Asset Protection Society

Home Maryland Life Insurance, Annuity, IRA Exemptions
Life Insurance

 

The proceeds of a policy of life insurance are exempt if created for the benefit of a spouse, child, or dependent relative of the insured.  For purposes of this statute, “proceeds” includes death benefits, cash surrender and loan values, premiums waived, and dividends.  To see this statute, please click here and click here.

 

Annuity

 

The proceeds under an annuity contract on the life of the insured, if created for the benefit of a spouse, child, or dependent relative of the insured are exempt.  For purposes of this statute, “proceeds” includes death benefits, cash surrender and loan values, premiums waived, and dividends.  To see this statute, please click here.

 

 

IRA

 

IRAs and ERISA qualified plans are exempt so long as the cumulative value of the retirement plan maximum allowed contributions and deductions do not exceed $6,000 .  To see this statute, please click here.

 

Miscellaneous

“Disability income benefits are not exempt if the judgment is for necessities contracted for after the disability is incurred.”  M.G.A. §11-504(b)(2)  To see this statute, please click here.