Homestead Exemption

The Homestead is absolutely exempt.  When the Homestead is sold there is a $30,000 exemption for one year from the date of sale.  If the Homestead owner is 70 years of age or older or is the “unremarried” surviving spouse of the Homestead owner there is an exemption of $170,000 so long as the real property retains its Homestead classification.  To see this statute, click here.

Life Insurance and Annuities

Not exceeding $20,000, the proceeds of policies of life and health insurance are exempt from creditors.  To view this statute, click here.

Benefits, rights, privileges, and options from annuity contracts are exempt.  This exemption is limited to $250 per month.  To view these statutes, click here and click here.

IRA

IRAs are not exempt.

Corporate Protection

Charging Orders

Under the Uniform Limited Partnership Act, a judgment creditor may charge the debtor-partner’s partnership interest with payment of any unsatisfied amount with interest.  The judgment creditor has only the rights of an assignee of a partnership interest.  To view this section of the statute, click here.

Under the Uniform Partnership Act, a judgment creditor may charge the debtor-partner’s partnership interest to satisfy any judgment.  This charging order constitutes a lien on the debtor-partner’s partnership interest.   This is the judgment creditor’s exclusive remedy.   To view this section of the statute, click here.

Business Acts

1.      South Dakota Business Corporation Act

a.      To view this Act, click here.

2.      South Dakota Medical Corporations

a.      To view this Act, click here.

3.      Uniform Limited Liability Company Act

a.      To view this Act, click here.

4.      Uniform Limited Partnership Act

a.      To view this Act, click here.

5.      Uniform 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.