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Wisconsin Asset Protection Summary 

Homestead Protection

A Homestead exemption of $40,000 may be claimed by owners and occupiers of real property.   It may be claimed by either husband or wife, individually or jointly; if claimed jointly, the proportionate shares may not exceed $40,000.  The exemption applies to husband and wife owning the land jointly, as tenants in common, or as marital property.  To view this statute, please click here.

Life Insurance and Annuities

If reasonably necessary to support the debtor, any policies on the life of someone whom the debtor, at the time of the insured’s death, depended on for support of him/herself or his/her dependents are exempt.  815.18(3)(f)(2)  To view this statute, please click here.

“[A]ny unmatured life insurance or annuity contract owned by the debtor and insuring the debtor, the debtor’s dependent, or an individual of whom the debtor is a dependent, . . ., and the debtor’s aggregate interest, not to exceed $150,000 in value, in any accrued dividends, interest, or loan value of all unmatured life insurance or annuity contracts owned by the debtor and insuring the debtor, the debtor’s dependent, or an individual of the whom the debtor is a dependent” are exempt.  There are some limitations on this exemption:

1.  “If the life insurance or annuity contract was issued less than 24 months before the applicable date, the exemption . . . may not exceed $4,000.”

2.  “If the life insurance or annuity contract was issued at least 24 (twenty-four) months but funded less than 24 (twenty-four) months before the applicable date, the exemption under this paragraph is limited to the value of the contract the day before the first funding that occurred less than 24 (twenty-four) months before the applicable date and the lesser of either the difference between the value of the contract the day before the first funding that occurred less than 24 (twenty-four) months before the applicable date and the value of the contract on the applicable date or $4,000.”  §§815.18(3)(f)(2) thru 815.18(3)(f)(3)(a)(b)  To view this statute, please click here.

IRA

IRA and ERISA qualified benefits are exempt.  To view this statute, please click here.

Disability

Proceeds received from Federal disability insurance benefit programs, 42 USC 401 to 433, are exempt.  To view this statute, please click here.

Casualty Insurance

Proceeds from insurance on exempt property that has been damaged by fire or casualty of any nature are exempt for up to two (2) years from receipt are exempt.  To view this statute, please click here.

Corporate Protections

Charging Order

A judgment creditor may seek to charge the debtor-partner’s partnership interest with payment of any unsatisfied amount.  The judgment creditor has only the rights of an assignee of the debtor-partner’s partnership interest.  To see this statute, please click here.

Business Acts

  1. Wisconsin Business Corporations Act
    1. To view this act, please click here.
  2. Wisconsin Limited Liability Company Act
    1. To view this act, please click here.
  3. Wisconsin Uniform Partnership Act
    1. To view this act, please click here.
  4. Wisconsin Uniform Limited Partnership Act
    1. To view this act, please click here.

The Asset Protection Society makes every attempt to keep the material on its web-pages up to date and accuate. Having said that, The APS does not warrent the material on this site and you should ALWAYS seek out the advice of a local advisor your state who can give you individual advice for your particular situation and confirm the status of your state laws.