| |
Physician's Guide to Medicine - Asset Protection
What assets in Missouri are protected from creditors?
(1) The homestead residence, consisting of a house and land, not exceeding the
value of $8,000.00;
(2) Ninety percent of the income earned by the resident head of a family, not to
exceed $850.00 plus $240.00 for each unmarried dependant child under the age of
eighteen;
(3) Personal property, consisting of household furnishings and appli- ances,
clothes, books, animals, crops, and musical instruments, worth $1,000.00;
(4) Personal property, consisting of jewelry, worth $500.00;
(5) Any other property of any kind worth $400.00;
(6) Implements, professional books or trade tools worth $2,000.00;
(7) Motor vehicle worth $1,000.00;
(8) Mobile home used as the principal residence, worth $1,000.00;
(9) Any unmatured life insurance contract other than credit life insurance
contract;
(10) The amount of any accrued dividend, interest, or loan value of an unmatured
life insurance contract;
(11) Professionally prescribed health aids;
(12) The right to receive:
Social Security, unemployment compensation, or other public assistance;
Veteranīs benefit; Disability, illness or unemployment benefit; or Alimony,
support or separate maintenance not to exceed $500.00 per month. (13) Benefits
of a federally qualified pension plan;
(14) Payments under a state-qualified stock bonus, pension, disability, death,
retirement, profit-sharing or similar plan, to the extent reasonably necessary
for support; and
(15) Payment on a wrongful death claim, if the debtor was a dependent of the
deceased.
Physicians wishing to protect assets should also consider forming a professional
corporation or limited liability company under the provisions of Missouri state
law.
|
|
