Asset Strategies

Learn more about protecting your personal and company assets.

Rhode Island Asset Protection Laws

These assets are exempted from a state court or bankruptcy proceeding in Rhode Island.

Homestead: Real property up to $300,000. Co-owners cannot double. Property held as tenancy by entirety exempt against debt of only one spouse.

Pensions and Retirement Benefits: ERISA-qualified plans. Funds exempt for public employees. IRA exemptions for conventional, Roth, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,245,000 per person.

Insurance: Life insurance if a clause prohibits payment to creditors. Fraternal society benefits. Accident and sickness insurance. Temporary liability insurance.

Personal Property: All necessary clothing. Books up to $300. Household furniture up to $9,600. Jewelry up to $2,000. Motor vehicle up to $12,000. One lot or right of burial for deceased person's body. Consumer cooperative association up to $50 interest. Debts secured by promissory notes.

Tools of Trade: Working tools for debtor's use up to $1,500. Uniforms, arms and equipment for militia members.

Miscellaneous: Business partnership property. Earnings of a minor child.

Wages: Wages of spouse. Wages due militia members. Seaman's unpaid wages. Unpaid wages to all other debtors up to $50.

Public Benefits: Unemployment compensation. Workers' compensation. AFDC. General assistance.

Wild Card: $5,000.

Category : Running A Business
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