Asset Protection Society

Home Illinois State Asset Protection Laws

Illinois Asset Protection Summary 

Homestead Exemption

There is an individual homestead exemption of $15,000 offered for a farm or lot of land and the buildings on the lot.  If more than one person own the land they are entitled to receive an exemption of $30,000 based on each individual’s percentage of ownership.  To view this statute, please click here.

Life Insurance and Annuities

Whether the power to change the beneficiary has been reserved or not, the death proceeds and aggregate cash value of life insurance, endowment policies, and annuity contracts payable to spouse, child, parent, or other dependent of the insured are exempt to the extent reasonably necessary for the support of the debtor or its dependents.  To view this statute, please click here.

Group Life insurance proceeds are exempt.  To see this statute, please click here.

Whether the power to change the beneficiary has been reserved or not, all death proceeds and the aggregate net cash value of life insurance, endowment policies, and annuity contracts payable to spouse, child, parent, or any other dependent of the insured are exempt.  To see this statute, please click here.

IRAs

ERISA qualified benefits and other benefits that qualify as a retirement plan under the provisions of IRC of 1986 are exempt.  Please see statute to determine what qualifies as a retirement plan.

Disability

Disability benefits are exempt.  To view this statute, please click here.

Corporate Protections

Charging Order

A judgment creditor may seek a charging order placing a lien on the debtor partner’s partnership interest.  This is the judgment creditor’s exclusive remedy.   To view this statute, please click here.

Business Acts

  1. Illinois Corporate Act
    1. To view this statute, please click here.
  2. Illinois Uniform Limited Partnership Act
    1. To view this statute, please click here.
  3. Illinois Limited Liability Company Act
    1. To view this statute, please click here.

The Asset Protection Society makes every attempt to keep the material on its web-pages up to date and accurate. Having said that, The APS does not warrant the material on this site and you should ALWAYS seek out the advice of a local advisor in your state who can give you individual advice for your particular situation and confirm the status of your state laws.