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Idaho Asset Protection Laws

Filed under Running A Business.

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

Homestead: Real property up to $100,000 in net value, including mobile home and unimproved land for residence. Sale proceeds also exempt for 6 months.

Pensions and Retirement Benefits: ERISA-qualified plans and all Social Security benefits exempt. Funds exempt for public employees, police officers and firefighters. Other pensions and retirement benefits to the extent necessary for support. Roth IRAs and regular IRAs up to $1,245,000 per person.

Insurance: Annuity contract proceeds to $1,250 per month. Death or disability benefits. Fraternal society benefits. Homeowner's insurance proceeds to amount of homestead. Life insurance, if group life insurance, or beneficiary is other than insured, or if a clause in the policy prohibits payments to creditors. Medical benefits.

Personal Property: Books, furnishings, appliances, clothing, pets, musical instruments, one firearm, family portraits and heirlooms up to $500 per item, $5,000 total. Building materials. Burial place. Jewelry to $1,500. Motor vehicle to $5,000. Personal injury recoveries needed for support. Wrongful death recoveries. Crops up to $1,000. Water rights up to 160 inches. Equipment necessary to perform military or police work.

Tools of Trade: Tools and implements up to $2,500.

Miscellaneous: Alimony. Child support needed for support. Liquor licenses. Business partnership property.

Wages: Minimum 75% of earned but unpaid wages and pension payments.

Public Benefits: Workers' compensation. Unemployment compensation. Veteran's benefits. Aid to blind, aged or disabled. AFDC. Crime victim's compensation, unless debt is for the treatment of injury incurred during the crime. Any type of government assistance. Social Security.

Wild Card: $800.

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