wage/week. Wages deposited into bank accounts for 20 days. Wages of released inmates paid within 6 months of release.

Public Benefits: Veteran's benefits. Workers' compensation. Unemployment compensation. AFDC. General or supplemental assistance. Supplemental security income, Crime victim's compensation.

Wild Card: None.

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