Iowa Asset Protection Summary 

Homestead Exemption

The Homestead exemption is unlimited regarding amount; however, there are limits on size.  To see this statute, click here.  Within a city plat it must be smaller than ½ acre; outside the city it must not contain more than 40 acres.  To see this statute, click here.

Life Insurance and Annuities

The interest of any individual in any accrued dividend or interest, loan or cash value of or any other interest in a life insurance policy for the benefit of the insured’s spouse, dependent child, or any other dependent are exempt.  The amount in aggregate shall not exceed $10,000 of any interest of value insurance acquired within the past two years.  To see this statute, click here.

Avails of all matured policies of life, accident, health, and disability payable to the insured’s spouse, child, and dependents are exempt.  To see this statute, click here.

In case of an insured’s death the avails of all matured policies of life, accident, health, or disability insurance payable to the surviving spouse, child, or dependent are exempt from liability for all debts of the beneficiary contracted prior to death of the insured, but the amount thus exempted shall not exceed $15,000 dollars in the aggregate. To see this statute, please click here.

A payment or a portion of a payment under a pension, annuity, or similar plan or contract on account of illness, disability, death, age, or length of service, unless the payment or a portion of the payment results from contributions to the plan or contract by the debtor within one year prior to the filing of a bankruptcy petition, which contributions are above the normal and customary contributions under the plan or contract, in which case the portion of the payment attributable to the contributions above the normal and customary rate is not exempt. To view this statute, please, click here.

IRA

ERISA qualified plans, including IRA eligible plans, are exempt. To see this statute, click here.

Disability Insurance

Accident, health, and disability policies are exempt.  To see this statute, click here.

Corporate Protections

Charging Order

As a transferee of a partner or a judgment creditor’s exclusive remedy a charging order may placed on the debtor-partner’s partnership interest.  The charging order constitutes a lien on the debtor-partner’s transferable interest in the partnership.  To view this statute, click here.

Business Acts

1.      Iowa Professional Service Corporation Act

a.      To view this Act, click here.

2.      Iowa Limited Liability Company Act

a.      To view this Act, click here.

3.      Uniform Partnership Act

a.      To view this Act, click here.

4.      Uniform Limited Partnership Act

a.      To view this Act, 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.