Asset Protection Society

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New York Asset Protection Summary 

Homestead Exemption

New York allows for a homestead exemption of $50,000 above liens and encumbrances. (New York Civil Practice Law and Rules Sect. 5206)

The decendent’s surviving spouse and children may still claim the exemption.

To see this statute, please click here.

Life Insurance and Annuities

Proceeds and avails of policies of life insurance effected for the benefit of a third-person beneficiary are exempt from claims of creditors. (Insurance Law §3212)  To see this statute, click here.

The benefits, rights, privileges, and options of any annuity contract are exempt from claims of creditors.  (Insurance Law §3212) To see this statute, click here.

IRA

Qualified IRAs including IRAs and Roth IRAs are exempt. (Civil Practice Law and Rules §5205)   To see this statute, click here.

Corporate Protections

Charging Order

A judgment creditor may charge the debtor-partner’s partnership interest with payment of any unsatisfied amount with interest.  Aside from the charge on the debtor-partner’s transferable interest, nothing in this Act deprives a partner of his interest in the partnership.  (Partnership Law §54)  To view this section, click here.

Business Acts

1.      New York Limited Liability Company Act

a.      To view this Act, click here.

2.      New York Limited Partnerships

a.      To view this Act, click here.

3.      New York Revised 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.