Asset Protection Society

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South Carolina Asset Protection Summary 

Homestead Exemption

For real property used as a personal residence or in a cooperative that owns property used as a personal residence, or in a burial plot there is a Homestead exemption, in aggregate, not to exceed $50,000.

With single living units, there is also a homestead exemption, in aggregate, not to exceed $100,000.  If this single living unit has multiple owners each owner may receive his proportional share of the $100,000 exemption.

Beginning July 1, 2007, and each year thereafter these exemption amounts may be adjusted for inflation.  To see this statute, please click here.

Life Insurance and Annuities

Proceeds and cash surrender values of life insurance policies, if used for support of spouse, children, and dependents of the insured.  § 38-63-40(A)  To see this statute, please click here.

Unmatured life insurance policy proceeds are exempt.  However, there is a $4,000 limit on any accrued dividend, interest, or loan value of any unmatured life insurance contract owned by the debtor under which the insured is the debtor or a individual under which the insured is a dependent. § 15-41-30(8) To see this statute, please click here.

Group life insurance policy proceeds are exempt. § 38-63-40(C) To see this statute, please click here.

Proceeds from annuity contracts are exempt. § 38-63-40(B) To see this statute, please click here.

IRA

ERISA qualified benefits and IRAs are exempt. § 15-41-30 To see this statute, please click here.

Disability

Proceeds from accident and disability contracts are exempt. § 15-41-30(9)(C) To see this statute, please click here.

Corporate Protections

Charging Order

Upon petition to the court of proper jurisdiction, the court may charge the debtor-partner’s partnership interest with payment of the unsatisfied amount of the judgment.  To view this statute, please click here.

Business Acts

1.      South Carolina Corporations Act

a.      To view this statute, please click here.

2.      South Carolina Uniform Limited Liability Company Act of 1996

a.      To view this statute, please click here.

3.      South Carolina Uniform Limited Partnership Act

a.      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.