Homestead Exemption

Real property used as a principal place of residence by an individual or an individual’s spouse or dependents has an aggregate exemption valued at $5,000.  Individuals owning the property jointly and using it as a principal place of residence are entitled to an aggregate exemption of $7,500; if only one of the joint owners are claiming the exemption, the exemption will be limited to $5,000.  These benefits inure to the surviving spouse and minor children claiming the property as a principal residence.  To view this statute, click here.

If you are 62 years of age or older you are entitled to an exemption not exceeding $12,500 if used as a principal place of residence.  To view this statute, click here.

If married and one spouse is 62 years of age and one spouse is younger than 62, the exemption is $20,000 for real property owned by one or both of the parties; the property must be used by both as a principal place of residence. To view this statute, click here.

If married and both individuals are 62 years of age or older, the exemption is $25,000 for real property owned by one or both of the parties; the property must be used by both as a principal place of residence.  To view this statute, click here.

Insurance proceeds from damage to the homestead by fire or other disaster shall be exempt in an amount not exceeding $5,000.  To see this statute, click here.

Life Insurance and Annuities

Life insurance benefits payable to surviving spouse and children shall inure to the surviving spouse and children free from liability from debts of decedent.  To see this statute, click here.

The net amount payable under a policy of life or an annuity contract affected for the benefit of the annuitant’s spouse, children, or dependent relatives is exempt.  To see this statute, click here.

IRA

IRAs are exempt.  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.  This charging order gives the judgment creditor only the rights of an assignee of the debtor-partner’s partnership interest.  To view this section of the statute, click here.

Business Acts

1.      Tennessee Business Corporation Act

a.      To view this Act, click here.

2.      Tennessee Limited Liability Companies

a.      To view this Act, click here.

3.      Revised Uniform Partnership Act

a.      To view this Act, click here.

4.      Revised 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.