Running Your Business

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Connecticut Asset Protection Laws

Filed under Running A Business.

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

Homestead: Real property, mobile home or manufactured home to $75,000, excluding consensual or statutory liens.

Pensions and Retirement Benefits: ERISA-qualified benefits, to the extent wages exempt. Funds exempt for municipal employees, teachers, veterans, state employees, probate judges and employees. IRA exemptions for conventional, Roth, education, SEP and SIMPLE plans. Roth IRAs and regular IRAs up to $1,245,000 per person.

Insurance: Fraternal society benefits. Disability benefits paid by association for its members. Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary's creditors. Health or disability benefits. Life insurance proceeds or avails. Unmatured life insurance policy loan value to $4,000.

Personal Property: Appliances, food, clothing, furniture and bedding needed. Burial plot. Health aids needed. Motor vehicle up to $13,500. Proceeds of one residence. Wedding and engagement rings.

Tools of Trade: Arms, military equipment, uniforms and musical instruments of military personnel. Tools, books, instruments and farm animals needed.

Miscellaneous: Business partnership property. Child support. Alimony to extent wages exempt. Farm partnership animals and livestock feed reasonably required to run farm where at least 50% of partners are members of same family.

Wages: Greater of 75% of earned but unpaid wages, pension payments, or excess of weekly wages over 40 times federal minimum wage; subject to court-ordered support claims.

Public Benefits: Unemployment compensation. Workers' Compensation. Aid to blind, aged, disabled. AFDC. Crime victims compensation. Veterans benefits. Social Security. Vietnam veteran's death benefits. Wages from earnings incentive program.

Wild Card: $1,000 of any property.

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